Calgary Real Estate Blog

You can’t really blame people – including many in the media – for getting all Chicken Little about Calgary’s real estate market. Layoffs and downsizing at corporations have led to a significant, but not catastrophic, slowdown in homes changing hands, and some prices have been reduced accordingly. The benchmark price actually went up a little over a percent in 2015, but total sales were down about a quarter. We’re solidly in a buyers’ market, and that’s something Calgarians haven’t seen in a long time.

But things aren’t necessarily so dire, really; our fundamentals are strong, prices aren’t artificially inflated, and desirable communities remain desirable. While there are fewer buyers competing for properties, well kept homes in good neighbourhoods are as motivating as ever.

That said, it’s more important than it’s been in years for you to put your home’s best foot forward, and for you to work with an experienced Realtor to help navigate the rapidly changing waters of today’s real estate market.

A Realtor such as myself participates in frequent professional development, ensuring my skills are ideally tuned to the current market. Realtors know the city inside and out, have been around the block enough times to bring historical context to what’s on offer today, and use well-honed negotiation skills to get the best price for your home. Realtors have access to the most accurate and timely data about market conditions and trusted predictions, giving their clients an edge when it comes time to set or adjust a price. Realtors know what will attract buyers and get them to write an offer rather than move on to the next property on the list. And Realtors can save hours decoding the piles of paperwork that goes along with a real estate transaction. Those who go it alone, without the help of a Realtor, are taking a big risk and are probably leaving money on the table.

As part of the services that my Dad and I offer, we’ve just added a comprehensive ‘Local Info’ section to our website that breaks down vital information about Calgary, Airdrie, Chestermere, and Cochrane for those who may be coming from out of the area. We detail civic governments, neighbourhoods, cultural events, schools, shopping, sports teams and more. Even if you’re not in the market to buy or sell right now, I’d encourage you to check it out – you may learn a few things!

As we near the close-out of 2015, Calgary is settling into mild buyer’s market and will likely stay that way for a good chunk of 2016. However, if you’re looking to sell your mid-range home – especially sub-$450,000 – you’ll likely have plenty of interest. It’s the higher end that’s really taking the hit of job losses and low oil prices in Alberta.

We haven’t seen a buyer’s market in Calgary in quite a while, and so many looking to sell may be a little concerned and uncomfortable about the prospect. If that’s you, allow me to set your mind at ease.

First, Calgary’s real estate market, even in economic slowdowns, tends to remain pretty strong thanks to solid fundamentals. You won’t need to hold a fire sale on your well maintained home just to move it; priced and marketed appropriately by a real estate professional (like me!), you can still get what your property is worth. So, relax.

Second, to get top dollar, your home needs to look like it’s worth it. Professional staging, decluttering, yard maintenance and home repairs are key in a buyer’s market. When there’re plenty of homes to chose from, many shoppers are going to lean toward those that look ready to move into without a lot of work. Little touches make a huge difference, logical or not.

Third, trust your Realtor to manage expectations and give you honest opinions on pricing and strategy. She or he wants to move your property as badly as you want it to sell, and is motivated to secure the best price. Realtors live and breath real estate, and know the truth behind the headlines, so find someone you can trust and let their experience guide you.

Keep these things in mind and you’re set to have a positive experience selling in a buyer’s market.

Want some inspiration? Put the Calgary Home + Garden Show on your calendar for February! Use this link, with the promo code HOLIDAYS and get 2-for-1 tickets!

As bidding wars continue to be common in the red hot Calgary real estate landscape, buyers need to be prepared to make multiple offers on attractive properties. While there is no way to guarantee you’ll win a bidding war, there are a few strategies you can employ to improve your chances:

• Write a personal letter to the homeowner. Talking about how important it is for your child to walk to school, how the floorplan reminds you of your childhood home, or any other personal spin you can put on your offer can pull at a seller’s heartstrings and give you a leg up.
• Have your mortgage pre-approved. You should take this step regardless of market conditions, but especially in a seller’s market.
• Offer as large a down payment as possible.
• This is not an option for most people, but the ability to pay cash is certainly an advantage.
• Pare down your conditions. Insist on an inspection, of course, but maybe make the window in which to get it done a little smaller. Skip the appraisal if you can, and make your possession date as convenient for the seller as possible.

Bidding wars can sometimes stoke the competitive fires within buyers and make them want to win at all costs; it’s important to trust your Realtor’s advice and judgement on what a property is really worth, and when it may be time to let it go. But if you’re embroiled in a bidding war, the tips above can help your chances of being successful.