The ‘three Ps’
Price, presentation and patience are the words of the local market
After a drawn-out period of recession it’s safe to say we’re in the recovery stages of our real estate market. That said I feel that it’s going to be a slow recovery to our 2014 numbers or better. Demand in the Airdrie market has remained fairly robust relative to longer-term averages but significant increases in the amount of sales for single-family homes below $400,000 has really been the catalyst for the 2017 market.
Airdrie’s relative affordability compared to Calgary has helped it maintain a moderate population growth and stable housing market. We have seen record levels of inventory here in Airdrie and this has caused the ‘three Ps’ to play a huge role in the outcome for prospective sellers.
Recently it’s quite apparent that properties priced correctly and presented properly are still selling in a timely fashion. The average days on market here in Airdrie is between 30 to 60 days and I don’t see this changing in the short-term future. With inventory levels where they’re at, sellers are going to have to demonstrate patience in order to attain the right buyer for their property.
Prepping your property for viewings is very important in today’s highly competitive market. Going the extra mile with touch-ups, staging or cosmetic upgrades is proving to be a factor when it comes to a buyer choosing your home over another.
Interest rates for prospective buyers are still appealing. An Oct. 6, 2017, update on interest rates provides a five-year fixed best rate of 2.97 per cent and a five-year adjustable of 2.25 per cent, which is still quite appealing for the Airdrie home buyer or investor!
Unfortunately, the market conditions are quite different in the apartment and attached-home sectors. The current inventory levels are very high and not flattering to an optimistic seller. Apartment inventory is at record levels and at a much slower pace of recovery than the detached-home sector.
With oil prices continuing to improve this could result in a faster rebound in housing demand, as homebuyers may start to realize rock bottom has come and gone.
I continue to drive home the message to my clients, family and friends that Airdrie will remain a fantastic place to invest your hard-earned dollars.
Trenton Pittner is a real estate professional with Legacy Real Estate Services.