Active July 2007.

Center Fest recently finished and had a gorgeous hot and sunny weekend to showcase talent and fun.   The Westerner ended with record attendance number, and it too was fortunate to receive superb summer weather.  The many lakes and of course the Red Deer River received their fair share of action by those escaping the heat.

 

The Real Estate Market was also "hot" for buying in July.  It was a month for people on the move, and a month where buying was rewarded with selection and value.  We ended the month with 533 active listings.  A dramatic increase compared to 2006.  Many people are looking to take advantage of the increased market prices, and the luxury afforded them this year on selection.  There were 180 reported sales for Red Deer through the real estate board.  However the increased competition is putting pressure on price and the speculative sellers are  taking their home off the market.  There was a total of 61 listings that were canceled for one reason or another during July and a further 26 listings expired.  A sharp increase when compared to 2006.

 

Are we in a buyers market?

 

All indicators presently say "YES".  Virtually all price ranges have greater supply than demand.  On any given day the number of new listings coming on the market exceed the "solds" by 2 to 1.  With the supply coming on as often and in the numbers they are compared to those going off market we are definitely in market conditions favorable to buying.

 

Is this still a hot market?

 

Yes.  We're definitely not seeing the dramatic increases in prices this year as we did.  Pressure is put on sellers to have a competitively priced product or they are at risk of becoming lost in the sea of competition. It is hot for buyers.  The vacancy rate in the rental market is extremely low, and there is plenty of opportunity for investors to fill that need.  Values are holding from 2006, and buyers today can choose.  The segment of the market place that faces the most risk today is the speculative flipper.

 

As exciting as 2006 was for sellers to receive multiple offers and bids for their home, 2007 is exciting for buyers.  Buyers now are afforded the luxury of choosing from a vast array of homes, and also features.  Today buyers can step up with confidence that if they sell they won't be homeless and they can make that important decision of buying the home the truly want.  Interest rates are still quite low, so the cost of buying remains more affordable than years past, and for those looking to trade up or downsize now is an ideal time.

 

If your thinking of selling do some research, are you getting the services you require for today’s market?  Where are the buyers looking?  We're very excited to be able to provide more value to buyers and sellers the entire Century 21 Canada team is preparing for  en enthusiastic and exciting September roll out.

 

Your Friend in Real Estate,

 

Patrick Galesloot, Realtor®

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