Dan Welyk Realtor®  Since 1999

There Is No Substitute for Experience.

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Calgary Real Estate - 2004 a great year? yes/no? Depends on which home seller you talk to

I am asked, almost on a daily basis, what I think of the Calgary Real Estate Market. Personally, I think the Market is great & I expect many more years of growth in our city because we not only have lots of room to do so but, perhaps more importantly, we have the economy to support that growth! That said, if the City of Calgary chooses to pass the proposed New Home Buyers Fee of $2500.00, then I predict there may be a slight dip in the New Home Market and an increase in the Re-Sale Market. Of course, since I am not clarvoyant, we will simply have to wait and see what the future holds...

For a majority of the homes listed for sale last year, 2004 was a great year for Real Estate in Calgary. Records were broken with 26,463 units selling, totalling $5.8 billion worth of residential Real Estate transactions. Sounds awesome, but before you write home about this, there was another aspect of the market that was not in the Calgary Real Estate Boards press release. There was a total of 41,880 homes listed in 2004, which means that only 63% of those listings sold. That actually puts the list to sell ratio down 11% from 2002 & up just over 3% from 2003.

As a Real Estate Agent in Calgary, those are the more important numbers. That means that 15,417 homes that were listed to sell in 2004 sat on the market for 60 days or more. Why didn't they sell like the other 63% of the listings? It is my professional opinion that list price is ultimately the biggest factor lending to a home not selling. This is why it is extremely important for sellers to have their Agents price their home according to what is currently happening in their neighbourhood. There are many, factors that must be considered when pricing a home but utimately the current Real Estate Market determines the Fair Market Value of your property in the dollar figure that Buyers are willing to pay and Sellers are willing to accept in TODAY’s market.

Get the most from your real esate agent! Follow this link into my website to learn about Agent's responsibilities to sellers. Don't end up being one of the 15,417 people who were disapointed in their real estate experience in 2004! Do your homework BEFORE you list and choose an Agent who provides the facts to back up their words! Calculating a list price is just that, a complex calculation that is most commonly known as a Comparative Market Analysis. A reputable Agent will be able to back up any claims they make as to the what your list price should be with detailed information on what comparative homes have sold for, what comparables are currently listed AND what comparable homes have been listed and expired, un-sold. If an Agent can't provide this documentation and lists your home at an unreasonable price there is potential for your home to fall through the cracks of even a great Market like ours!

Cheers!

Dan Welyk

 

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