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Schizophrenic real estate market challenges sellers
For home sellers in Calgary, the current market is challenging. Just when it looks like it is starting to pick up, it slumps again. According to Doug Hayden of Kim and Doug Royal Lepage, this is a schizophrenic market.
"It`s like we`re dealing with two different markets. I`ve never seen it before," says Hayden. He explains that in a normal market, what happens at one price point typically occurs at all price points. This is currently not the case in Calgary.
For the first time, Hayden is seeing the average price of houses drop, the mid priced houses sit, and the executive or estate houses are sell. What is happening below the $500,000 price point is not occurring above it. Hayden says that he is puzzled by this as there are lots of good houses at reasonable prices that are not selling.
Hayden says that this summer has been off by 50 per cent from last year. The market appeared to be picking up in late August but that was due more to sellers pulling their listings than houses selling. In this type of market, sellers need to do all they can to attract serious buyers.
Read the full article here.
For home sellers in Calgary, the current market is challenging. Just when it looks like it is starting to pick up, it slumps again. According to Doug Hayden of Kim and Doug Royal Lepage, this is a schizophrenic market.
"It`s like we`re dealing with two different markets. I`ve never seen it before," says Hayden. He explains that in a normal market, what happens at one price point typically occurs at all price points. This is currently not the case in Calgary.
For the first time, Hayden is seeing the average price of houses drop, the mid priced houses sit, and the executive or estate houses are sell. What is happening below the $500,000 price point is not occurring above it. Hayden says that he is puzzled by this as there are lots of good houses at reasonable prices that are not selling.
Hayden says that this summer has been off by 50 per cent from last year. The market appeared to be picking up in late August but that was due more to sellers pulling their listings than houses selling. In this type of market, sellers need to do all they can to attract serious buyers.
Read the full article here.