Warren Shouldice

Cell: 403-461-8103 |

The detached housing market continued to improve across all price points in April with the benchmark price edging up slightly from last month. However, prices still remain slightly lower (-0.6%) than this time last year. I would expect a year-over-year benchmark parity within the next few months.

Both the detached and attached sectors are experiencing higher total sales along with decreased inventory and months of supply, which are all positive signs as we enter the spring real estate market.

Unfortunately, condos continue to trend downward. Growth in new apartment listings continues to outpace sales. Oversupply in the apartment sector is placing further downward pressure on pricing. To date, apartment prices have contracted by nearly 12% from highs recorded in 2014.

Calgary's real estate market varies widely, depending on a number of factors including property type, price and location. For more information or to discuss an upcoming purchase or sale, don't hesitate to contact me!


Quick Stats: 
  Apr. 16 Apr. 17 Y/Y % change
Detached      
Total sales 1136 1204 5.99%
Inventory 3138 2522 -19.63%
Months of supply* 2.76 2.09 -24.17%
Average DOM 44 days 32 days -27.29%
Benchmark price** $504,400 $504,100 -0.06%
       
Attached      
Total sales 359 426 18.66%
Inventory 1530 1326 -13.33%
Months of supply* 4.26 3.11 -26.96%
Average DOM 48 days 52 days 7.75%
Benchmark price** $334,600 $331,500 -0.93%
       
Apartment      
Total sales 273 287 5.13%
Inventory 1583 1647 4.04%
Months of supply* 5.8 5.74 -1.03%
Average DOM 54 days 49 days -8.49%
Benchmark price** $281,100 $269,200 -4.23%


Months of supply* The ratio between inventory and sales which represents the current pace of sales and how long it would take to clear existing inventory.

Benchmark price** The monthly price of the typical home based on its attributes, providing the best measure of price trends.



How Much Can You Afford?

 

Why is it so important to know how much you can afford to spend on a home?

Two reasons. 

First, you don’t want to buy a property and then find out, after you’ve moved in, that you can’t financially maintain it. That would mean having to resell it under stressful conditions. 

Second, you don’t want to settle for a property that’s less than ideal, when you really could have afforded the "dream home" you’ve always wanted.

So how do you figure out how much you can afford to pay for your next home? 

The first step is to gain a clearer understanding of how much your current home will likely sell for in today’s market. That amount, together with other financial resources you might have (such as savings), will determine your available down payment. 

The next thing you’ll need to figure out is the maximum amount of mortgage for which you qualify. 

Say, through the proceeds of the sale of your home combined with your savings, your expected down payment is $150,000. If the lender authorizes a mortgage of $375,000, then you can afford a $525,000 home. 

Typically your lender determines your maximum mortgage based on, among other things, a percentage of your income, to ensure you can maintain the property. 

It’s worth doing your own calculations too. Calculate your anticipated utilities, insurance, and property tax, and make sure you have some money set aside for unanticipated expenses. 

Of course, you don’t need to spend as much as you qualify for on a new home. A home that meets your needs in terms of property type, features, and neighbourhood, may in fact cost you less. 

One thing is for sure. As your Realtor, I can work with whatever amount you can afford and show you homes on the market that most closely meet your needs.



Is Your Home In “Move In” Condition?

 

When buyers view your home, they ask themselves whether they like it. Assuming that the answer is "yes", they try to determine how much work would be required before they could move in.

It’s not uncommon for a buyer to be interested in a property but be turned off by the perceived amount of work required. In fact, this can sometimes discourage a buyer from even making an offer.

That’s why ensuring your home is in as “move in” condition as possible is so advantageous. It will help sell your home faster and, often, for a better price.

So what does “move in” condition mean? It means that there are no repairs or maintenance issues that need to be addressed immediately. Buyers can be discouraged by seemingly minor issues, such as a loose closet shelf or a lightly dripping shower head. So it’s important to get those little repairs done before showing your home.

Buyers will also likely want to know the age of your furnace, water heater and other appliances, in order to anticipate when they will need to be repaired or replaced. If you have transferrable warranties for any of these items, be sure to let buyers know.

A fresh coat of paint is one of the best investments you can make in preparing your home for sale. More than any other repair or renovation, a coat of paint can make just about any room look almost new and move-in ready.

Buyers are sometimes worried about having to purchase new window coverings. If your window coverings will stay with the home, make that clear to buyers too.

Generally, the more you can do to make your home seem ready to move in, the better.

Want more tips on selling your home quickly and for the best price? Call today!



What Happens When You Make An Offer?

 

If you want to buy a new washing machine, you simply go into a retail store and pay the listed price. Pretty simple.

However, it doesn’t work quite that way when it comes to real estate. Although a home will usually have a “listed price”, you must make an “offer” for that property and then the seller must accept it. In fact, if there are other buyers interested in the property, you may not get the home even if you offer the listed price!

That’s why it’s so important to work with a good Realtor like me, who can provide information and experience to help you determine the right offer to submit.

Once you make an offer, if the seller accepts it, the home is yours. If the seller rejects your offer, it could be because they’ve accepted another buyer’s offer, feel your offer is too low, or have rejected one of your conditions. 

Sometimes, the seller will come back with a counteroffer. If you accept it, congratulations, you’ve bought the property. If you don’t like the counteroffer, you can make a counter-counteroffer!

This back and forth negotiation can get a bit tricky, which is another reason to have a good Realtor like me by your side. Call today.



Notable, Quotable... Quotes!

 

“Every success is built on the ability to do better than good enough.” 

Unknown

Genius is the ability to put into effect what is in your mind.” 

F. Scott Fitzgerald

“It’s not the mountain we conquer, but ourselves.” 

Edmund Hillary

Not intended to solicit buyers or sellers currently under contract. 

©IXACT Contact Solutions Inc.

 

Read full post
Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.