Weekly Real Estate Update

Changing market over the past 7 weeks, and the change is not over.  With the financial markets in turmoil from the US credit crisis, an election called here in Canada, there is a lot of dynamics going on. For a detailed look at the market click here.

This week marks one of the lowest inventory levels we have seen in a while with total properties for sale in Red Deer now totalling 597.  As you may recall form previous posts we have been as high as 740 properties available.  A 19% decrease in inventory!  By contrast the last two weeks have seen the largest gain in new listings in the past 7 weeks.

Last week looked like:

71 New listings with 53 sales and a net decline in inventory.

When is a good time to buy?  How will you now when?  Simple questions but yet important and pressing ones.  The simple is buy low and sell high, but how do you know that the market is at it’s lowest?  We usually know when that only after prices and volume start to increase.  At which time we hope we’re not to late.

There are plenty of choices now making it a good time for selection and value, low interest rates, and bargaining power are firmly in the hands of buyers today, so now is indeed a good time to buy.  With zero down and 40 year amortizations being phased out soon, now is a good time to speak with you Realtor about buying.

Your friend in real estate,

Patrick Galesloot

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