Have you been thinking of listing your home? Maybe you’d like to move closer to family members, or perhaps you want to use some of the equity in your house for travel. Whatever your motivation, the great news is that it’s a seller’s market right now in Calgary! That means it’s the perfect time to list your property. Here are the top reasons why.
 

The cost of borrowing continues to be low, making properties more affordable. Despite some lenders starting to raise interest rates on fixed-term mortgages, you can still secure a rate under 2% on a 5-year fixed term. Plus, variable mortgage rates are still very attractive. As a result, more new buyers are comfortable making the move to homeownership.
 

The worldwide pandemic has had an impact over the past year on just about every industry sector. The real estate business is no exception. That means many potential buyers had put off house hunting and are now unwilling to wait any longer.
 

The other thing about the pandemic is that people are seeing a light at the end of the tunnel. Vaccines are being rolled out, business sectors are opening up again and there’s a growing trust in the energy sector. Plus, people have become more familiar with viewing homes online and other methods the real estate industry has used during the pandemic. Some buyers are so confident, they’re even buying properties sight unseen!
 

Calgary has a low inventory of properties for sale at the moment. The pandemic slowed down new construction during the past year. As well, many homeowners who were preparing to sell put off listing their houses due to the uncertainty. So, there aren’t enough properties for the number of interested buyers.
 

Homes are selling fast! Here are some statistics from the Calgary Real Estate Board’s (CREB) that show the difference between now and this time last year. From January 1^st to mid-February, 975 homes sold in the city compared to 592 in 2020. That’s a 65% increase. The days a property was on the market declined by 21%, from 58 days last year to only 46 days in 2021.
 

One of the aspects of selling a home is settling the conditions of sale between the seller and the prospective buyer. These can sometimes make the process a little more complicated, with offers going back and forth until both sides have agreed. Since Calgary properties are currently being snapped up with few or no conditions of sale, negotiations are generally much smoother. 
 

One characteristic of the housing market in the city at the moment is that many listings are receiving multiple offers. From a seller’s point of view, they can accept the best offer that meets their needs. It doesn’t always have to be about price − it could be a closing date or something else that’s the perfect fit.
 

Of course, if you’re selling your home you do want to get a fair price for it. The nice thing about current real estate market conditions in Calgary is that quite a number of properties are selling around, or even above, the listing price. According to the CREB, there’s been a 5% increase in the benchmark price for detached houses while semi-detached homes have seen a 3.5% increase.
If you’re thinking of selling, reach out to me and I would be only too happy to represent you as your real estate agent!