This past month in Central Alberta real estate has been quirky. I have been getting more and more viewings on my properties but keep getting the "call me if you get any other interest, my buyers quite like it but are not yet ready to buy" I think buyers think the market is going down. Prices have not had a significant drop since 8 months. Prices are holding, I know most of the people I have talked to will not sell for lower than they need, they will keep the house first. The biggest issue I have is the 'whats ifs'
WHAT IF - prices go down. Prices may fluctuate 5% but over the lifetime you own the house 5% is not a lot especially if you are renting now.
WHAT IF - interest goes down again. We are at the lowest point in history for interest rates. When cities are borrowing for infrastructure, when billionaires tell you to buy and when interest rates are at an all time low but are creeping up ITS TIME TO BUY.
WHAT IF - the economy does not pick up. Civilizations have been fighting recessions for 2000 years. What makes this one so special. For every 'BOOM' there is a recession. The only problem is the boom is shortlived while the recession and the economic recovery takes 7 or 8 years.
So what are you waiting for? If you are in an established place work wise, then now is the best time to buy. I was talking to my wife recently, we were discussing what most Canadians talk about -
What would you do if you won the lottery?
I would buy houses and wait a few years. But thats just me.
Here is whats been going on in the past month in Central Alberta:
|Total Listings||Sales this past month||Avg sale price||new listing in past month|
|Red Deer||823||123||$ 315,720||330|
|Sylvan Lake||278||33||$ 312,106||85|
Thanks for reading
Ken Devoe Century21 Advantage