In this fast paced real estate market, it's very hard to track the current trends and predict what the future will bring. With that said, there are some things that are very clear to me at this point. So, without further ado, here are five things that you need to know about the Airdrie real estate market for April.
Don't count on multiple offers.
In February, we had a real estate month like no other. Homes would be listed on a Friday and sold by Sunday. It wasn't uncharacteristic to have over 10 offers on a property, with at least half of them unconditional.
Things slowed a little in March and now in April, we are not seeing the same kind of activity. Investors from other provinces have retreated and now most buyers for detached homes in Airdrie are people that plan to live in the home. This is a good thing for our communities, I'd like to add.
Have a solid game plan
Earlier in the year, if you were planning to sell your existing home and buy another, I would have suggested you buy first. Doing so would alleviate the worry of not having a place to go. Plus, the risk of carrying two mortgages was relatively low because of the strong sales activity.
Now in April, it's a little more complicated. Yes, your home will sell, but it may take longer, and it may sell for less than you originally hoped. You may start to have a lot of showings and no offers. You may start to question your sanity as you are in a state of constant cleaning and tidying. You may cry. Your wife may find you in the fetal position and give you a strange look.
I'm digressing. We are starting to hear stories of people that bought a home and can't sell their existing one. Cue the panic button. This can all be avoided by having a solid game plan with your agent that factors in the best- and the worst-case scenarios and leaves you feeling comfortable with your options.
Make your home look like a prize
I have heard people say that in this market, their house will sell. They don't need staging and design help. They don't need to clean and paint that red room.
I completely disagree. There are still a ton of buyers out there, but they want to spend money on a home that makes them feel emotionally invested. A lack of effort equals a lack of dollars.
The price matters
In Ontario, homes are hitting the market on a Friday and if there are no offers by Sunday, the home gets removed from the market and then re-listed for less. Then guess what? It sells for even less.
We are starting to see that happen here as well. Often when the market gets hot, people tend to be unrealistic about the value of their home. And now in April, their pricing strategy is outdated, as the market has shifted even though their expectations have not.
Find an experienced agent that you trust and that shows you their value. Listen to their pricing strategy and consider it. Unrealistic expectations can mean a home sits on the market for a long time and ultimately either doesn't sell or sells for less than it could have, had the pricing been correct at the outset.
Spring is here and summer is coming
What does this mean for real estate? All the families wanting to move their kids over the summer break are going to hit the ground running in May. Plan for things to pick up. Buyers, if you've been waiting for a beautiful family home, you'll likely see it hit the market in the next 45 days.
Sellers, plan for a little more competition in May and revisit my fourth point!