Updated: Mar 8
This past weekend, which at the time of writing this was February 20-21, 2021 I was out and about enjoying the weather like most of you. Wasn't it just wonderful?
I had the great fortune of hanging out with some wonderful buyers, 6 actually this weekend. We got to see some amazing homes, 15 in total over the weekend. During this time, we wrote three offers. Needless to say, I was spent by the end of Sunday. 🥱
BUT! I truly appreciate the time I get to spend with my buyers, they trust me to provide them the best advice possible for their purchases and most of them are either close friends or referrals from some of the best people I know.
But what does this have to do with this week's Breakdown? Well, let me explain.
One of the reasons my buyers like to work with me is my strive to provide the most current market condition information. So what was some of the advice I provided them this weekend you ask?
The buyer's market boat has left port. We have to try and get on this much smaller, more uncomfortable seller's market boat for the foreseeable future.
Just to hit that point home, if a single-family home was listed on Friday. It was more probable to be sold by the end of the weekend than being on the market come Monday.
But let's look at the stats.
Some of the highlights of the detached market:
Total sales year over year in Calgary are up 72% at this same time last year.
New listings are up 16% from this same time last year but active listings are down 31%.
The median price is up 11% from the same time last year.
So why are things like this? It's a pretty simple equation of supply and demand.
⬇️ Active Listings + ⬇️ New Listings + ⬆️ Sales = ⬆️ Median Price
So what can you do as buyers to make sure you have enough space on this tiny seller's market boat? Here are my top 5 tips you can do right now:
Ensure you have a pre-approval letter in hand and ready
Book your viewings early and get in to see them as fast as you can
Ensure your agent comes with the most recent market stats so you can make an informed decision right away.
Present your offer the best way you can. We all want the price to be the best it can, however, to get this you need to work with the seller. Coming in too low will turn them off and give them a reason to wait for the next one. Try and use the other terms and conditions to your advantage to make the offer better.
Be as flexible as possible with the viewings, possessions, and conditions. The sellers hold the cards and can accept backup offers.
So if you are in the market right now to buy, I hope these tips help you with finding your next home. Your agent is there to work for you, we have a fiduciary responsibility to work in your best interest and provide you the best skill and care. If you aren't working with an agent, I'd love to assist you. Please feel free to reach out at any time.
Finally, if you appreciate this information and feel others would benefit from it, please share. I'd love to get this blog in front of as many people as I can to help them with the real estate market.
As always, thank you and I truly appreciate your time. Take care.