Even as Calgary’s home market continues to slow, bit by bit, we’re seeing a remarkable increase in the number of homes on the market – supply is up nearly 24 percent from a year ago. This completely makes sense: there’s a wide variety of homes in styles and price ranges to suit nearly every potential buyer in neighbourhoods across the city, and that’s making homeowners who maybe weren’t even planning to move get the upgrade bug, so they put their own property on the market to see if it’ll sell. Add in our economic troubles forcing some to downsize, and you’ve got an abundance of supply.

This can, and is, leading to an expectation gap between some buyers and sellers. While some sellers are still hoping to get prices in the range they might’ve seen a year or two ago, thrifty buyers are using the current situation to pressure for deep discounts. It’s a bit of an impasse that may take some time to smooth out.

So what’s a person to do? My advice is this: if you’re looking to sell, you may need to, as Calgary Real Estate Board president Cliff Stephenson put it recently, “lower your expectations on price.” Calgary’s real estate market remains very healthy and sustainable, but you can’t grow the inventory the way ours has in the past several months without putting downward pressure on asking prices. Consider how quickly you’d like your property to sell, as attractive pricing can help a home stand out in today’s market. There’s no need to drastically undervalue your listing, but you’re not going to get 2014 prices today.

For buyers, don’t expect a fire sale mentality amongst sellers, as our market’s just not there. While there’s a lot to choose from, benchmark prices really haven’t dropped that much, and mid-range homes are still changing hands in a couple of weeks. While there may be a bit more wiggle room than there would’ve been last year, appealing properties are still highly sought after, and bidding wars are not out of the question.

Overall, our market continues to adjust to the new reality, but the fact that it remains relatively stable is a testament to how healthy and realistic it has remained over the past several years. As our economy improves over the rest of the year, we may see some of the downward pressure let up, but really what happens next remains to be seen.

Contact me today for a comparative market analysis today!

RE/MAX has released its annual Spring Market Trends report, which gives a good look at how Calgary’s market compares to the rest of the country, and predicts what the rest of 2016 will be like. It’s available here, and I suggest taking a look if you’re thinking about buying or selling this year.

Of particular note is the slowdown in residential construction across our city, which should help the resale market absorb its abundance of inventory. Further, we’re likely looking at a slight increase in average selling price by the time 2016 comes to a close. For April, we had an increase in both the median and the average selling price, with the total number of sales only dropping about 10 percent from last year, so don’t believe the pessimists who think our real estate market is in a serious decline; it remains, and will remain, strong.

The next couple of months are typically the busiest for buying and selling, so if you’re considering putting your property up for sale I’d suggest getting on it sooner rather than later. The unseasonably warm weather has prospective buyers out and about more than they might’ve been in a more typical spring, and that means your For Sale sign can have even more impact. Contact me today for an assessment of your property, and maybe some suggestions on enhancing your curb appeal for those evening strollers.

I often get asked about the importance of pricing your property right, so it sells in a relatively short period of time – if a seller’s not in a big rush to move, why not price it a bit high and hope the right buyer comes along eventually?

I like to address this with a little analogy:

The real estate market is like a Chinese food buffet (stay with me here!): there are lots of options from which to choose, and most of them look pretty good.  However, when a chef comes out of the kitchen carrying a steaming, fresh bowl of ginger beef, everyone takes notice; even diners on their way back to their seats may turn around to check out the good stuff. Some diners have been waiting and watching for the fresh ginger beef to come out of the kitchen, refusing to leave without it!  Meanwhile, those sad looking spring rolls that have been under the heat lamp for half an hour will just get less and less attention as time goes by.  No one’s taking them, so there must be something wrong with them.

And so it is with the housing market. The first wave of interest is the biggest and best opportunity to find your buyer. Buyers are waiting for the fresh “meat” to come out of the kitchen.  If a property is priced well the sellers can take advantage of that attention and bring an offer in earlier than later.  The longer a property sits on MLS, the less ‘fresh’ it looks, and the more likely it is that potential buyers will assume something is wrong with it.  It’s just the way buyers think, especially in a market like Calgary’s, where business is often booming.

