December 2020 Market Update

Posted by Jared Chamberlain

Welcome to 2021! Is it all that you thought it to be?

The real estate market in Calgary saw quite the year in 2020. The biggest thing we are seeing is the low inventory of homes on the market.

Walking into the pandemic, we didn’t know what would happen to real estate sales, but looking backwards, it makes sense how the inventory got this low.

Yes, we’ve seen a large increase in sales number year over year, but let’s put it into perspective. Right now, everyone is at home. With us spending this much time at home, many who have income still are looking to spend or save it.

With limited options on where to spend money, we are, in a way, forced to save it. With savings and cash available comes opportunities to invest in where we live or another type of investment. Many people are choosing to upgrade their current home or move to a new one.

But here’s the catch. Imagine this for a moment: You want to make a move up to a different home. This could be a larger home or a better location for your current and future needs. Your searching for the right home but can’t seem to find it.

You are hesitant to put your home on the market first in fear that it could sell quickly because you wouldn’t have a place to go. So, what do you do? You stay put and keep watching.

Eventually, a great home that fits for you is listed. What happens? You and 3 other families all love this home, and all are excited about it. It turns into a multiple offer situation, and you lose out.

You still won’t put your home on the market and keep waiting. The person who did win could have a home to sell, but they could be coming from renting a house and decided to jump into the market because the interest rates are so low. See the problem?

If more homes sell than what is being put on the market, we will keep sliding backwards. Welcome to 2021! You need a REALTOR® who is an Advisor and a strategy to help carry you through these ever-changing times. You deserve to love where you live, and we love to help, AND we know how to create a strategy specific to your needs!

 

Here are the images of the said stats:

 

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