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®
Posted by Margaret Anderson
on August 9, 2007