Recent market reports suggest that the Alberta housing market will lead the country in sales and prices throughout 2024. Despite average house prices across Alberta set to climb seven percent in 2024 to nearly $480,000, prices are still well below the national average which currently sits at $710,000.
The incredible value in the Alberta housing market continues to attract buyers from across the country, however inventory levels remain tight. The result is accelerated sales and prices in the province's two largest cities: Calgary and Edmonton.
In today's real estate climate, many markets are classified as seller's markets, where demand exceeds supply, and sellers have the upper hand. As a real estate agent with years of experience navigating the ups and downs of the market, I'm here to offer some essential tips to help you, the buyer, find success even when the odds seem stacked against you.
Understand the Dynamics of a Seller's Market
First and foremost, understanding what a seller's market looks like is crucial. Typically, this type of market is characterized by low inventory, quicker sales, and higher prices. Homes often receive multiple offers, sometimes above the asking price. As a buyer, knowing this helps set realistic expectations from the get-go.
Get Your Financials in Order
Before diving into the market, ensure your financial house is in order. This means getting pre-approved for a mortgage, which will not only give you a clear idea of your budget but also strengthen your position in the eyes of the seller. Sellers favor buyers who can move quickly and without financial hitches.
Be Ready to Move Fast
The Alberta housing market is heating up early this year and all signs indicate it will remain hot throughout 2024. In a seller's market, hesitation can mean missing out on your dream home. Be prepared to make decisions quickly. This doesn't mean rushing into things without due consideration, but rather, being ready to act once you find the right property. Regularly check new listings and be available to view homes at a moment's notice.
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Make Your Offer Stand Out
When you find a home you love, your offer needs to stand out. Apart from offering a competitive price, consider terms that might appeal to the seller such as a flexible closing date or fewer contingencies. Personal touches, like a letter expressing why you love the home, can sometimes make a difference too.
Hire an Experienced Real Estate Agent
Perhaps the most critical step in navigating a seller's market is to work with a real estate agent experienced in such conditions. They can provide invaluable advice, help you make competitive offers, and act quickly on your behalf. An agent's negotiation skills can be your biggest asset in a competitive market.
Stay Patient and Persistent
Finally, while it's easy to get frustrated in a seller's market, patience and persistence are key. Be prepared for setbacks, but also keep your end goal in mind. The right home is out there, and with the right strategy, you can be successful.
Navigating the Alberta housing market requires preparation, speed, and strategy. By understanding the market dynamics, preparing your finances, moving quickly, making compelling offers, and having professional guidance, you can significantly enhance your chances of landing your dream home even in the most competitive conditions. Remember, each property you miss is a step closer to the perfect one for you. Keep going, stay focused, and trust the process.
Ready to experience the Alberta Advantage? Wally has 20 years of experience in the Edmonton and area real estate market.
Call/text 780.238.7384 to get started!