I hope you're having an enjoyable summer. We've certainly had a little bit of everything for the weather again! We haven't seen the volume of rain like we experienced this June for quite some time.
IF you had a wet basement do you have to disclose that? Have to or should you? You have to disclose defects that are hidden & undiscoverable by a reasonable inspection and those that would cost a large expense to remedy (these do not have to be hidden, just expensive). If you had a wet basement because and you called insurance, they sent a contractor to clean up and fixed the cause, it is recommended you disclose the steps taken to reassure buyers that things were done properly. A clean and maintained home with repairs logged and reported will cause fewer issues after the fact compared to "they don't ask, we don't tell".
How's the Market? Are things still crazy with the interest rates? If you have these questions, you're not alone. We get asked these all the time. We're happy to answer how the local market is for your home.
Upon closer look at the Supply & Demand this year, the times are a-changing.
The local real estate market got "HOT" this year. The sales volume increased to its peak in April & May. Followed by an increase in supply, as the seller's answered the call and demand started to subside.
A number of variables influence supply & demand. Weather, the Economy, jobs and the migration of workers to fill those jobs, and interest rates. The interest rates definitely impact buying budgets.
For example, if your monthly mortgage payment budget is $2,000 a 3% mortgage rate would have given you a budget of around $420,000 for a mortgage. Today with rates near 5% that same $2,000 monthly payment affords you a $345,000 mortgage. If you've been on the fence about selling, strike now while the iron is still glowing.
If you're buying, the same is true. qualify NOW and get a rate hold for as long as the bank allows. The above scenario highlights how quickly your buying budget can change. Pricing changes are a reflection of supply & demand which react at a different pace than interest rates.
Each community in Central Alberta has benefited from the improved economy. Reviewing our slides below you'll note some similarities as well as some unique differences. See comparisons below for January 1 - June 30, 2022:
Red Deer led the way with sales and listings as one would expect due to the population size of the community
Red Deer reported 1,183 sales, and 1,652 new listings (1,183/1,652) compared to:
Affordability of housing remains highest in Innisfail with the average house price reported as $337,286.
Meanwhile, Sylvan Lake has the highest average sale price with $425,460 for a home.