Buyer's Market? Yes for Some
You may have notice some recent
'Listings Alert' emails from me. They show numerous active properties, but of
interest, is that many of them show: "Price Change". What does this
mean? Is this now a Buyer's Market? What is clear is that there are significant
changes in the Real Estate Market for Calgary and the surrounding area.
Decline - CREB Has the Figures to Prove It
The Calgary Real Estate Board
says sales totalled 1,272 in September, down 13 % from the same month a year
ago, "well below" long-term averages. CREB chief economist Ann-Marie
Lurie says, "Concerns in the employment market, higher lending rates, and
shaken confidence are weighing on house demand."
Good for Buyers
From a price perspective, Gary
MacLean, a 32-year realtor with ReMax Central, says prices at the end of
September were sitting at 2014 levels. Recent figures from CREB show the
biggest sales decline are those homes in the $600,000 to $999,999 range. Home
sales, overall declined nearly 10 per cent in October across the city. Detached
home sales are down to levels not seen since the late 1990's. MacLean says that
it is, "Great news for those buying. I can think of nowhere you can buy a
home in 2018 at 2014 prices."
Modern
Family Home Ownership Trend
Sotheby International Realty president and CEO,
Brad Henderson says, "Even though everybody is talking about it being a
buyer's market, we’re not seeing buyers really being active." From the 2018 Modern Family Home Ownership Trends Report, Sotheby explains that, "about half of
Canadians have abandoned the dream of owning a single-family home." This
is due to challenges, preferences and home-buying habits of modern families,
specifically between the ages of 20 and 45.
More
Power for Active Buyers
There is reason to have a positive attitude about
the future in Alberta. Oil is still at a good rate. Interest rates seem to be holding
fairly steady with no major increases lately. There are no more changes looming
for mortgage rules. November CREB Report states that there is some easing in
new listing growth. If they are down that is a sign that inventory will slow soon.
With the younger set waiting, that
means the buyers that ARE active have more negotiating power. Keep your eyes on
the listings then give me a call # 403-680-4479
