Selling in a Hot Market
Diane Kelly

Today's Calgary real estate market has geared up dramatically from conditions of just a few years ago. With thousands of homes for sale in Calgary at any one time the slow period is over, replaced by a hot market, and we're seeing the characteristic patterns that go with it. The inventory of attractive listings in many markets is lower than we've seen in some time. Buyers are aggressively going after properties, sometimes resulting in bidding wars. Since they know which way the market is going, buyers are usually quick to make offers when they see something they like. Also, their first offers are often quite good ones, since they are reluctant to see negotiations drawn out over a long period of time.

This all adds up to good news for the seller, and yet some potential vendors are still reluctant to sell their home in a hot market. Their logic is "Why sell in a hot market, when it's just going to cost me more wherever I'm going?" In many case, the simple answer to that question, is…it's simply not true. First of all, if you're downgrading, a hot market is definitely to your advantage. The dollar gap between what you've received for your existing home, and what you'll get for your downscaled version is probably at its optimum, leaving you with the potential of more money left over in your pocket.

However, even if you're upgrading, a hot market can often be to your advantage. That's because most people will still have to carry a mortgage on that next home. The true measure of what a home costs you should be judged not only by its purchase price, but also by its actual carrying costs. A major factor in today's hot housing market is the fact that mortgage rates are the lowest we've seen in many years. This means that the low interest applied against your mortgage amount may very well turn out to be a much lower figure than you might pay for a lower priced home if you wait until mortgage rates start to climb. This affordability calculation is something that I can help you with. You may find that you can move up now to a better home more affordably than at any other time. This is especially true if you buy first, and then sell after prices have continued to climb. Why not give me a call, and find out how you can reap the benefits of a seller's market.

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