As anticipated, home sales in Calgary Market Information were much slower this spring compared to last year. Inventory remains very high, and buyers continue to exercise caution. Despite the surplus, property values have remained strong. The Calgary Real Estate Board reported that the average price in April was only down 1.04% over the prior year. This is good news for homeowners that are continuing to build equity as they pay down their mortgage.
It’s safe to say that the rock bottom interest rates have played a key role in keeping buyers active in the market. To put things in perspective, the Bank of Montreal is currently offering a 5-year fixed mortgage rate at just 2.74%. This means a $300,000 mortgage, amortized over 25 years, would only cost $1,380 per month. For many families with some savings in the bank, buying a home is still more affordable than renting.
If you are thinking of making a move this year, a smart pricing strategy has never been more important. Buyers in this market have plenty to choose from, so they are more likely to steer clear of an overpriced property. That’s not to say you need to sell yourself short. The latest CREA numbers are proof that Calgary’s home values are strong and sellers can expect a fair offer if their home is priced well.
It’s equally important to align yourself with a Realtor who can put together a selling strategy that works for your property and neighbourhood. The numbers demonstrate what is happening in the city as a whole, but the market trends vary from one area to another. The size and style of your home can also make a difference. According to the Calgary Herald, detached bungalows have increased in value by nearly 4%.
As always, proper staging, enhanced curb appeal and cleanliness go a long way in setting your home apart from the competition. Preparing your home for the market isn’t always easy, but a little extra effort can go a long way and pay off big when it comes to appealing to the right buyer.
Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.
About Bryon Howard
Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.