Warren Shouldice

Cell: 403-461-8103 |

January Real Estate Update

Moving to a new home can be a stressful experience. There are a myriad of details to worry about: selling your current property, finding a new home, getting financing, checking out local schools, hiring a moving company - the list goes on.


So, when you’re thinking of moving, it’s natural for you to want help. That’s where I come in. I’ll answer any questions you may have, and provide you with advice and suggestions to make the home selling/buying process easy and trouble-free.


Remember, I’m here to help!

Market Update:


Benchmark prices for the attached and detached sectors remained relatively unchanged from the same time last year. However, a rising number of new listings in both sectors has pushed inventory levels higher than last year. It's yet to be seen what effect the new mortgage requirements, which were introduced on Jan. 1, will have on the market. It's worth noting that the Calgary Real Estate Board has predicted that benchmark prices for detached and attached homes will remain relatively unchanged in 2018.


The apartment sector continues to face oversupply issues, however both inventory and months of supply are comparable to last year. The apartment sector will likely continue to struggle until it's able to clear some of the inventory it's been burdened with over the past three years.

Quick Stats:

 

  Jan. 17 Jan. 18 Y/Y % change
Detached      
Total sales 581 583 0.34%
Inventory 1,848 2185 18.24%
Months of supply* 3.18 3.75 17.83%
Average DOM 47 days 55 days 17.15%
Benchmark price** $498,700 $499,400 0.14%
       
Attached      
Total sales 211 230 9.00%
Inventory 995 1149 15.48%
Months of supply* 4.72 5 5.94%
Average DOM 62 days 66 days 6.89%
Benchmark price** $329,100 $328,000 -0.33%
       
Apartment      
Total sales 151 145 -3.97%
Inventory 1,267 1289 1.74%
Months of supply* 8.39 8.89 5.95%
Average DOM 68 days 76 days 10.95%
Benchmark price** $265,000 $256,200 -3.32%


*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.


Take a Walk on the Boardwalk (or Sidewalk)


If you’ve played the game Monopoly, you’ve probably picked up the Chance card that reads, “Take a walk on the Boardwalk. If you pass Go...”
 

That’s good advice when shopping for a new home. When you see a property you like and you’re thinking of making an offer, spend some time walking around the neighbourhood. This will give you a better sense of what it’s going to be like to live there.

 

After all, the last thing you want is to buy a dream home only to find out later that there are issues with the neighbourhood that make living there miserable. 

If you have kids, see how far a walk it is to local parks, playgrounds, schools and community centres. 

If you commute, you might also check out the route from the neighbourhood to your place of work. Is there a left turn that is likely to get backed up in the mornings?

Also check out how well the neighbours take care of their properties. Homeowners tend to keep their homes looking good if they enjoy the neighbourhood.

As you walk, listen. Are there noises from nearby high schools, industrial areas, or highways that are going to be unpleasant for you? Find out if the neighbourhood is near an airport flight path, or if there is a railway in the area. 

If you get a chance, talk to some of the neighbours. Ask them what they like most about living in the area. You’re likely to get some candid - and useful - answers.

Finally, spend some time visualizing living in the area. Can you see yourself enjoying what the neighbourhood has to offer?

If so, then buying a home in that area will likely be a good choice for you.

 

 

The Importance of Showing Your Home Often


Imagine coming across a “Home for Sale” listing on the internet. It’s in a neighbourhood you’re seriously considering. You and your family are excited. You can hardly wait to view the property and see if it could be your next dream home.


Then, there’s a problem. 

When you contact the agent, she says the homeowners are busy people and won’t be able to show the house until next week. Even then, the only time available is at noon on Wednesday, when you’ll be miles away at work. How about viewing the property on Saturday? Forget it. The homeowners are having company over that day.

Chances are, you’ll lose interest long before you ever get a chance to see that property! 

This may sound a little extreme, but it does illustrate an important point. 

If you don’t make your home readily available for buyers to view, many simply won’t view it, and your property may not sell.

That doesn’t mean you have to be inconvenienced each day by a steady stream of buyers stomping through your property. However, you do need to be flexible.

When buyers become interested in your home - by seeing the listing online, for example, they want to view it as soon as possible. The longer they have to wait, the more likely it is that another property will capture their interest.

They may even make an offer on another home before they get a chance to see yours! 

That’s why as your REALTOR®, I’ll work with you to arrange the dates and times that your home can be shown - a schedule that’s convenient for you as well as for potential buyers.



Deciding Whether to Stay Or Sell



Deciding whether to stay in your current home or look for a new one is tough. So tough in fact, that there is a reality TV show about it!


If you’re struggling to make that decision, here are some tips that can help:

 

  • Find out the current market value of your home. This will give you a clear idea of how much your property is likely to sell for in today’s market.
  • Find out how much you can afford to invest in a new home. This is calculated, in part, by how much of a mortgage you qualify to receive.
  • Determine whether your current home still suits your needs. Do you need to move up to a larger place? Downsize to a smaller property?
  • Figure out whether this is the right time to move to a neighbourhood that you’ve always dreamed of living in.
  • Assess whether your neighbourhood has changed in a way that you don’t like.
  • Decide whether you are still happy where you live. Is it time for a change?

As your REALTOR® I can help you answer these questions and provide the information you need to make the right decision.



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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.