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Multiple Offers - What Buyers Need to Know!
Present market conditions in Calgary are causing many multiple offers coming in at the same time.
How do you handle this and purchase your property?
 
How can buyers win or lose out in multiple offers:
 
1) Cash is king! Cash buyers have a big advantage over mortgage buyers. 
So if you are up against a cash buyer who does not need finance condition, then the odds are not in your favour.
2) Mortgage Approval: Make sure you have your mortgage complete & approved by lender, before offer goes in.
3) Deposit: Make sure your deposit is ready & available. Sellers will not wait one week for deposit to arrive!
4) Conditions: such as finance/mortgage, inspection, condo document review. Very aggressive buyers will forgo these conditions. I am not suggesting that buyers do this.
But you have to understand why you can lose out in multiple bids.
5) Property price: If there are 5 multiple offers for example, the price becomes very competitive. 
The top buyer may go 10% or 15% above the list.
6) What is your price limit?
Think about making offers at your price limit? Does that make sense? 
Since you cannot compete above this amount.
If you have been approved for a house at $600,000 and this is your top limit. Look at houses for sale upto $580,000 or less.
7) Sold market data: Very important. Review sold market reports for the community & property style you are making an offer on. This will show how many properties are selling above list price with multiple offers! 
A good professional Realtor will give you this report so you can be informed.
8) Timing is everything so the buyer that "diddle daddles" and takes their time will lose out.
9) Documents: Make sure all your paperwork, ID photos/drivers licence etc is complete and given to your buyers Realtor ahead of time so the offer can be ready to go! Use Docusign for quick turn around for signing documents.
10) Market conditions: Buyers need to be educated on market conditions & you cannot always win on multiple offers. You have to move on and try again. Demand is higher than supply right now. It can be frustrating but persistence pays off. Choose a buyer's Realtor that works with you and makes you aware of market conditions.
 
 
 
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Calgary Benckmark Sold Price is up!
Thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market,” said CREB® Chief Economist Ann-Marie Lurie.
“At the same time, supply levels were low compared to the demand throughout the year, resulting in stronger than expected price growth.”
Inventory levels were persistently below long-term trends for the city throughout most of the year, averaging a 44 per cent decline over the 10-year average. We also saw the months of supply remain well below two months throughout most of the year across homes priced below $1 million mark.
The persistently tight conditions contributed to our city's new record high price.

*The above chart is for Benchmark Calgary sold price which is more accurate than the average sold price, & reflects the lastest month, Dec 2023 for most recent data, and compares to the previous Decembers. Since homes can vary widely in size and features, a simple average price is often not meaningful. Instead, CREB® Chief Economist Ann-Marie Lurie calculates benchmark prices using recent sales data for homes with specific features typical of a given neighbourhood.
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Calgary Detached Homes sold above list price in October 2023

The Calgary housing market is still busy in October 2023. Detached homes are selling at or above list price. Many are muitiple offers. Demand is due in part to low inventory, not enough homes on the market. Sold prices are rising and muitple offers are helping to push up prices. 


PLANNING TO BUY PROPERTY IN CALGARY?
CHECK OUT: HTTPS://SEARCHCALGARYHOMES.CA/

 

PLANNING TO SELL PROPERTY IN CALGARY?
CHECK OUT: HTTPS://SEARCHCALGARYHOMES.CA/HOME-EVALUATION.HTML

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Calgary Average Sold Price -1st October 2023

Calgary home sales at record highs!

City of Calgary, October 3, 2023 - Sales reached another record high inSeptember with 2,441 sales. Despite the year-over-year gains reported over the past four months, year-to-date sales are  still nearly 12 per cent lower than last year's levels. New listings also improved this month compared to last year and relative to sales. This caused the sales-to-new listings ratio to fall to 76 per cent, preventing further monthly declines in inventory levels.
Nonetheless, inventory levels in September remained over 24 per cent lower than levels seen last year and, when measured relative to sales activity, has not changed enough to cause any significant shift in supply and demand balances. As of October, the months of supply has remained relatively low at less than two months.
“Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “While new listings are improving, it has not been enough to take us out of sellers’ market conditions.”
As of 1st October 2023, the unadjusted residential (for all types of residential) benchmark price was $570,300, similar to last month and nearly nine per cent higher than last year.

