The Return of Multiple Offers in Calgary Real Estate
In the last couple of weeks, hearing about multiple offers or bidding wars have not been unusual in the Calgary real estate market. Spring has sprung and a lack of inventory is driving the Calgary market. If the current low levels of inventory remain where they are, we could very well find ourselves in the midst of another sellers market sooner than we thought or planned. Do keep in mind that not all areas of the city, communities or price ranges are seeing this type of activity so you will want to do your own research when it comes to your specific real estate goals.
A strong economy in Calgary, job creation , in-migration and low interest rates seem to be driving this market. Eager and willing buyers seem geared to pay the price before the prices start to rise. If we continue to see multiple offers on listings like we are currently seeing, there is no doubt that prices will start to go up. In some areas we are already seeing price increases which is a direct affect from the current bidding wars and the typical spring real estate market rush.
Some buyers are still under the assumption we are in a buyers market but that is simply not the case. It is hard to routinely tell buyers that if they want to buy a home that they like, they will have to jump into a bidding war, especially since the market was previously considered sluggish just weeks or months back. Just like anything, it doesn't take long to change gears and buyers need to be realistic about the market they are looking to buy in. I encourage buyers to stay educated on any market changes. Here are some pro tips for winning the bidding wars or simply to avoid them altogether - Winning Multiple Offers in the Calgary Real Estate Market