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Monday, October 1, 2007

A Sour 4th Quarter Outlook for Calgary Real Estate Home Seller's

by Dan Welyk on Mon, Oct, 1, 2007 04:08 PM

Categories:Buyers,Market Trends,Sellers,Statistics

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Yes, as usual I have long spreads between posts. Finally, I have come to the conclusion that I am just a busy guy and writing is a difficult task for me to complete.

Today I updated the Calgary Real Estate Board Statistics packages dating back a couple of months - again, like the blog - time was a major factor. My apologies to those who were unable to find what they were looking for.

As we head into the final quarter of 2007, our market in Calgary has shifted significantly. Buyers are now in control.

With a record number of properties currently listed for sale on the MLS, and just an ‘average’ (possibly below) number of sales, home sellers are being forced to take significant price reductions in order to sell their home.

As I browse through one neighbourhood this afternoon, I am seeing a few homes that have been on the market since June. One originally priced at $595,000 and now down to $535,000 - an 11% drop - this home as mentioned is still on the market. Another property - originally listed for sale in June for $570,000 just sold for $495,000. 16% drop.

Quite significant.

In the last 24 hours, there has been 295 new MLS listings and only 84 reported sold. This is a list to sell ratio that can make a home seller weep! Especially when you consider we have 10,000 homes sitting on the market and only 84 sell in a day.

As much as I dislike delivering sour news to people, if you are currently selling your home - and you really want to sell, drop the price. If you are considering selling - price very competitively and keep in mind where the market will be in 30 days - probably lower than right now.

On a more positive note for buyer’s - right now is a great time to home shop - especially if you are have a picky personality. You have hundreds and hundreds of choices out there and you can also be quite aggressive in your pricing strategies.

I of course would be more than happy to help you or any of your friends find or sell a home - feel free to call or email me!