February: The Shortest Month or the Longest Month?
I hate to wish the time away, but I have to say (and every Feb newsletter past I probably do)…
…that February is always my least favourite month. I’m not a winter gal, and although February is the shortest month, it has always felt to me, the longest month. With March, optimism gets ushered into my heart. Spring is coming and the days blessedly get longer. So. within this hopeful frame of mind, let’s take a look at the real estate market. We are currently facing unbelievably low inventory.
Last year in February, inventory was considered low with 2750 active listings in Calgary and 178 active listings in Airdrie. This February, there are 1639 active listings in Calgary and 96 in Airdrie. To our Red Deer friends, the numbers mimic the same trend. With numbers this low, the demand for properties is extremely high. At price points under $650,000, we see properties selling for $100,000 over the asking price. That said, it’s important to remember that the list price varies wildly based on the strategy employed by the agent and seller. When homes sell for $100,000 over the asking price, they are clearly priced low to attract multiple bids. If you’re wondering where the wins are in this market, here are my thoughts.
1. Now is the time to buy an investment property in an outlying community. It’s still possible to buy a detached home in Carstairs for $450,000. With the rental market getting tighter, people will look further out for better options. Get here before the masses do!
2. It may be time to offload your apartment-style condo. At long last, these style properties are getting their time in the sun. Now may be the time to sell and invest in a townhouse or detached home.
3. Now is a good time to move up. If you’ve been looking to move into a larger home, now is the time to truly hone in on what you want. Knowing that you can sell your existing home very quickly, will allow you to have peace of mind to purchase first with confidence.
4. If interest rates come down, it will create a frenzied spring market. Now may be the last opportunity to have some negotiating powers on a purchase (like having a condition vs needing to write unconditionally) as prices will certainly go up if interest rates drop.
If you have any specific questions, please reach out. Being an advisor to my clients is my favourite role, and the earlier you call in the process, the more I can help.
Other News
In other news, our second NBG book club is happening on February 29th at 7 pm at Rival Axe Throwing in Airdrie. This month we are reading Essentialism by Greg McKeown. If you’re curious about the concept of the book but don’t have time to read it, you are still welcome to attend. I have notes for everyone, so the concepts can be shared and understood. If you’re interested, RSVP here! We will have a draw for a copy of the book and we will reveal the March book club choice as well.
Stay tuned next month as we reveal more of what to expect for 2024!
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