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What You Need to Know About the Calgary Market

July 2016 was the 20th consecutive month of declining sales for the Calgary market. There are a few factors contributing to this decrease in sales, including our current economic conditions, higher unemployment rates, and net migration.

This month, we saw a total of 1,741 homes change hands, which is a decline of about 12.65% compared to July 2015. Our listing absorption rate is sitting at about 31% of all active listings sold, which could technically be called a balanced market, but I would call it a buyer’s market. The average price for a single-family detached home, $541,000, has gone basically unchanged since last July, whereas attached homes are sitting at about $480,000 - a decline of about 2.39% compared to last year.

People are still seeing the opportunities in the current market.

The good news is that the average sale price for condos has gone up 13%; however, we saw two substantial sales downtown – one at about $8.4 million and one at about $5.2 million – which will majorly skew the numbers. All things considered, though, it’s pretty positive to see such substantial purchases here in our area because it means that there are people who are still seeing the opportunities in the current market.

On average, a home is spending about 46 days on the market, which is up about 15% compared to last year.

These are just some quick numbers. If you’d like more in-depth statistics for your community, or if you’re looking to buy or sell, please give us a call or email us. We’d be more than happy to give you a no-obligation consultation.

Easing the Stress of Listing and Building in Calgary

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So, you’ve decided to build a new home with a local builder here in Calgary to take advantage of the great savings you’re seeing in the current market. This being the summer of 2016, you’ll probably have a build process of 8-12 months, depending on the builder and the timeline they gave you. Now the question is, if you have a home you need to sell in order to take possession of your new one, should you list and sell now, or wait until after you get the possession letter from the builder so you can try to line up those possession dates?

With moving out of a home and moving into a new one, we know that builders will not give you a definite possession date until they’re about 60 days out. The timeline of selling and building a home can depend on the level of stress you’re willing to take on. It can be extremely stressful to list your house on the market and line up those possession dates, wondering whether your home will sell on time and what the builder will do if you can’t close on time. Some may be a little lenient in the possession date, but some might not. Not only will they not give you an extension, but they’ll also take your deposit and come after you for any shortfall if they sell the home for a lower price later on.

If you list and sell your home now, you will make more money than if you wait.

In today’s market, there is a slight downward pressure on pricing, and if you do have a home that’s under the $600,000 price point, it’s a very active market for buyers and sellers. But there are also roughly 8,100 properties available for rent according to a local rental website. What we would recommend, then, is that you ease the stress a little bit by considering looking at rental properties to stay in while your new home is being built. That way, you allow yourself a better opportunity to get your old home in tip-top shape and choose an agent or a team with a proven marketing plan to get you top dollar. If you sell your home now, you’ll get more money for it than when snow starts to hit the ground.

If you are looking to buy or sell a home, by all means call or email us for a free consultation.

Which Day Is the Best Day To Move in Calgary?

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We often get asked which day is the best day to move into a new home. It’s very common that people want to select a Friday or the beginning or middle of the month to book that move. However, this is also when demand is highest on the moving industry, so you typically can expect to pay 20% to 30% more during these times.

Moving when demand is lower in the moving industry can save you 20% to 30%.

We highly recommend that you book your move four to five weeks in advance to ensure that you get your desired moving date. If you try moving on a Monday or Tuesday, you might actually save money because the demand is considerably less during those days. If you want a detailed moving checklist, by all means reach out to us. We’d be happy to email you one to make your move a lot simpler.

If you have a home you’re looking to buy or sell, please reach out to us by phone or email. We’d be happy to give you a consultation.