2019 Calgary Market Outlook
What is a buyer’s market?
In a buyer’s market, inventory is high and readily available, keeping prices down. This has been the case in the condo market for the past couple of years. This is due to a saturated market, raising interest rates, the mortgage stress test, unemployment rates, and our reliance on the oil and gas industry.
Many sellers are wanting a specific price for their home, one always believes their home is worth more than what a buyer believes it’s worth, which is causing homes to sit on the market for longer than expected. Sellers on the market right now have two options – they can either pull their listing and wait to see what the Spring market will bring (although I do not think 2019 will be different), or they can accept that buyers are not willing to pay asking price and come prepared to settle for a less. Keep that in mind the next time an offer comes in, what negotiations can happen to ensure both sides are happy with the sale, and remember that number you have in mind may hinder your sale.
A little advise to the sellers out there – review what you want from the sale of your home. If it’s a matter of paying off debt with the proceeds, or using the equity to buy something else, what is that number. Can you accept less? Is your pride preventing you from moving forward?