Real Estate

realestatelife

WITH SHILO STOREY

What a year it has been, and the real estate market is no different. In some price points, and neighbourhoods, we have seen sales increase by 200 per cent! I am sure you have heard the news and so let me break our reality down for you, as it is all not what it seems.

What you are hearing on the news with multiple offers, selling hundreds of thousands over asking is true in some places. This is because across Canada there is an inventory shortage. We, too, are seeing overbidding here in Airdrie, Calgary and the surrounding areas. What we have to remember, though, is that our market has been hit and been down for five, even six, years because of our economy. Our prices cannot just rebound in a few months from the downturn that we have been experiencing for years.

Multiple offers are happening especially in our detached product between $350,000450,000. However, even with multiple offers, buyers are still savvy and are not overpaying; market value is still a thing. We are not seeing the craziness that other cities like Toronto, Ottawa and Vancouver are seeing.

Inventory is sitting at around one month worth of inventory in Airdrie, and this is putting pressure on prices, bringing us back to record high prices in some price points.

Prices are up almost to previous highs except for the apartment sector which is still struggling.

If you are selling in this market you have to be educated, know your competition, know the buyers that are going to be coming through your home, and show your property in the best way possible every time.

Buyers are not tire kicking; they know what they want. If you receive an offer on the first day, it doesn’t mean you priced it too low; it means that buyer has been waiting for a home like yours. If you are lucky enough to get more than one offer, lean on the experience of your Realtor. Real estate has never been sold like it is being sold right now. Some buyers aren’t even stepping foot into their new home until possession day.

The great thing about real estate is it changes quickly, so hold on tightly, because this too will change! life MAIN FLOOR Pizza & Pie, Deli, Italian Grocery ,

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