Warren Shouldice

Cell: 403-461-8103 |

September Real Estate Update

As you may know, I rely on repeat clients and referrals to build my business. That’s why I work so hard to provide the best possible service, information and advice. I want my clients to feel comfortable relying on me for their real estate needs, and recommending my services to their friends and colleagues.

So when you need advice or recommendations from someone who is well connected to Calgary's real estate market, give me a call!

Market update:

The real estate market in our city continues to be on the slow side with the total number of transactions this year (detached, attached, and condo) remaining below long term averages. The detached segment, which accounts for well over half of all real estate transactions, continues to outperform attached homes and condos. In particular, the resale condo market continues to struggle due to high inventory levels as well as increased competition from new builds. On a more positive note, the benchmark price for detached and attached homes increased from last month suggesting that the market may be stabilizing after nearly a year of losses.

Quick stats:

 

  Aug. 16 Aug. 15 Y/Y % change
Detached      
Total sales 945 906 4.30%
Inventory 1660 1768 -6.11%
Months of supply* 2.99 3.34 -10.65%
Average DOM 42 days 37 days 11.51%
Benchmark price** $503,400 $520,500 -3.29%
       
Attached      
Total sales 338 284 19.01%
Inventory 1403 1277 9.87%
Months of supply* 4.15 4.5 -7.69%
Average DOM 52 days 41 days 25.98%
Benchmark price** $331,600 $348,300 -4.79%
       
Condo      
Total sales 200 259 -22.78%
Inventory 1651 1293 27.69%
Months of supply* 8.26 4.99 65.36%
Average DOM 56 days 49 days 15.02%
Benchmark price** $274,700 $294,600 -6.75%

 

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

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

 

The Vocabulary of Selling a Home
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As in any industry, there are terms and buzzwords that are unique to residential real estate. When you put your home on the market, you should know what those terms mean. Here are definitions for the most common ones:

Fair market value: This is an estimate of how much a specific home will sell for in today’s market, taking into account what similar properties in the area have sold for recently.

Seller’s Agent: That would be me, the REALTOR® who is helping you sell your property. I would also assist you in finding and buying your next home.

Buyer’s Agent: This is the REALTOR® who is representing the buyer of the property you want to sell.

Pre-approved Mortgage: This is a statement (often in the form of a certificate) from your bank or other lender that states that you qualify for a mortgage for a particular amount of money. A pre-approved mortgage adds credibility to any offer you make on a new home.

Staging: This is a strategy where a home is purposely prepared so that it appeals to potential buyers. Staging may involve cleaning, de-cluttering, rearranging furniture, redecorating, and more.

Survey: This is a document that defines the boundaries and measurements of your property and any structures on it.

Offer: This is an offer of purchase, in writing, for a particular property.

Conditional Offer: This is an offer to purchase, but with conditions – such as “conditional on a satisfactory home inspection” or “conditional on arranging suitable financing”.

 

Engaging the Other Senses
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When preparing a home for sale, most homeowners focus on pleasing the eyes. In other words, they make their property “look” as attractive as possible. That is, of course, a very important thing to do! However, your home will be even more appealing to buyers if you also engage their other senses.

Take smells, for example. Ideally, you don’t want any smells at all in your home during a viewing. So be careful about odours that can linger after cooking. Use the fan. Do not use scented air fresheners or strong perfumes in washrooms prior to viewings. If you or another family member smokes, avoid having the smell come into the home.

As for sounds, soft, pleasing music is fine. Just be sure to choose a style that would be acceptable to all. Think elevator music! If a neighbour is creating a loud noise next door – jackhammering a patio foundation, for example — ask him or her to keep it down during showings. Most good neighbours will be happy to do so.

In general, anything you can do, even something minor, that will make your home more appealing to all the buyer’s senses is worth the effort.

 

Go Beyond Property Needs and Wants
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When you shop for a new home, you’ll probably start by thinking about what you need in your next property. Your list might include a spacious kitchen; three bedrooms; and, a mature tree in the backyard.

Those are property features and, of course, they’re important. But finding your next dream home involves more than just property features. It also involves getting what you want from the surrounding area. After all, a home isn’t going to be enjoyable if commuting to work from your neighbourhood is long and agonizing. So when you shop for a new home, also think about:

  • Work. How will you get to work? Is public transit nearby?
  • School. Where will your kids go to school? Is transit or bus service available? Will your kids be able to walk to school?
  • Kids. Where will your kids play and hang out? Are there nearby playgrounds and parks?
  • Neighbours. Do the local homeowners seem like the kind of people you’d like as neighbours?
  • Shopping. Where will you do your weekly shopping?
  • Hobbies. How far will you be from golf, theatre, or other hobbies?

As your REALTOR®, I can help you answer these questions. Call me today.

 

notable, quotable... quotes!

 

“We make a living by what we get; we make a life by what we give.”

Sir Winston Churchill

 

“Always aim for achievement and forget about success.”

Helen Hayes

 

“It is best to disregard talk and judge only actions.”

Dorothy Day

 

Not intended to solicit buyers or sellers currently under contract.
©IXACT Contact Solutions Inc.

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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.