Well, once again it seems that we have dipped into the realm of the 'Seller's Market.' What does this mean exactly? Well, it means that the sellers are enjoying shorter waiting times to sell their properties, as well as very healthy sale price to list price ratios.
The month of January, 2014 is shaping up to be a highly active month in the market, and the numbers really do tell the real story. Between January 1st and 27th this year we have seen total sales of 1066 units across Calgary and area. Last year during the same time period, the number of units sold was lower at 936. Although these numbers are fairly close to each other as inventory indicators, the important relative factor here is the number of houses that were available on the market. As of right now (Jan. 27th, 2014 at 4 o'clock pm) there are approximately 2474 available units for sale. Compare this to last year's 3193 and we can quickly understand why the market has tipped in favour of the sellers.
With a smaller inventory of homes and a bustling batch of buyers it's easy to see why not everyone is finding exactly what they are looking for. Those who are finding their ideal homes are likely having to pay a bit more to secure their purchase. Although the climate has not yet turned into the feeding frenzy that happened in 2006, the market is certainly experiencing a lot of excitement and even a little disappointment now and then.
How does one approach the market in this situation? Firstly, with a highly skilled and knowledgeable REALTOR®. Things happen very quickly in this market, and it's really important that the quick decisions are made highly sensibly. This climate often creates multiple offer situations as well as offers that will top the list price. Although this means that sellers are often going to get top dollar for their sale, it also means that buyers are going to have to be well informed about where they are placing their investment dollars.
As we move into Spring (it is coming eventually), there is a distinct possibility that the market will remain heated and as such you have to be ready to jump double dutch if you're going to get the most bang for your bucks.
The moral of the story ... don't be afraid to get out there and look for that house that you've readied yourself to buy. Bring a sharp real estate agent and make sure that you are taking all of the important details into consideration. This way, when you're offer is accepted, you'll know that you've made the right decision.
No comments:
Post a Comment