This year in Alberta “patience” has been the key word for many real estate market watchers. Now that is shifting into action as many feel they have waited long enough and have a unique opportunity to capture the benefits.
A clear sign of this has been a recent undercurrent in a number of media stories on the market. While overall the Calgary real estate market is sputtering along (overall decline despite February bump in average prices) a noticeable uptick has been rising activity in the luxury homes segment.
Buyers pulling trigger on luxury homes
In February, 38 homes were sold at over $1 million, representing a 52 percent increase from a year earlier.
On the one hand, this is no surprise. The luxury home segment represents some outstanding opportunities and value right now. On the other hand, it’s also clear that rather than wait longer, more buyers are “coming out hibernation” and realizing now is the time to buy.
Taking advantage before waiting too long
After all, while the market has rewarded patience over the past several months there comes a point of diminishing returns. Patience is great, as long as buyers don’t wait too long. The tipping point is hard to predict, which for many supports a strong case for taking what is available now.
The most important thing, of course, is to find the right property.
And one thing for certain is that today’s market offers a lot of great choices for buyers.
See some recent examples here. Engaging with a professional realtor early on is a great way to keep your search efficient and on target.
Enhance the house hunting experience
Spring is approaching and the city offers so much to enjoy this time of year. Why not enhance your house hunting experience, by planning to view some listings then fueling your thought process with dinner at one of the many outstanding Calgary restaurants. I always enjoy following Avenue Magazine’s annual reveal of the top established and new options in the city. There are some excellent picks this year.