Balancing the the needs of buyers with the expectations of sellers

There is nothing quite like a busy, active and increasing real estate market to bring out the best and worst in all of us.  It's certainly normal for a seller to want the most they can get for their home.  It's certainly normal for a buyer to want to pay a reasonable amount based on sales in the market.  In Estevan, determining just how high the market can go, before we start losing our buying public, is a challenge.  We have, undoubtedly, a vibrant economy, more jobs than bodies to fill them, and a robust real estate market.  We also have unrealistic expectations of just how fast the city can expand and grow to accommodate that growth, and sellers hoping to realize significant gains on their property because of the shortage of available property.  I believe we are at a tipping point, and as a community, we are going to start seeing (actually, we already have) push back from buyers.  According to the Saskatchewan Construction Association, Estevan has the highest priced real estate and rental rates in the province.  For anyone who hasn't noticed, we have 1300+ jobs posted at any given time on the website.  We have limited and expensive housing supply.  It's a quandry for businesses who are trying to entice employees to move here.  Why would someone take a position in Estevan if their salary won't allow them to purchase or rent a home of at least equivelent "standard" to the home they are leaving?  We do not have the amenities that either Regina or Saskatoon has to offer - and there are plenty of jobs elsewhere in this province - and so individuals are turning down opportunities in Estevan because we've come to expect too much for rent, and too much for property, and it doesn't make economic sense for them to relocate.  If we want growth, we have to do our part to encourage growth.  The City has provided land to private developers - but development takes big big dollars, planning and time.  It will happen at a pace the developers believe mitigates their risk and the community can absorb.  In the meantime, if prices don't stop rising, we'll have people come and look and leave.  I love the business I am in, and I love helping people make the most of their real estate investment - either buying or selling - but we have to come to the realization that there are limits to what people can afford - even people with great jobs and great pay.  Yes, it's a great time to be a seller in Estevan, but put yourselves in your buyers shoes for a moment.  Salaries have not kept pace with the percentage increase of house values.  No matter what you seller your property for right now, you're ahead - it's just a matter of how much is enough.  

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