I hope you had a wonderful Halloween! As is often the case, it seems like winter has hit Calgary like a ton of bricks. Here's a fun (and depressing) fact, the difference in high temperature from last Saturday to this Saturday was a whopping 36 degrees...
Hopefully you didn't leave it to the last minute to change over your winter tires like I did.
Calgary's housing market continued its recent trend of easing sales, rising inventories and downward price pressure. Several months of elevated supply in comparison to demand has weighed on pricing over the past few months. In addition, I believe the recent lending rate hikes as well as changes to lending policy have also contributed to the weaker market conditions.
That being said, benchmark prices for the detached and attached segments remain above last year's levels. The apartment sector continues to face oversupply issues, particularly in the downtown core.
|Oct. 16||Oct. 17||Y/Y % change|
|Months of supply*||2.5||3.57||43.19%|
|Average DOM||42 days||44 days||4.70%|
|Months of supply*||3.59||4.84||34.72%|
|Average DOM||49 days||53 days||7.32%|
|Months of supply*||6.17||7.03||14.05%|
|Average DOM||54 days||67 days||23.80%|
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.
STAGING THE THREE MOST IMPORTANT ROOMS
When your home is shown to potential buyers, every room is important. However, there are three types of rooms that buyers tend to pay particular attention to: kitchens, bathrooms, and bedrooms.
How do you make these rooms look great? Use these staging tips from professionals.
In the kitchen, make sure the stove, sink and countertops are spotless. In addition, the countertops should be clear of anything that isn’t absolutely necessary. You want to create the impression that there is a lot of counter space!
In the cupboards, refrigerator and pantry, make sure all food items are facing forward.
In the bathrooms, make sure everything is clean and uncluttered, especially around the toilet and in the cabinet under the sink. Remove personal items from the countertop. If there is a shower curtain, keep it open. Make sure that the towels match and are neatly hung on the rack.
As a rule of thumb, the more you can make the bathrooms look like those in a nice hotel, the better!
In the bedrooms, make sure the bed is neatly made, preferably with matching covers and pillow cases. Make sure that items that are stored under the bed are not sticking out enough to be seen.
Closets should be tidy with nothing on the floor except shoes (neatly arranged). It’s okay to have a lot of clothes, as long as they are all hanging neatly. If there are non-clothing items in the closet - such as loose files and papers - store them somewhere else.
Don’t leave any clothes lying on the bed, chair or dresser, even if they are nicely folded. Don’t have anything in the laundry hamper.
THE PRACTICALLY PERFECT OPEN HOUSE
If you plan to have an open house to help sell your property, you will obviously want to make the best impression possible on potential buyers.
It is very important that all minor repairs be completed before the open house. Even a squeaking door can be a distraction to buyers.
Obviously, you’re going to make sure everything is clean and uncluttered. Also consider the lighting. Check that every room is well lit and that there are no burnt-out bulbs. This is especially important in darker spaces.
If you have pets, consider taking them to a “pet day camp” or kennel, or just take them for a long walk in the park. Pets and open houses are rarely a good mix. You don’t want buyers with allergies feeling uncomfortable.
If possible, remove personal items such as family pictures and trophies. Remember that buyers want to visualize themselves living in the home, and your personal items become a distraction.
Finally, avoid being home during your open house. Let me, as your REALTOR® be the host!
Not intended to solicit buyers or sellers currently under contract.
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