While the days of homes selling on the same day they’re listed may be behind us (for now), a property that’s been listed for a long time is just going to appear stale.  You’re much better off to list according to comparables in your area, rather than shooting high to see what you can get.

For a free, no obligation evaluation of your home, please contact me today!

Competitive pricing has been a cornerstone of successfully selling one’s home for as long as there’s been a real estate market. In Calgary, however, pricing is now more important than it has been in years due to moderate sales and an abundance of supply. While our market remains relatively solid and stable, many buyers simply don’t have the same sense of urgency as they may have had a couple years ago, and taking more time to shop around means having a better idea of where comparable properties are listed, price-wise.

The best place to start, now and always, is with a trustworthy Realtor. When I am preparing to list a client’s home, I do a thorough cataloguing of its most attractive features, recent upgrades, popular amenities, and unique characteristics that will make it stand apart. Armed with this detailed description, I do an intensive comparison among recently-sold properties in the same and similar neighbourhoods. Thinking as a buyer, I look at what other properties the ideal buyer of my client’s home might have come across, and see how they stack up. Examining the selling price and condition of these properties gives me a solid range to present to my client.

Next, I deliver a Comparative Market Analysis (CMA) to my client featuring the information I gathered above, along with a recommendation for where I think their property should be priced. This is simply a recommendation, of course; my job, as a real estate professional, is to carry out my client’s wishes to the best of my ability, and if they wants to list at ten percent over what comparables have sold at, that’s what I’ll do. However, I’m bringing more than fifteen years of experience to bear on this relationship, and so I would advise my client of the current market conditions, pricing trends, and the potential ramifications of coming in too high: when a home sits on the market for too long, potential buyers and other Realtors can begin to assume something’s fishy, and pressure to drastically lower the price to make a sale can be significant.

The best strategy is to price wisely right out of the gate. A properly priced home tends to sell faster, and for a higher percentage of asking, than one with a more wishful price tag.

So, what is pricing wisely in today’s Calgary market? There are plenty of properties available throughout many attractive communities in our city, and the length of time the average home sits on the market is going up each month, so if you’re looking to sell sooner rather than later, an aggressive pricing strategy is probably called for. While selling prices haven’t taken a nosedive, the abundance of choice means an attractive price can really make your property stand out among the competition. Review your Comparative Market Analysis with your Realtor of choice (contact me to get me started!), and discuss what your home might go for on the low end. Add a couple of percentage points to build in some wiggle room in negotiations, and you should arrive at a price that keeps your home from sitting on MLS for too long.

Of course, there are no guarantees, and each client’s personal situation is different. Patient sellers who don’t need to sell as quickly as possible may find their patience paying off in a higher selling price. The risky part of looking for top dollar in a buyer’s market, such as Calgary’s, is that the property may take an extended period to sell, or may not even sell at all without concessions. Before deciding on a strategy, have a frank discussion with your Realtor about your goals and your tolerance of risk. Listen to his professional opinion, and then make an informed decision. In the end, the best pricing strategy in this, or any, market, is the one that fits your personal situation.

147 QUEEN ANNE RD SE

Same owners since new! They bought it in 1978 and have been there ever since; you don’t find ones like this anymore; pride of ownership abounds. Continuously well-maintained throughout the years, this is a solid home with good bones. It’s super clean and ready for a new family. Great 4 level-split floor plan with lots of room (2264 Sq.Ft developed) and lots of storage that includes a large crawl-space. The sunken family room has large windows and features a wood-burning fireplace with a gas log lighter. Double front-drive oversized garage plus RV storage off the back alley. The back yard faces west and has a covered patio, a metal fence with a huge double swing-out RV gate, a gravel RV pad, and a productive apple tree. Other upgrades include: New roof 6 month ago, new windows 2 years ago, updated ensuite 4 months ago. Located a short walk from an off-leash area and Fish Creek trails to the Bow River. Just across the street is a community green space.

To view more photos, floor plan and full listing details visit my web page.

