“Single-family homes priced in the lower ranges ($300,000-400,000) are selling in under the average days on market if presented, priced and marketed correctly”
The current real estate market is a sluggish moving ship towards stability and recent statistics indicate we’re not going to see a significant change in the short term. When I am asked by clients how the market is and what we should expect for the final quarter of 2019, I simply try to stay positive and reassure them that real estate is still a safe and reliable investment here in Airdrie. As predicted the 2019 market has seen some sales but nothing to celebrate about.
We as Realtors rely on our marketing and our area expertise to help sell our clients’ properties. Every client has a different property to market and each with different attributes that make their home stand out from the next. It’s our job as Realtors to help identify these positive attributes to all prospective buyers looking to purchase at that time.
When placing their home on the open market it’s the sellers’ job to ensure their home is clean, bright, well kept and show ready. In our current market these factors are paramount when showcasing your likely largest investment for others to buy. Buyers are being very picky and our total average days on market here in Airdrie is creeping up to 57 days plus or minus.
As I’ve said multiple times before, real estate runs on cycles; there are ups and downs and unfortunately, we haven’t seen the upward swing just yet. We experienced a slower first half of 2019 than all of us in the real estate industry would have liked. Recently I’ve noticed that single–family homes priced in the lower ranges ($300,000-400,000) are selling in under the average days on market if presented, priced and marketed correctly.
If you’re a seller in the higher price ranges stay patient and let’s hope the warmer weather sticks around well into our fall months. Go the extra mile when it comes to showcasing your property. Touch up your landscaping and use a nice yard and beautiful weather to your advantage to help your home snatch up a buyer.
Historically it is very typical for our inventory to balance out in the summer market and this year has been no different. If you’re thinking about selling in the fall, expect it to take some time and let your real estate professional market your home to the best of their abilities. Our modest supply reductions may signal a shift to a balanced housing market by end of year. In 2019, Airdrie has seen a total of 533 single-family home sales by the start of August; as well, a total of 193 attached home sales and only 39 apartment sales in the same period.
Interest rates for prospective buyers are still attractive. A July 2019 update on interest rates provides a five–year-fixed best rate of 2.74 per cent and a five-year variable prime of 1.05 per cent, which is extremely appealing for the Airdrie homebuyer or investor.
My advice is simple: If you’re a seller, put some work into making your home look the best it possibly can to sell in this market. If you listen to your local experts on how to price, present and sell your home you’ll do just that in due time. If you’re a buyer, take advantage of these low interest rates (as they won’t stick around forever) and take the jump into home ownership as you won’t regret it!
Trenton Pittner is a real estate professional with Legacy Real Estate Services