To sell or not to sell

[89coupe]

Man, I'm so tempted to sell my condo right now. Who has been shopping for houses lately? Whats the going price for something in the NW or SW in that 1700 to 2000 sq/ft range?

3 condos have sold in my building already.

$319,000.00 1163sq/ft
$275,000.00 1139sq/ft
$269,000.00 937sq/ft

I'm wondering if I should wait one more year or make the move now. :scratch:

Not to sure???

Any realtors on the boards?

[Melinda]

HRD2PLZ is a relator, pretty good one too

[Clever]

from what i heard, there isn't alot of listing right now so prices are sky rocketing, but if any realtors can shed some light into this i'd appreciate it.

[benyl]

People are paying more than people are asking. Make sure you set your asking price high enough.

[sputnik]

New homes in the NW (Panorama Hills and the like) in the 1700 - 2100 sq ft size start at $300-350k for the base model. Be prepared to add 10-20% in upgrades once all is said and done.

[HRD2PLZ]

Originally posted by Melinda
HRD2PLZ is a relator, pretty good one too

LOL, thanks for the plug Melinda


I guess the median range in the NW/SW would be about $350K for a home in the 1700 - 2000SF range. Depends on what you are looking for though. The lowest price is $279K in Ranchlands.

This definitely is more of a seller's market, Listings are being sold so quick and most of them are going over list price. Its not because the prices are too low, its because demand is so high. For example, if you list your property $20,000 high because you want to "cash-in" chances are it will sit on the market and become stale. If you were to get offers on the property, unless someone absolutely LOVED the property, you would have a hard time getting them to pay over list price.

[Xtrema]

Given that condos' rate of increase is a few % behind single houses', if you're planning to make the switch, the eariler the better before the gap widens.

BTW, looking at these prices, are everyone ballers now? How can anyone with less than $50K annual family income afford a house?

[HRD2PLZ]

Originally posted by Xtrema
BTW, looking at these prices, are everyone ballers now? How can anyone with less than $50K annual family income afford a house?

Most of them can't. Last year our average Single Family home price was around $240,000, this year its up to $330,000.


CREB Stats

[blitz]

Originally posted by Xtrema
BTW, looking at these prices, are everyone ballers now? How can anyone with less than $50K annual family income afford a house?

I love how in Calgary, anything under $300k and 2000 sq ft is a "starter home".

[89coupe]

Originally posted by Xtrema
Given that condos' rate of increase is a few % behind single houses', if you're planning to make the switch, the eariler the better before the gap widens.

BTW, looking at these prices, are everyone ballers now? How can anyone with less than $50K annual family income afford a house?

From what I have seen its the other way around. At least for condos in the downtown core.

[89coupe]

Originally posted by blitz


I love how in Calgary, anything under $300k and 2000 sq ft is a "starter home".

No kidding. I bought my first house in 1999 in Tuscany. It was 2000sq/ft 2storey with a walkout basement and all the upgrades and a mountain view. I paid $224K at the time.

[Xtrema]

Originally posted by 89coupe


From what I have seen its the other way around. At least for condos in the downtown core.

I never checked the core. But I guess the slow commute from suburbs are putting pressure on downtown condos.

[89coupe]

Originally posted by HRD2PLZ



LOL, thanks for the plug Melinda


I guess the median range in the NW/SW would be about $350K for a home in the 1700 - 2000SF range. Depends on what you are looking for though. The lowest price is $279K in Ranchlands.

This definitely is more of a seller's market, Listings are being sold so quick and most of them are going over list price. Its not because the prices are too low, its because demand is so high. For example, if you list your property $20,000 high because you want to "cash-in" chances are it will sit on the market and become stale. If you were to get offers on the property, unless someone absolutely LOVED the property, you would have a hard time getting them to pay over list price.

So which is it? Over selling price or not? Are you trying to say that there are bid wars going on between realtors for a HOT property? So if someone listed a property for X amount 10 bids come in and then the war for who wants it most starts?

[Aleks]

The forecast for this year is 15-25% increase in residential prices. It is totally mad out there now. I got a place for 218K in october and now my realtor is sure he could sell it for 235-240K easy. My brother is trying to get into a place and the prices are going up literally every 24hours! It's total madness. I don't know how long it can continue this way.

[Melinda]

Originally posted by blitz


I love how in Calgary, anything under $300k and 2000 sq ft is a "starter home".

Haha no kidding. Rolland and I are looking at houses right now and wanna spend probably no more than $240k just so we can still live a decent lifestyle as well as have the home. The houses in the central area of the city in that price range are so small or such fixer uppers! We have to go out to the 'burbs to get a decent place...haha anyone know how bad the commute is from cranston?

Apparently the prices are still climbing so quickly that we'd be stupid not to jump on something pretty quick...that's what we've been told anyways! So you might be okay to hold onto your condo for a while, but I dont know if their market is as strong as houses right now!

[HRD2PLZ]

Originally posted by 89coupe


So which is it? Over selling price or not? Are you trying to say that there are bid wars going on between realtors for a HOT property? So if someone listed a property for X amount 10 bids come in and then the war for who wants it most starts?

Many properties are selling over list price because of multiple offers. To maximize your offers the property still usually has to be close to market value. Most properties that are extremely over valued are becoming stale in our market.

For example, one listing I had recently was at $519,900. Client didn't want it on the MLS system (even though it would bring the most money). I advertised it as an Exclusive Listing to agents in the industry who regularly work the area as well as to the agents in my brokerage. We ended up having 5 offers on the property and it sold without conditions for $531,000.

[89coupe]

Originally posted by Aleks
The forecast for this year is 15-25% increase in residential prices. It is totally mad out there now. I got a place for 218K in october and now my realtor is sure he could sell it for 235-240K easy. My brother is trying to get into a place and the prices are going up literally every 24hours! It's total madness. I don't know how long it can continue this way.

That is the other thing I'm pondering, how long will this retarded market last?

Should I wait another year?

IMO the asking price for a new home is way way over priced.

[Xtrema]

Originally posted by Melinda
.haha anyone know how bad the commute is from cranston?

Isn't their only exit is on 22X and it's jammed up all the time?

[Moonracer]

We're thinking of selling our condo as well pretty soon. Seems like the perfect time. We want to get a "new" smaller house in the crossfield area. That's the area we are now and like it alot. I'm talking 1200 sq. ft. unfinished basement and all. Should be able to get something for around 200k, last time I checked anyway. *fingerscrossed*

[HRD2PLZ]

Originally posted by 89coupe


That is the other thing I'm pondering, how long will this retarded market last?

Should I wait another year?

IMO the asking price for a new home is way way over priced.

That is really hard to say. I think with all of the new condo developments upcoming and currently under construction, condos might level out this year or next. Houses are a different story, new home construction is absolutely insane right now with prices going up over night, and as a result, the resale homes are following suit.

You can try and get in to a home before it becomes too expensive, or wait and see what happens with the market. At any rate, you already own property which gives you an advantage over those who are still waiting to purchase their first home. At least while you decide what you are doing your property is building equity and appreciating in value