Planning to buy property in Calgary?
Check out: https://searchcalgaryhomes.ca/

Planning to sell property in Calgary?
Check out: https://searchcalgaryhomes.ca/home-evaluation.html



Chart shows average sold price 1st Jan 2023 to 1st October 2023.

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How do we solve the rental market in Calgary & Canada?

The federal and provincial governments are trying to increase low-cost house rental builds. Which is good but takes years to implement. But what can we do right now? How do we increase rental inventory so rents stabilize, and Canadians (and newcomers) can easy find and rent a place to live. Its not as difficult to do as everyone is making out.

Ways to stabilize Canadian rental market, increase inventory and allow people to find a place to rent that they can afford:

1) Federal government to remove rental income for families with a principal residence that want to rent out part of their house/property. In other words, the income is not taxed. This would increase dramatically the rental units available in each city. 

2) Federal and provincial governments to provide grants (say $15,000) to assist with converting rental suits (in principal residence) to legal suits.

3) For the small landlord reduce rental income tax. This would increase dramatically the rental units available in each city. And provide grants to convert properties into legal rental units.


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Calgary Luxury Home with Golf Course! $13,950,000
Listed at : $13,950,000. One of the most prestigious residential luxury properties in Alberta right now, with a golf course. Just 25 minutes to downtown Calgary. With 19.2 acres of land in Bearspaw. Very close to city limits with good access to the airport, etc. Just 10 min drive from Watermark.
An ideal investment for the right buyer. Listed by CIR Realty. Call Geoff Antrum at 403 608 5682, REALTOR® at CIR Realty, who lives in Watermark for an appointment, or have questions. (ps buyers have to be qualified for a purchase of this size)
https://searchcalgaryhomes.ca/.../listing.a2051257-24314...
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How do buyers make offer in Calgary market? Muitiple Offers are common.
Buyers need to be informed when making an offer on property in Calgary. For the typical purchaser the days are gone where you can make "low ball offers". The buyer should be asking are we in competition? Are there multiple offers?  If the property has just been listed the seller is expecting full list price, or more. If the property is in good location, in great condition and priced for the market then expect multiple offers. 3 to 5 offers are not uncommon, or even more. It can be frustrating for buyers, but due to low inventory, buyers have to account for competition. 
Useful Advice for mutiple offer situations
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Average Sold Price Calgary Housing - July 2023

Chart shows average sold price for last 3 years. (year to date)


City of Calgary, July 4, 2023 - The housing market in Calgary witnessed a surge in apartment condominium sales, setting a new total residential record with 3,146 sales achieved in June. Although year-to-date sales are currently 23 percent lower than last year, they remain significantly higher than pre-pandemic levels. Notably, there hasbeen a positive trend in new listings, providing relief and a monthly increase in inventory levels. However, despite these improvements, the inventory for June stood at 3,458 units, marking a decline of over 36 percent from last year and reaching the lowest levels for June in nearly two decades.

“The demand for housing remains robust, bolstered by a healthy labour market and increased migration levels, which helps offset the impact of higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “Although we have seen some recent improvements in new listings, particularly for apartment condominiums, it is not enough to cause any substantial change from the low inventory situation in our city.
While new home starts are on the rise, it will take time to observe their impact on supply.” With a supply of just over one month, the  current market conditions continue to favour sellers, placing upward pressure on home prices. In June, the total residential benchmark price reached $564,700, representing a monthly unadjusted gain of one percent and four percent higher than last year's levels.

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1) Reduce energy usage: switch to energy-efficient light bulbs, unplug electronics when not in use, and use a programmable thermostat to control heating and cooling.


2) Shop for better rates: compare utility rates and switch providers if a better deal is available.

3) Seal air leaks: check for air leaks around doors and windows, and seal them to reduce energy loss.

4) Conserve water: install low-flow showerheads and fix leaks.

5) Take advantage of off-peak hours: shift energy-intensive activities, such as laundry and dishwashing, to off-peak hours when rates are lower.

6) Invest in energy-saving appliances: upgrading to energy-efficient appliances can save money on utility bills in the long run.

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Calgary Affordability Advantage! Why would you move to Calgary?

