Hitting the Ground Running in 2015
If you spent any time at all looking for a home last year, you saw for yourself what a busy year 2014 had been for the Calgary real estate market. We began the year with challenging low inventory levels and witnessed a rapid increase in home values. According the Calgary Real Estate Board, the average price for a home climbed by 5.8%. We entered a much more balanced market towards the end of the year, giving buyers a few more listings to choose from. Even with an increased inventory, homes were still selling quickly.
So what can we expect for 2015? If last year was any indication, we are in for another strong year. An aggressive market has conditioned buyers to act quickly and be prepared for the right home when it hits the market. Many buyers, especially those who are planning to get into the market for the first time, are becoming concerned about waiting too long as prices climb. Calgary is still a very affordable city to buy a home in.
The drop in oil price and the daily headlines have also caused many people to speculate on the immediate influence it will have on Calgary’s real estate market. How will potential job loss in the oil industry affect home values? Will we see a drop in prices? The truth is, it’s really too soon to tell. Consumers may be a little more cautious before making a large purchase, but it’s highly doubtful that we will see a dramatic impact. In fact, analysts are already predicting that the price of fuel will be headed back into a positive direction when we enter the summer months.
If you are planning on making a move in 2015, consider sitting down with your mortgage professional for a pre-approval. The recent rate drop took everyone by surprise, including seasoned professionals in the mortgage industry. The Bank of Canada’s latest change was intended to stimulate the economy, but there are rumors that it may be followed by stricter lending guidelines to protect Canada’s high borrowing ratio. A pre-approval is a simple step that will give you a head start on the financing process in the event of any additional changes to our lending guidelines.
Are you buying or selling a home in Calgary? Do you want an agent who has the enthusiasm and energy to get things done, with your best interests in mind at all times? Contact me at 403-617-8758, firstname.lastname@example.org or www.kellymacdonald.ca and let's make good things happen!
About Kelly Macdonald
Kelly Macdonald is a Realtor® with The Real Estate Company in Calgary, where she has been living (and loving it!) since she was 10. Kelly offers her clients a unique mix of youthful vigor, creativity and technical and design savvy on one hand, and professionalism and transactional expertise from her business degree and strong administrative background on the other. Kelly is also a devoted wife and mother of two, with whom she finds time from her busy schedule to play scrabble and walk by the beautiful lake of their home in Southeast Calgary.