A recent news article on the Calgary Herald website points out that buyers around the Calgary area are more than willing to pay good money to secure the home of their dreams. Some reports have pegged the average cost of properties in some inner-city neighborhoods to be around $600,000. It’s a natural consequence that when the properties of a given region become even more desirable, its real estate market also becomes more competitive. The article shares some details regarding this trend:
“Prospective Canadian homebuyers are more willing to enter into a bidding war this year for properties they want to purchase, says a new report released Wednesday by BMO.
And Calgary’s hot housing market is proving to be a good example of that as nearly 20 per cent of MLS residential sales in the city in February were for above list price.
The BMO Home Buying Report said 34 per cent of Canadians are willing to enter a bidding war when it’s time to buy a home, an increase of six points, or 21 per cent, from a year ago.
The report, conducted by Pollara, said that in major city centres, the appetite for competitive bids is the highest in Toronto and Vancouver (44 per cent and 41 per cent respectively). In Calgary, it is 38 per cent and in Alberta, it is 30 per cent.”
Homebuyers, particularly those with money to spend, should be ready to fight tooth-and-nail to purchase the most ideal houses. To get first crack at the homes of their choice, buyers will need a more efficient way to find the right properties quickly. Thankfully, a knowledgeable Calgary Realtor® can supply buyers with updated information of the local real estate market, particularly on hot locations like the inner city, so that they can get on top of their desired purchases faster.
Realtors serve as invaluable aids to homebuyers, whether it’s their first time making a purchase or not. With their experience, familiarity, and extensive network, realtors can read the real estate market of a given area, and help buyers identify which locations are the most affordable or desirable. Especially in inner-city and downtown areas where properties can command high prices, realtors will be handy to those who want to find a place that’s close to both work and play.
Skilled Calgary Realtors®, such as Christine Ordze who specialize in inner-city properties, can help buyers in making informed decisions, and can steer them away from trouble. While homebuyers might have a good idea of what they want in a home, realtors can help in selecting alternatives that could even be better. A specialized inner-city realtor should be able to recommend the best suburban neighbourhoods to buyers.
(Source: Calgary homebuyers return to housing market bidding wars, calgaryherald.com, March 5, 2014)