This is probably the most popular question I get asked. So, I figured that maybe I should answer this question for the greater population.
The real estate market in Airdrie is very competitive right now. If you have been looking for a home over the course of the last few months, you are likely already aware of this fact, and perhaps feeling a little discouraged. Inventory remains extremely low and for this reason, prices are continuing to rise.
The market for entry-level properties is experiencing an unprecedented surge in demand, as many such properties now command higher rents than comparable mortgages. This has led to a clamour among investors seeking new opportunities, first-time homebuyers looking to enter the market, and downsizers hoping to reduce their living expenses.
Apartment-style condos for many years were the slowest moving product in Alberta. Now, the opposite is true. Sellers of this style of home are often seeing multiple offers on the first day of listing, and are now setting offer dates for review.
In 2022, we had a very busy first half of the year with an unbelievable amount of multiple and unconditional offers on homes. But then, the rising interest rates cooled the market considerably in the second part of the year.
In the first few months of 2023, the market was slower with properties taking somewhat longer to sell. National headlines spoke of a massive housing decline and doom and gloom forecasts again were dominating the media.
Interestingly, however, the market started to pick up again and it is now looking very similar to the first half of 2022. Multiple offers are not unusual, and in fact, becoming the norm – especially in the sub-$575,000 range.
If you are considering selling in this market and need to buy, it is important to work with an experienced agent who can craft a game plan for you in advance and ensure your success through every eventuality. Otherwise, the very real possibility of not having a place to go to can become incredibly stressful and this, of course, is further compounded by a very tight rental market.
Now, more than ever, it's important to have a good strategy on your side. Here are three tips for getting ahead in this market as a seller, and three tips for getting ahead as a buyer:
Put in the work
People like to say that in a hot market, all you need to do is put a 'for sale' sign up and you'll be good to go.
It's not an entirely wrong strategy. You will sell that way, but without a doubt, it will be for a lot less than you'd like. Having an organized, clean, and presentable home will always put more money back in your pocket.
Have a place to go
Decide if you're going to rent or if you're going to buy once you sell. If you plan to buy, strategize with your agent to determine if selling first is the best course of action.
Address concerns and provide information
If you're hoping for multiple offers, why not make it easy for buyers by providing them with the age of the roof, furnace, windows, and hot water tank? Get the furnace serviced before you go to the market to show that you maintain your home.
Understand your budget
How long do you plan to live here?
—Natalie Berthiaume is an Airdrie-based realtor with CIR Realty Group. Her column appears regularly in the Airdrie City View's Airdrie House and Home section.