It's time again, after a summer long break, for your monthly Anderson Cooper tied to the streetlight perspective of the Calgary Real Estate market. (It's been remarkably hard to find the Youtube clip of Anderson tied to the streetlight during a hurricane. I know it happened because my dad remembers it as clearly as I do. It looked a lot like this.)
This summer the real estate market in Calgary was a lot like the Saskatchewan Roughriders - we just keep winning.
Every one at the Century 21 Summit office told me, 'Things will really slow down in the summer.' Though I trust the guru-like wisdom of my colleagues, they were either: a) incorrect or b) I'm really lucky/awesome at my job; because my summer was crazy busy.
According the the Calgary Real Estate board 1,517 single-family home sales sold in August. A 30 per cent increase from last year! I've been saying that it's a great time to sell. Well, my blog must be reaching the masses because we saw a 7% increase in homes coming onto the market in August. But still, there are 1300 less homes on the market this year compared to last year. With just as many, if not more, buyers looking.
So just like in June, it's still and seller's market. Don't let that make you greedy because you know that overpricing a home is still the worst marketing strategy you can have. There are great homes that come up, but buyers needs to act quickly. I found perfect homes for a few clients this summer. We had a strategy and moved quickly. Now they're eagerly anticipating moving in. And their interest rate is still ridiculously low. That's when I really love my job.
Still, I recieved a real estate magazine in the mail this morning with the headline: 'Why You Shouldn't Give Up on this Real Estate Market.' Give up? Are you kidding? This is a phenomenal market for both buyers and sellers.
The media repeatedly warned that Jim Flaherty's tightening of mortgage rules four times in five years would cause a Winnipeg Blue Bomber like decent into toilet bowl. Well, that certainly hasn't happened. Here's a good Financial Post article about it. Could it be that a politician is not an idiot and made some smart decisions? I'm not saying that quite yet, but I might one day soon.
I'm optimistic that Calgary's real estate market will close out the year on a high note. I feel the same about the Roughrider's chances of winning at the Grey Cup in Mosiac Stadium a few months from now. This could be a really great year.