Has the Spring Market Already Arrived?
2021 has started with a boom, making many of us question if the spring market has arrived a little early this year. We’ve had many homes receive an offer within the first two weeks of being listed, and some had multiple offers. This is very unusual for January sales as we don’t typically see this fury of activity until mid-February to the beginning of March. It’s an exciting time for sellers as buyers are serious and they are ready to buy now. In January, 2020 Leduc had 21 properties sell. These included 20 single family homes and one condo. This year our community has already had an astounding 36 properties sell, two of which were condos. This represents a 71.4% increase in sales last month alone!
Approximately 78% of buyers are shopping under the $400,000 price point. This represents many first time home buyers, investors, and those seeking to downsize. With economic uncertainty from Covid-19 and mortgage qualifications that include passing a “stress test” (to ensure you can still afford monthly payment if interest rates increase), it’s possible some buyers aren’t taking as risky of mortgage positions as they did a few years ago. Last month, only one property sold higher than $500,000, representing 2.8% of all sales. Comparably, 6.3% of all properties sold in 2020 were $500,000 or more. We don’t want this to discourage any higher end sellers, as we anticipate more sales will be seen in the upper price bracket in 2021, while the majority of sales will remain in the $300,000-400,000 range.
If you’re planning a move, now is a great time to talk with a Realtor and mortgage specialist to get your current property evaluated (if you already own) and/or qualified for your future home. One of the best things you can do is proactively position yourself so that as soon you’re ready to buy or sell, you can take action right away. So, contact us and let’s see how we can help you achieve your real estate goals! It is our absolute honour to serve you!
Jason Rustand with RE/MAX Real Estate serves with the highest level of integrity and excellence every time. To talk to Jason about your real estate needs, contact him at 780-919-0004, email jrteam@shaw.ca or visit www.WeSellLeduc.com