2285 Reunion Rise NW, Airdrie

Welcome to the Axiom by Sabal Homes. Well appointment and spacious with tall ceilings and lots of room. There’s a main floor den/flex room right at the front of the house overlooking the covered front porch. The island kitchen is open to the dining/living area which features a cantilevered gas fireplace that sites flush with the wall, maximizing floor space. Upstairs you’ll find a laundry room that’s actually big enough to clean and sort laundry in, the bedrooms are also a good size, and the master ensuite boasts a deep soaker tub and a full-sized separate shower. The basement is framed and ready for your finishing touches and the bathroom is already done. Out back you’ll find a large sun-drenched deck that leads to a big back yard and an oversized double garage with a gas line and 220V. There’s also a paved rear lane to help keep your cars and garage mud-free. This home is perfect for your growing family.

To view more photos, floor plan and full listing details visit my web page.

1709 6 AV SE, High River

Great 3 bedroom family home on a quiet street one block from Sunshine Lake and it’s pathway system. Newer flooring on the main level. Family styled kitchen and eating area with a door to the rear deck and the south back yard. Three large main floor bedrooms with a full master ensuite. Living room features a gas fire place. The lower level was developed but now is unfinished due to the flood of June/13. Interior lower level flood damage has been corrected with the exception of some corners of wood basement that need resealing. The rear detached garage is over sized and is wired with it’s own breaker box.

To view more photos, floor plan and full listing details visit my web page.

216 CRANSTON DR SE

Former show home located across from an elementary school. This two storey boasts over 2250 SqFt of developed space, including a fully finished basement with a family room, bedroom and full bath. Main floor features a large island kitchen with a corner pantry and a good sized eating area. Open living room plan. Large west-facing rear deck. Upper floor features three bedrooms, 2 full baths (one with a soaker tub) plus a bonus room with built-ins and a fire place for your enjoyment. The rear yard has underground sprinklers plus the home is air conditioned for summer comfort. What a great family home!

To view more photos, full listing details and floor plan visit my web page.

Have you ever checked your home for radon gas? If you’re like most Calgary homeowners, the answer is probably ‘no’ – but you should.

Radon is a colourless, odorless (i.e. undetectable by humans) gas that is produced by decaying uranium in rocks and soil, and seeps into homes through foundation cracks and vents. While there are pockets of radon across Canada, Alberta and southern Saskatchewan have the highest concentrations in the country. And it is serious business.

Radon is the second-most common cause of lung cancer in Canada, and can be linked to about 1900 deaths every year.

Fortunately, testing for radon in your home is easy and inexpensive. Testing kits (both short term, which measure for a couple of days, and long term, which detect for months) are available at local home improvement stores for about $30, and require only that you open the package and place the radon detector in an appropriate place (away from drafts and out of your furnace room). After the set period of time, you send the detector to a lab in the enclosed envelope, and a couple weeks later you get your report.

If no radon is detected in your home, you can rest easy. If it is, contact a radon mitigation company to assess and remediate the problem. There are several such companies in southern Alberta, who also do more involved testing than the kits homeowners can purchase themselves.

No one likes to think about unseen dangers that could be lurking in their homes, but if your home hasn’t been cleared for radon, it’s really something you should act on sooner rather than later. Feel free to give me a call to discuss this further.

On a side note, we’re only two weeks away from the Calgary Home + Garden Show, and they’ve given us a romantic coupon code to get 2-for-1 tickets! Simply use the code LOVE before February 22 to get your tickets.

311 Brae Glen Rd SW

Over 1700 sq.ft of developed living space! There’s room for everybody here, whether you’re a family or a savvy future homeowner wanting the option to house a few roommates. 3 large bedrooms and 2.5 bathrooms including a full ensuite. The master bedroom also boasts high vaulted ceilings. End unit with a private back yard and a greenbelt in behind. Double attached garage and a large driveway with room for two vehicles as well, plus additional street parking just behind the unit. Newer furnace and brand new hot water tank. Recent windows and roof replacement. This one is the best deal in the area. Close to shopping, groceries, Southland Leisure Centre, and public transit.

To view more photos, floor plan and full listing details visit my web page.