If you're a home buyer in Calgary, Alberta, the days of waiting for a price reduction on that home you've had your eye on are coming to an end. In fact, they may even be gone. Our mind set for the past 6 months has been that houses aren't selling, and prices keep dropping. Not so. In the past 2 weeks, I've seen more pending listings than I have all year.
Each time I take a buyer out to see a home, more often than not, when I go to book the list of homes my buyers are planning to see, the response we get is, "Sorry That House is SOLD." Not great news for my buyers at the time, but certainly a welcome trend in the Calgary Real Estate Market.
The home buyers that are reaping the most benefits, are first-timers and those who are looking to move up. Low interest rates and motivated sellers are finally giving new home buyers a chance to become home owners. Those that have a home to sell, are finally selling them. They now have a tremendous opportunity to take advantage of the incredible price reductions that have taken place in the past year on homes over the $500,000 mark. Many of these homes were $600,000 at this time last year. One Realtor I spoke with this morning told me she's even seen properties in that price range that have dropped $250,000 since last year. A quarter of a million dollars price drop. Does anyone even remember when we had a hard time imagining how much a Million Dollars was? As a child, my idea of a Million Dollars was infinite wealth. You would never run out of money if you had a Million Dollars.
Alright, I feel a rant coming on, so I'll get back to my point.
My point is this. If you are considering a buying a home, and you walk in to the one that's just right -- Make an Offer.
Advice that I would have given to my buyer clients just a few months ago, would have been, "Wait a week. It will take you a lot longer to pay off an extra $10,000 than it will be to wait for the seller to drop their price by $10,000." Now, I believe waiting for a price drop is just asking for competition when you finally do make that offer.
Properties are starting to move in Calgary. If you want to see what's available in Calgary right now, click the link below:
Bernice Dubon
Royal LePage Solutions
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