Newsletter

March 2021 Market Update

NEWS FROM CREB … February was another very strong month in our residential market, and the best February on record since 2014.

“Despite continued Covid-19 restorations, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates …. Confidence is also likely improving as vaccine rollouts are underway. Additionally, some of the worst fears concerning the energy sector are easing with recent gains in energy prices”

February’s benchmark price rose over the previous month and currently sits four per cent above last year’s levels. Note however that the apartment condo segment still has high level of inventory compared to sales, which is impacting price recovery in this product type.

Click HERE for full report.

February 2021 Market Update

NEWS FROM CREB … January sales were the highest they have been for
the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021.

Sales activity improved across all product types and across all price ranges.
“Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market,” said CREB® chief economist Ann-Marie Lurie.

“New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers.”

Click HERE for full report.

January 2021 Market Update

Amidst economic challenges, housing market ends 2020 on a high note

With December sales of 1,199, this is the highest December total since 2007.

“Housing demand over the second-half of 2020 was far stronger than anticipated and nearly offset the initial impact caused by the shutdowns in spring. Even with the further restrictions imposed in December, it did not have the same negative impact on housing activity like we saw in the earlier part of the year,” said CREB® chief economist Ann-Marie Lurie.

Attractive interest rates along with prices that remain lower than several years ago have likely supported some of the recovery in the second half of the year. However, it is important to note that annual sales activity declined by one per cent compared to last year and remain well below long-term averages.

DOING MORE ONLINE 2021

2020 has brought about significant shifts in how buyers and sellers engage in real estate.  The move has been fast and furious, causing all of us to do more online … and, in some cases, do things exclusively online (note I had three deals in last few months where homes sold solely based on what was portrayed online, without buyers stepping foot in the home until after deal was closed).  In direct response to this shift, my website has also been modified. My goal is to serve our community as best as possible by meeting increased demand for real & practical buyer and seller information online.  Webinars, zoom meetings, virtual 3D walkthroughs, market assessments, staging before/after examples, instant-alerts for new listings etc are new features that are now incorporated on my website. I’ll chat about this more in the new year!  Feel free to check it out … I’d love to hear your suggestions for what else you’d like to see! :). CLICK HERE

WHAT’S GOING ON IN OUR REAL ESTATE MARKET IN THE MIDST OF THIS PANDEMIC?

  • After a strong start to 2020, conditions have dramatically changed due to COVID-19
  • Market has slowed down with very few people looking at or buying homes right now.  We are expecting that when pandemic is behind us then pent-up demand will lead to an significant increase in number of showing requests
  • Many homes have been removed from MLS as sellers are not comfortable having people walk through their homes right now.  We are expecting that when pandemic is behind us there will be a surge of new listings hit the market.
  • Prices in Calgary and Okotoks were already forecasted to ease by 0.5-1% this year due to oversupply in our market.  Price declines will likely be higher than originally expected due to the combined impact of the pandemic and energy sector crisis.

WHAT AM I DOING TO HELP CLIENTS RIGHT NOW?

  • Meeting buyer and seller clients via virtual platforms such as Zoom, FaceTime or Skype
  • Meeting with builders via virtual platforms and comparing plans, pricing and promotions
  • Doing market research and studying how pandemic may impact buyers and sellers down the road
  • Preparing homes for immediate listing once pandemic is behind us
  • Helping buyers with market stats and pre-approval contacts/processes so they are prepared once pandemic is behind us

THINKING OF BUYING, BUILDING OR SELLING LATER THIS SPRING?

  • Buying a home – for those of you who were hoping to buy later this spring or summer, it is a great time now to get prequalified for a mortgage, establish a rate hold, and start your research into what the market will offer in your price range.
    • Once pre-approved, your mortgage rate typically can be held for 120 days (depending on lender).  You can meet with mortgage brokers from the comfort of your own home via Zoom.  If you need help finding a mortgage broker just shoot me a note.
    • Researching the market is the perfect thing to do right now.  I will help you with this, send you statistics on what your neighbourhood of interest is doing, and what options you might have in your price range.
    • There is limited product on the market right now because many have terminated their listings.  We do however expect new listings and new buyers hitting the market as soon as pandemic is behind us.  So get qualified now, do your research now, and be ready for when the market opens up again.
  • Building a home – for those of you who were hoping to build a home, this is a great time to do research.  Many builders are offering incentives right now to lure potential clients through their virtual doors.
    • I have been hosting three-way client/builder/realtor meetings via Zoom.
    • Virtual meetings allow us to compare plans and pricing, and to compare price points of various builders.   These are detailed meetings pouring through all the details of construction drawings, plot plans, pricing, finishing, etc.  Yes, all doable from the comfort of your own home.
    • And yes, I will negotiate and get you the best price possible with any of the builders
  • Selling a home – for those of you who were hoping to sell, it is a tricky time.  My honest advice is to prepare now and list later.  But this doesn’t mean do nothing now, indeed it means the opposite.  Preparing a home for sale usually takes a few weeks, and I am working with clients right now (virtually) helping them prepare their homes for listing after this pandemic is behind us.   Right now is a great time to –
    • Establish best likely timing to hit market
    • Establish likely price point
    • Figure out what needs to be fixed now in order to be able to list later
    • Make a list of things that need to be removed before listing
    • Make a list of staging items I’ll need bring in to ‘fine-tune’ the home’s presentation a few days before we list

HOME SOLD IN 10 DAYS … SUCH A FUN ONE TO WORK ON!

I love to reflect on past homes and my past clients.  This one was a super fun one with absolutely amazing selling clients.  Sellers originally approached me in February asking me for advice on how to best sell their home.  It had been listed by another agent for many months last year, and they needed a fresh approach.  We made a plan which took about 7 days to execute … and we received an offer within one week of hitting the market.  So what did we do?

  • Had main floor freshly painted light colour throughout (about 5 days)
  • Found a second-hand couch that fit space better
  • Brought in about three car-loads of staging items and had entire home staged (complimentary, about 1 day)
  • Had a professional photo shoot and virtual 3D tour done of home (complimentary, about 1 day)
  • Launched targeted online social media ads once MLS was activated (included with every listing)
  • Had 5 realtor showings, 1 open house with about a dozen people through and 1 offer within first week on MLS

See photo showing living room before/after painting & staging.  For more before/after examples CLICK HERE.

Workshops

New year … new format!  Our monthly workshops are moving to a weekly online format, and hope you will join us!  We will be discussing a variety of topics over the course of the year, with the first two being: 1) Rental Homes, and 2) First Time Buyers

To register simply click on link below, email me at wilton-clark@shaw.ca or phone me at 403.383.5706.

Read more