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Real Estate Blog

As things cool off for the winter, the same is true of the real estate market.  Ongoing speculation regarding job security has played a major role in our reduced sales this year.  With that trend likely to continue for the next few months at least, the housing market will not see an upswing any time soon.   There does however, come a point where sellers will not reduce any further due to seasonal effects on the market.  Regardless of oil, the Christmas season is a slow time and sellers know this.  The majority of my clients are at the point of pulling their homes off of the market until the new year.  As the following graph shows, the number of sales picks up in the spring as it did earlier this year.  With that, prices recover as well.

Number of

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I don’t care what the market is doing, low balling is a habit and often an uneducated one.  If a home is over-priced, then by all means write a low offer.  But as I say to all of my clients, you can offer whatever you want as long as you can justify it.  I keep up with market conditions and because of that, the homes I list do actually sell.  Also, because my clients have priced their home properly, they often do not have to negotiate too far off of their list price. This year, my listings have closed at an average of 98.7% of list price.  I reject low ball offers.     

I don’t blame people for trying to get a deal.  However, outlandish rumours like hundreds of people turning in their keys to the bank often cause these low ball offers to occur when

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The stigma surrounding condominium fees seems larger than ever.  The majority of people I speak to think they are an epic waste of money.  I’ll admit, some condo complexes are poorly run and the money collected from fees can be wasted or spent incorrectly. However, a well-managed condominium will use the fees to maintain the value of a property and in some cases, increase it as well. 

So you might be wondering where the money goes.  Before you purchase any condo, you’ll be given the opportunity to review the condominium documents which will also outline the budget for the complex.  It needs to be kept in mind that the reason for buying a condo is that they offer a maintenance, worry free lifestyle.  After reviewing a budget you’ll learn that fees

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As I was writing this, a frost warning popped up on my phone.  In a few short weeks, fall will come and go and before we know it, winter’s icy grip will take hold of our northern town again.  With that, generally comes a slowdown and from December to February, I expect things to be quiet.  

The chart below shows months of inventory (if nothing else were listed, how long would it take for everything to sell).  When sales slow in the winter months, the MOI increases.  In the spring, the opposite happens and prices increase. I think you’ll see the same thing this year as we did in the last, although I do not expect the drop to be anywhere near as drastic.  Buyers this year are not motivated and it seems as though they are waiting for the bottom to

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Summer is upon us and June continued the trend of increasing sales from previous months, although not by much.  Last year after a busy June, things quietened up quite a lot and as oil started to drop, so did market activity.  In previous years we would see a fairly quiet July/August followed by an upswing in September/October once people return from their summer vacations.  We didn't see that upswing last year and it will be interesting to see how things unfold in 2015 with there still being a lot of nervousness in the oil market.  

Despite the nervousness, prices are still remaining stable with a list to close price ratio between 97.6% and 98%.

The number of listings in our market place is beginning to creep up and we are starting to see

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Here we are at the beginning of June, a month that last year proved to be the most active in our real estate market.  May has seen a slight increase in sales from the previous month but as you would expect, they are still a down from this time last year. 

Number of Sales 2

There is a lot of talk of our market being flooded with homes.  The number of listings is hovering around the 560 mark which isn’t much higher than we usually see.  Looking back to May 2013 we were sitting with an inventory of 600 homes while this time last year we were at 533.  The major difference this year is the absorption rate (if nothing else were listed, how long would it take for all the homes to sell).  The answer right now is 6.9 months which still leans towards a buyers market (3-6

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A housing price drop of $100,000?  I don’t think so.

I have always found it amazing how quickly things get blown out of proportion.  More amazing is where the rumours come from in the first place. The recent rumour that “hundreds of people are turning their keys in at the bank” is ridiculous.  Our Realtor system doesn’t give me the ability to specifically search for foreclosures, but from what I can tell there are only about 10-15 for sale in our market out of 917 listings. I realize this is quite unrelated to the title of this post but it was a rumour I wanted to squash before talking about what housing prices are actually doing.

Sales are down, there is no getting around that.  February this year in comparison to last has seen a drop in the number

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