Hey Calgary. You Pay Top Dollar! Why?

Hey Calgary. You Pay Top Dollar! Why?

Experts in the booming Real Estate Market agree that future home buyers in the Calgary market will be paying top dollar at least in the near future. Many homes and properties are only on the market for a short time before they sell.

Many Homes Selling in a Matter of Hours

Homes are not only selling quickly as in the past, when listed on the market for a few days, but now selling within a few hours. I sold one such home on Windstone Rd. within 18 hours of it being on the market. It didn't even have a chance to hit the public MLS.

Selling for More than the Asking Price

As the housing market heats up, multiple offers are the norm. This pushes many properties to sell for more than the asking price. About 30 per cent of sales seen by real estate agents are at or above the listing price. I heard about a townhouse in Rundle that sold recently for 38 per cent over the list price.

Going Up Again

According to numbers from the Calgary Real Estate Board (CREB) the trend is increasing. In April of 2013, it was reported that out of 2,544 properties sold in Calgary, 265 went for more than their listed price. In April of 2014, the 2,377 properties that sold, 529 of them sold at more than list price.

Migration and Employment Up

A new report by Canada Mortgage and Housing Corporation, states that a record net migration and the gains in employment in recent years have influenced the increase in sales and prices for Calgary. Rising incomes and employment growth are the key contributors to the upwards tick in housing demand.

More Homes on the Market This Summer

CREB President Bill Kirk has stated that as more homes go on the market in the summer, things will calm down. There has been a shortage in single family homes for sale but the market as usual will self-correct.

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Big Decks and Big Patios = Good Return on Investment

Outdoor Space

Big Decks and Big Patios = Good Return on Investment

It All About the Great Outdoors

Now it’s all about outdoor living space. This is the latest recommendation for good return on investment, ROI in any home renovation project. Remember that Calgary is the sunniest of Canada's large cities. We enjoy an average of 2,396 hours of sun each year.

Hey Calgary! Go Big!

A bigger deck or patio is the way to go even if it means tearing up some lawn. A prospective buyer will never know that the grass is gone. Besides, if he or she sees a sweet way to enjoy expanded living options they may be more inclined to make an offer.

Better than 80% Return

According to a recent report by Remodelling magazine, the ROI for outdoor living space is as high as 81%. When the potential buyer sees a big deck or big patio they may start to see stars in their eyes. Big parties, big barbecues and big-time entertainment. It is way more fun than cutting the lawn.

Outdoor Furniture is selling Big-Time

Celia Kuperszmid Lehrman, the deputy home editor at Consumer Reports, says that decks appeal to today’s thrift-conscious consumers. They are looking to save money by spending more time at home. That can explain why, Easy Analytic Software Inc. data shows that outdoor furniture sales are expected to increase by 21.4% by 2016.

Warning about Hot Tubs

Inheriting someone else’s hot tub is usually a turn-off.  Many potential buyers find them to be a little gross. Once a hot tub is installed, it's not that easy to remove from a deck or backyard.

Remember the Curb Appeal

Although a deck or patio is good ROI, a soon-to-be owner doesn’t want dirt and grime. Think about pressure washing an older deck or patio to make it look like new. While you are at it, the driveway, house façade and outdoor furniture may also need a cleaning. It makes sense to get rid of algae, mould, mildew stain, grease and road film to get your property ready for the market.

For more ideas on ROI call Chris Ashby 403-480-4479.

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