I pulled the current Calgary MLS® System statistics a few moments ago. (Yes, today instead of waiting until tomorrow. Why? Quite a number of listings will expire tonight with it being the end of the month, while many agents typically wait until Monday before entering their new listings into the MLS®.)
So, how is the market? Well, for having ended the winter market and coming into the spring market tomorrow, it is quite a bit slower than "normal" — if there is still a "normal" for the Calgary market. The last 10 years have been exceptionally sold with the occasional blip up or down along the way.
Here is the breakdown as of 13:00 today:
Total Calgary MLS® System within Calgary for residential properties for sale:
- 5,510 properties available in inventory
- 1,194 properties marked sold in the last 30 days
- That makes 4.6 MONTHS of inventory - a really soft BALANCED market
- 2,626 properties available in inventory
- 714 properties marked sold in the last 30 days
- That makes 3.7 MONTHS of inventory - a BALANCED market
ATTACHED homes (townhouses and 1/2 duplexes):
- 1,387 properties available in inventory
- 267 properties marked sold in the last 30 days
- That makes 5.2 MONTHS of inventory - a BUYERS' market
- 1,497 properties available in inventory
- 213 properties marked sold in the last 30 days
- That makes 7.0 MONTHS of inventory - a strong BUYERS' market
Are you thinking of listing your home for sale?
As always, there are ONLY 3 keys to getting a home sold: Location, Condition, and Price. You can't change the location. You control the condition of the home (condition includes how it looks for in-person viewings and viewings online, agent marketing/exposure and how easy you make it for potential buyers and their agents to view your home), and lastly, Price. Pricing it right is always key.
If in doubt about "the Price" an agent recommends, get three opinions of "market value" from different licensed real estate brokers and then have them tell you what they would list your home for sale on our local Calgary MLS. Market value and "list price" are two completely separate numbers but shouldn't be any more than about 2% apart. [Of course, both market value and selling price includes the typical real estate commissions.] Once you hear the agents' marketing plans for your home and the fees that they will be charging you, then you can determine which agent to use. You will find that most agents will use the same software and market knowledge to come up with their Market Value so they shouldn't be more than $5,000 apart. Their marketing plan may determine how much time and money they are willing to invest in getting your home sold. Based on these, then determine if their fees are commensurate with the work involved. These fees are always negotiable but don't be surprised that the ones that don't value your business won't budge on the typical market fees or can't substantiate why they've asked what they have.
No amount of additional marketing will help get an overpriced home sold or sold faster. Real estate marketing (including open houses) benefit real estate agents far, far more than home sellers. Yep, there are a few marketing "geniuses" out there in the real estate world, and you need a keen eye to see whose pocket they are really lining with their marketing.
As I see it, the more difficult a home will be to sell (Location, Condition, Price) then it warrants a higher fee for both the listing agent and the buyer agent involved in the sale since it really will require more work on your agent's part. This won't change market value per se, but will impact how quickly you can get your home sold.
Should you hire an agent that lives in your neighbourhood? You can, but ideally if they truly are the neighbourhood specialist, don't you want them bringing the BUYER and not representing you?
Are you considering buying?
It is clearly is a good time, but be forewarned — do your market research! And, get representation!