September 2017 Calgary Area Market Summary
With the summer months behind us we expect to see the Fall sales numbers to improve which should help balance the growing inventory levels. The listing inventory grew to 6,621 units at the end of August, where over half were attached and apartment style properties. The large amount of apartment style listings continues to have downward pressure on pricing as this sector is the only one that had a decrease in the Benchmark Price year over year of -3.09% ending at a price of $263,300. The attached and detached homes remained relatively balanced with slight increases to the benchmark price year over year with the attached homes coming in at $336,300 and detached at $510,900.
Interestingly, in August we have noticed that sales year over year in the $449,900 and under price ranges have continued to slow while sales between $450,000 and $1,499,999 have seen upticks in the number of sales year over year for the month. The year to date sales numbers show that the price ranges between $100,000 - $349,900 and $450,000 - $1,499,999 have all improved year to date. This tells us that the consumer confidence continues to strengthen as our market continues to recover.
If you are maybe sitting on the fence about making a move, now is the time to take advantage of an ideal market to move up the property ladder. Keep in mind that when listing a home in a market with large amounts of inventory, pricing is a key factor in getting the home sold. The buyers have a large amount of options and have the ability to shop around. With prices remaining stable with slow signs of improvement, now is the time to make a move while homes are still affordable.
Contact JoAnne and Joseph today to discuss your housing goals!
Consider A Mortgage Manager!
like a financial planner for your housing goals!
Why is it important for you to have a mortgage manager? Reaching your financial goals is attainable!
There are some things to consider before securing your mortgage:
- Is there a potential of you buying an investment property or a vacation home? - Are you considering scaling up or downsizing? - Do you think you might move or port your mortgage or retire within the next five years? All these scenarios come into play when setting up your mortgage.
If you had $500,000 cash to invest, how often would want your financial advisor to review your investments? Why is it different when you are $500,000 in debt with your mortgage? Why not have an active mortgage broker looking after your $500,000 debt?
Active financial advisors aim to grow your net worth by investing wisely.
Active Mortgage brokers will help you grow your net worth by reducing your debt and growing your asset base. You will cover only half of the prosperity equation without a mortgage broker.
Consider this: your bank's main goal is to make money for the bank. This is understandable as they are in business to make money. As reported, banks make billions of dollars every quarter, in part, thanks to you. On the flip side, a mortgage brokers is an advocate for you and their main goal is to get you the best mortgage to meet your goals. This comes in many forms, not just the interest rate, although it is important there are other areas that could cost you more money in the long run.
An active mortgage broker can save you thousands of dollars over the life of your mortgage. Most mortgages are set up on a five-year term. A lot can happen in five years.
Having someone manage your mortgage can be a great benefit for you and your family.
Original article by DLC's Kevin B.