There is no doubt about it: Calgary is currently in a buyer's market.
What is a buyer's market? A Buyer's Market is when there are more units on the market than what are being sold; inventory is high, sales are low. This drives down prices on homes as seller's scramble to do whatever it takes for their home to stand out and sell, since during buyers markets homes end up sitting on the market for much longer than usual. Buyers simply have more options, which is great if you are planning to buy.
It may seem obvious, then, that as a buyer this is a fantastic time to enter the market. The reason why this has not been as simple as it seems is because of the new stress test put in place by the Bank of Canada to ensure all prospective buyers desiring a mortgage can actually afford to pay the mortgage. If you have yet to get pre-approve for a mortgage, do so! This is your first step in getting the most out of a buyer’s market: knowing just how much you can buy.
Next, you need to be partnered with a real estate professional who will ensure you get the best deal! Some sellers prey on uninformed buyers, which could cause you to way over pay for a property among other things. Partner with me, Ken Richter, and let my experience be your advantage. With 30+ years in the industry, I have helped many buyers get the most out of every type of market, including buyers markets.
In this buyer's market, you have more power in negotiating price, possession, renovations, items left behind, etc.. Many sellers are growing weary of Calgary's current market, which works to your advantage. This is such a fantastic time to start looking for your next home sweet home!
I am here to help. If you're ready to make a move, or if you simply want to talk through your options, call me today at 403.630.6363.
Your Real Estate Professional,