Bob & Devin’s Buying and Selling Tips for Canmore’s Competitive Market
Currently in Canmore the housing market is growing and its strength has lead to a competitive market for buyers and an easier market for home owners looking to sell. Below are some of my top tips for those looking to purchase and also for those looking to sell in today’s competitive market.
Seller Tip: Know your property well and be honest with potential buyers
Sellers are in a position of strength in today’s market, but you don’t want to lose a potential buyer and a great deal after negotiations fail, and have to re-introduce your property to the market. Make sure you know all the details and potential pitfalls of your property and be honest with potential buyers. Buyers are much more forgiving of a property’s faults if they know about them before entering negotiations. Withholding information could kill your deal later and buyers are much more accepting of faults if they are entering a competitive market.
Buyer Tip: Be ready to close a deal and move
Be alert to property listings and ready to arrange a viewing as soon as something interesting comes up. Canmore has a separate real estate group from the CREB (Calgary Real Estate Board) and we work on an interface called PCS (Private Client Search). Having PCS visibility is critical for any serious buyer as this provides immediate listing notifications which in some cases may be numerous days before a property is visible on Realtor.ca. With the high demand to own in Canmore, chances are that there may be other buyers looking for the same property as you, so when a great house is listed on Tuesday it may be off the market by the weekend. Serious buyers are ready to make an offer and close a deal quickly.
To set up your PCS search Click here to get started.
Seller Tip: Have an organized process & strategy for receiving offers
There is no golden rule on whether to accept the first offer you receive or to leave your property on the market waiting for a more attractive offer. It depends on the time of year, the current competitive supply in your community/building, how aggressively you have priced your home etc. In some market periods I encourage my sellers to price slightly below market value to strategically position the property for a multiple offer situation and in others I encourage my clients to price slightly above market value and leave room for negotiations. Each property deserves a custom strategy as there are many factors to consider when marketing a home.
Buyer Tip: Buying your dream home in Canmore won’t be easy
It’s very rare that a buyer closes a deal on the first property they like and make an offer on, I like to refer to these buyers as Unicorns. Prices are higher than most markets in Canada and it takes buyers a while to create a value perspective. The process takes time and with lots of competition you can easily lose out on a property if you don’t act fast or your offer is too low for the seller to accept. If you miss out on a home, it’s important to stay hungry and keep driven to find the right property next time. The exciting thing about searching for a property in our Mountain town is that every home is very unique, you may be sold on owning a townhome in South Canmore and after missing out on a property you may find yourself considering a single family home with spectacular mountain views located next to the Nordic Centre. First time buyers in Canmore are often inexperienced on the local market dynamic, every home you see and every offer you make is helping you learn more about the market and become more comfortable with how the whole process works. Missing out on a property is not always a bad experience, as the home you thought was perfect a month ago does not seem half as suitable as the property you find a month down the line.
Seller Tip: Study the competition and know your market well
A seller should know the market before they put their home up for sale. Spend a few weeks studying the other properties for sale in the area/complex, even arrange a few viewings, before putting your home on the market. Once you are ready to sell, know your competition and how to price your property to receive the most attention from buyers. Every property is different, but you should know your own property inside and out and how it compares to the competition. Although the house for sale down the street may have a brand new bathroom and kitchen, you may have better lot size/views and can price your property as an attractive alternative with great value for buyers that want to do their own home improvements. Well priced homes attract the attention of buyers and lead to faster sales and increased competition, which boosts prices.
Buyers and Sellers Tip: Preparation and staying alert
The Canmore housing market can be stressful for both buyers and sellers. In a competitive market, things can move along very quickly and both sides of the market need to be attentive if they want to successfully buy or sell a property. Sellers have the upper hand as they can put in weeks of preparation before entering the market, something sellers should definitely make use of to maximize their success. Buyers have to be on their toes and ready to react to listings and be prepared to make an offer and move as soon as they find the right property. A competitive market is fast moving and can be very exciting for both buyers and sellers, so try to enjoy the ride.