Navigating the housing market is tricky. When factoring in the present economic conditions, timing is of the essence for Calgary home buyers. Yet, understanding the housing market's state can help home buyers or sellers decide when to act in their best interest. See whether the current housing market favours Calgary home buyers or sellers and what it means here.
Interestingly enough, Alberta's housing market is unlike other parts of Canada. According to the Canadian Real Estate Association (CREA), statistics have shown home sales for others in Canada are down.
For a while now, Calgary's housing market has been hot, with high housing prices at high rates compared to last year. These have resulted in a slower pace of sales and price growth, preventing any inventory levels gain. In response to this issue, many have seen September relenting a bit from the heat of the housing market. All thanks to their shift to more balanced conditions, resulting in some adjustments to home prices.
These factors have led to The Calgary Real Estate Board reporting now that Calgary home sales have cooled by nearly 12 percent compared to last year. That said, prices are still fairly high, contributing to gains toward affordable housing options. In this case, Calgary's housing market favours sellers more currently.
Are you trying to sell your house? If so, you can expect to sell your home fast in Calgary because of the current housing market favouring sellers. A seller's market is defined as when there's a shortage in housing or more potential buyers than homes. That makes sense with our current housing market reflecting the influx of people moving into the city - especially from provinces like Ontario - and the inability to keep up with the demand. For sellers, the easiest types of homes to sell are detached, row, and condo since those are more affordable options nowadays. Hence, their high sales as a result.
Home buyers will be contending with higher home prices as a seller's market. That's where deciding whether to buy during this market is wise or not. The answer? It's hard to say, depending on how you navigate the housing market. Some might choose to wait until the market favours the buyer. But, considering how uncertain the housing market can be, you might be waiting a long time to become a homeowner. Even with it being a seller's market, houses have been on the market for a long time, prompting efforts to balance things out more for buyers. Now, some affordable options are available - notably in detached, row, and condo properties. If those are homes you'd like, it's worth scoping them out. However, if it's different from what you're hoping for, it's best to wait it out unless you're willing to pay a higher price for your dream home.
Sell your house fast with Cashyn Homes. As trustworthy and professional home buyers in Calgary, we make selling your home privately stress-free and secure. All you have to do is provide us with information about your home. We then give you a firm offer for your home using local real estate data and a sense of empathy. If you accept it, we'll send you an instant transfer - it's that easy. There are no obligations, commissions, showings, commissions or headaches; it's the simple way to sell your home and get the money you want for it. Experience a new way to sell your home with Cashyn Homes. Contact us at (587) 600-1248.