Red Deer Market Update – July 31, 2019

Posted by Jay McDouall on Thursday, August 1st, 2019 at 8:39am.

 

With a slight warming to the weather & the economic climate, Red Deer’s sales activity totaled 147 units in July 2019, a 6.5 per cent increase from July 2018. Total sales in the city year-to-date have reached 795, with 853 sales at this same time in 2018. The average selling price comes in at just $303,709 a 13.9 per cent decline over the last four years. Many buyers are looking at Ottawa's First Time Home Buyer Incentive that launches on September 2, 2019. The real question will be whether or not people will make informed decisions & how many people will actually qualify. Very few millennial buyers will be able to take advantage of the FTHBI, given all the restrictions. The ones who could use the incentive can easily qualify for a regular mortgage without it. They don’t “require” taxpayer-subsidized payment savings because they already have lower debt ratios in the first place, compared with typical first-time buyers. It's a good idea to chat with a mortgage professional if you're unsure about where you stand financially. Get in touch today!

If possible, potential buyers may want to take advantage of the market conditions & reduced lending rates. Some may still face difficulties with mortgage restrictions or failed attempts at selling their existing home. Accurate & strategic pricing is key to over coming an extended listing. Seller's should not be discouraged, & rather be encouraged by the advantage of also purchasing within such a market. Unless of course, you're downsizing. You may want to hang on to your investment until trends become more favorable to sell, typically spring time! It looks as if the buyer's advantage will continue for the remainder of this season. Whether you're buying or selling, or you're simply looking for more information, Contact Us & we'll get you some answers.

Information Based on Red Deer Real Estate Board MLS® Stats 2015-2019

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