Median price is deemed to be a more accurate market indicator than average price because of steep price fluctuations that sometime exist within market segments and thus can distort calculated averages.
Great opportunities are available for those who are ready to purchase.
Again we see some positive movement Just the number of sales is a very small positive sign. In total we had 15 for March of this year, 18 for April and 24 for May. Last year we had a total of 25 sales for the month of May. We are starting to see a few more single family homes sales these past few months, especially in the lower end market below $700,000. I would think that buyers are taking advantage of the excellent low, long term mortgage rates.
The momentum continues … but very slowly
The number of days a property is on the market is also a good indicator of where the market is. Last month we see both single family and the non single family market have shorter days on the market that the previous month.
Interest rates are on the rise
This past week saw the 5 year fixed mortgage rates jump almost a quarter of a percent. Don’t wait to long to lock in a mortgage rate. Some lenders will guarantee their rates for up to 120 days.
Wait and see buyer’s may miss out on deals
Mortgage rates continue to remain very favorable for all purchasers. Whether you are a first time buyer or a seasoned veteran looking for an investment or vacation property the lending rates have never been better. Again I remind you that Wait and See Buyers May Miss Out on Deals. If your “financial house” is in order, now might be the best time to look at investing in Canmore real estate.
I have over 25 years or real estate experience
More than ever both buyers and sellers need an experienced agent. With my 25 years of experience I have seen several different market conditions. As a seller you need to price your property very much in line or slightly below were similar properties are selling. Don’t get caught thinking you can reduce your asking price after a few weeks. You need to be aggressive if you really want to sell! As a buyer, you need an agent that is a good negotiator. An agent that can provide the market history and defend your offering position when it is time to present your offer.
GIVE ME A CALL OR DROP ME AN EMAIL. I HAVE THE EXPERIENCE!!
What are your plans for long time recreation property??
DON’T WAIT TO LONG TO TAKE ADVANTAGE OF THIS BUYER’S MARKET!!
If you would like to be kept up to date on the value of your Canmore investment, or just wanting to know what is happening in a particular area of town –just send me an email or give me a call.