My smile widens with each passing day and each member of my team returns from their holidays. The weekend was great weather to show properties in. Sure beats -30! Even though I was short Sara who was volunteering at the “jump with hope for kids with cancer” horse show to raise money for kids with cancer research, as well as three other people. The light at the end of the tunnel was there, and like a kid just waiting for the last two days to finish it has arrived. Only Lisa remains on holidays and that lightens my load significantly.
Even though July is almost always a ligter month in terms of sales its still a busy month for those around. There is no question though that it is a funny market. Some listings get tons of attention and interest and still others almost none. Pricing can have a lot to do with that especially when you look at the buyers options. Almost every buyer I work with now there are cross over properties they can look at that increases their choices. If they are looking for a one bedroom there are probably some two bedrooms in their range. If they are looking at something with 2400 square feet there might be some 2600 square foot homes to consider.
Showing properties this weekend to a couple of out of town buyers just amplified this thought. It also amazes me that with so many listings on the market just how few are actually competing. An old rule of thumb for me going back to the 90’s was that 50% of what was on the market for any given buyer was “crap” (based on their criteria). Today that’s probably up to 70% in my opinion. So that leaves 30% of the listings actually competing for the buyers. The sales obviously suggest a different story.
Anyway, even though it’s a rainy Monday it’s a very sunny day for me.
people willing to run against the tide are the ones that will prosper in this market.
Thanks,
Keahi
Run against the tide of listings?
Take your home off of the market and pay two mortgages to prosper!
Actually Nate….the tides running back out now. Listings are going down and will for the rest of the year. Last hope for an inventory based correction is this fall/early winter. After that the pessimists will have to hope for either a Dion government(screw the oil sands and their spinoffs) or much higher interest rates.
The wrting is on the wall for Edmonton…
After 13 months of bust sales and prices, people got a grip and are starting to move away for Bustberta:
http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=fde1cf7f-3487-4b5e-b1ba-01cd93a78c94
Here’s the best part:
“On a yearly basis, Winnipeg was the only city west of Ontario where the increase in new house prices picked up speed in May.”
Best of luck to the 10000+ folks that have to sell their hyper-overpriced shoebox before they go bankrupt because of negative equity…
1981 all over again!
***For readers of this blog. Ned is a troll from Winnipeg who actually gives the great citizens of that city a black eye. His idea is to spin the worst possible spin about Edmonton. Anyways take his comments with a grain of salt and please don’t spit on the good people of Winnipeg because 1 troll who lives under a rock likes to beat his really negative drum. btw Ned get a life.
Goodie for Winterpeg! You guys are finally catching up to the rest of Canada – only 2 years later….
Maybe one day you will aspire to have an NHL team… or some other large attraction to your city other than the Red River and cold winters….
Itchy,
inventory is going down, but not necessarily for all the right reasons…. There seem to be a number of people who let their listings expire at the end of June. I wouldn’t be surprised to see many of those show up again after the summer, maybe with a fresh coat of paint…..
Ned in Winnipeg,
not all 10,000 listings on the market were purchased at inflated prices. Therefore, the number of people with negative equity is probably lower than you portray.
True, they won’t get as much as they might have, at the peak, but not all of them will feel a pinch.
My relatives bought their house for $11,000 a long time ago, and paid it off in 5 years. In 2005, they upgraded it, thought it might be worth 200K, and were happy with the appreciation. In 2006, they might actually have gotton 400K+ for it, but they didn’t know, because they didn’t care to inquire. If they sold next year for 300K, they would not shed a tear and still consider that a good deal, and be happy.
Summer is the period of holidays. But I guess people in some professions don’t ever go on a break. If you are in a job for a long time, and it can still please and entertain you, than its pretty hard to get your mind of it. I’ve been in the real estate business for a considerable period but it still gives me a thrill to see a satisfied client. I like Monday mornings too.
Sheldon….still awaiting part 2 of your article before the breaking news one interrupted your flow of thought…we are looking to put our house on the market in the spring, and would love to hear the comments you promised. Great blog by the way – I read it weekly…
You must have been posting it just as I was sending my email – thanks. I was hoping for more of a list of upgrades or features that are the most helpful in attracting buyers, but thanks anyway!