Coffee Shop Talk Pricing

I had a person catch me at the post offer the other day, letting me know his thoughts on the local real estate market. He explained to me how properties in Vulcan are being priced like properties in Calgary and that this is hurting our local real estate market. In particular, there is a lot that he would like to purchase, but it is priced like a lot in Calgary. I asked him what he is basing his information on, what is he comparing his pricing to. He could not give me details but insisted that the lot was based on Calgary prices and not Vulcan prices. I told him that the lot across the street from the one he was referencing sold for $38,000, and it is half the size of the lot that he wanted. We based that on the price that we listed at. Plus, the lot this "over priced" lot has a garage on it. He let me know that because of pricing to the Calgary market, house sales in Vulcan are suffering because of it, and that is why houses in Vulcan are not selling. We left it at that, and wished each other a good day. This is not unfamiliar territory for a real estate agent. Many of life's problems, including the local real estate market, as discussed and many of these are "resolved" if only people would listen to those who speak the loudest at the table. "Prices are too high." "What is that stupid, greedy, money hungry, real estate agent thinking?" Oh, except when those people are trying to sell their property. It can make a whole lot of difference if you are on the selling side of the fence, or the buying side. Then you can have a stupid, lazy real estate agent who has not shown your "exceptional" property that is priced higher than the others because you have done so much work to it, and it is way better than the one down the street that just sold for much less than what you have yours listed for. If you really want to know what is going on in your local market, check with your local real estate professional and discuss it. Check with your local mortgage broker. Check with your local real estate board. Get the facts, and you will have the tools to make a more informed decision for whatever you are doing. Period.

Inventory is Picking Up

Remember not that long ago when I said that I thought the warm weather would bring an increase in activity? Well, not to brag, but I may actually be right this time. Our overall residential market inventory has increased. We have seen some places that were taken off the market last fall, come back on. There are some potential sellers who have been patiently waiting for the right time to sell, and they seem to be ready to make a move. We have also seen a couple of places that had offers on them last fall, finally sell this spring, for a price which was close to the same as they were offered last fall. I guess hind site is 20/20. I guess sometimes sellers have to figure out whether it is worth it to sit on a property for a while, paying the utilities and taxes, putting your life on hold, in exchange for the hope of a few more thousand dollars.