Calgary affordability advantage is the reason Canadians are moving here. Want to start a family in an apartment in Toronto? Or come to Calgary for townhouse or detached home, with higher income & lower taxes!
The Calgary affordability advantage for the average family is outstanding. So when you look at the national news media and
hear that residential markets have dropped substantially, they are talking about Toronto, Vancouver, and other cities. The media does not often focus on the Calgary advantage. This is one of many reasons why Canadians are moving to Calgary. Plus we have jobs, high income, low gas prices & heating costs, and no PST!!!

This chart shows the trend for the three cities for benchmark sold prices, Year over year (1st Mar 2022 to 1st Mar/23).
It shows all residential, which is all housing types: including apartments, townhouses, semi-detached & detached.

Summary for All Residential Sold Benchmark Prices for 1st March 2023 (over past 12 months)

Calgary: $530,900 up 1.53%
Toronto: $1,095,617 down 18%
Vancouver: $1,123,400 down 9.3%

Moving to Calgary? Contact me at cell 403 608 5682, Geoff Antrum.
Realtor at CIR Realty

https://searchcalgaryhomes.ca/


Data provided by "Canadian mortgage trends", CREB and other real estate boards.

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Calgary Average Sold Price - March 2023

Detached: While supply continues to be low relative to demand for lower-priced homes, we are seeing conditions shift into balanced territory for homes priced above $700,000. Both sales and new listings reported significant year-overyear declines over last year’s record high. While the seasonal monthly gain did see inventories move up over the last two months, levels are still amongst the lowest seen in February, and the months of supply fell below two months. The average sold price so far in 2023 is higher than 2022, see chart above.

Semi-detached: Like the detached sector despite the seasonal monthly gain, both sales and new listings fell from last year’s record high. While inventories are starting to rise over the levels seen in the past few months, they remain amongst the lowest levels reported for February. The relatively low inventory levels caused the months of supply to fall below two months in Feb/23, while it is still higher than last year’s ultra-low levels, conditions.

Townhouse/Row: Conditions remained exceptionally tight in Feb/23 with only one month of supply and a sales-to-new listings ratio of 87 percent. While row sales have eased over record levels, they have remained relatively strong for February as demand shifts toward the affordable product in the market. The persistently tight conditions caused further upward pressure on prices.

Apartment: Sales for apartment condominiums did not see the same pace of decline as other property types in Feb/23 partly due to the level of new listings coming onto the market. Persistently strong sales compared to listings have caused February inventory levels to remain relatively low compared to levels seen over the past eight years and the months of supply once again dropped below two months. The tight market condition contributed to the upward pressure on Benchmark prices, but average sold price was similar to 2022.

Have any question contact Geoff, Realtor at CIR Realty, 403 608 5682. 
Looking to buy property: https://searchcalgaryhomes.ca/



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When to Hire a Contractor?

When to Hire a Contractor?

Renovating a home can be a daunting task, but with the help of a home contractor, the process can be much smoother and more efficient. However, it’s important to know when it’s theright time to hire a contractor for renovations.

If the renovation project is complex and involves major changes to the structure or layout of the home. A contractor has the necessary skills, knowledge, and experience to handle
such projects, and can ensure that the work is done safely.

If the renovation project requires permits and inspections. Contractors have experience working with local building codes and regulations and can help you navigate the permit process. If you don’t have the necessary skills, tools, and equipment to complete the project on your own. A contractor hasaccess to the tools and equipment needed to complete the job and can ensure that the work is done efficiently. If you’re short on time and need the project completed quickly. A contractor can dedicate their full attention to the project, which can help ensure that it’s completed on time and on budget.

In conclusion, hiring a home contractor for renovations is a smart decision when the project is complex, requires permits and inspections, requires specialized skills and tools, or needs to be completed quickly. By hiring a contractor, you can ensure that the renovation is done safely, efficiently, and to your satisfaction.

Questions to Ask a Contractor

  • How long have they been in business?
  • Are they experienced in the type of work you need done?
  • Are they licensed and insured to work in your area? Can they show proof?
  • Will this project require a permit? If so, ensure the contractor is able to get all necessary permits before starting work.
  • Can they share a list of references?
  • When are they available to start on the job?
  • How do they plan to ensure proper safety precautions during the project?
Have any question contact Geoff, Realtor at CIR Realty, 403 608 5682. 
Looking to buy property check this link: https://searchcalgaryhomes.ca/
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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.