In a word, YES! Houses and other residential properties are in demand all the time in Lethbridge. The period October thru January is typically the slowest time of any given year – and prices may be slightly lower during that time. It may be best to consult with a Realtor, who can give you up to date information on the current market –number and price of recent sales, number of competing listings, and other factors that may affect the market. Beginning in February, and continuing through September, the market is most active with sales. It is possible that during 2008 prices may be slow to rebound due to price pressure from world wide recession. Properties in the price range under $250,000 usually are in greater demand, and sell in a shorter time. Properties priced over $350,000 may take a longer time to sell, depending on the number and selection at the time. When choosing the right time to sell, first consider your needs, then base your decision on market factors of the time.

What will happen if I wait?

The Lethbridge market is normally quite even, with generally small variations from year to year compared to other areas of the province. Economic uncertainty and market factors in other areas may not necessarily impact greatly on the situation in Lethbridge. When the supply and selection of houses is good, it is usually a good time to buy. By waiting to buy, you may loose on both selection and price. Again, consult with a Realtor to help make your decision.

What does that mean to you? It depends on your cirsumstances. If you own a home, the value of your home will steadily increase. This is good news if you’re happy with your home and don’t want to move. However, if you’re looking to upgrade or relocate, the price of the home you will buy is also going up. In a nutshell, if you’re thinking about moving, there’s no point in waiting to see how much you property will increase in value - it all balances out when you look at the cost of your new home.

However, if you’re looking to buy your first home, waiting can be a major mistake. Costs will continue to rise, and the house that’s for sale now for $180,000 may be $220,000 this time next year. Chances are your income won’t rise by nearly that much in the coming 12 months. Basically, if you want to buy, BUY NOW! However, make sure your finances are in place - jumping into a mortgage you can’t afford is far worse than waiting a while to enter the housing market.

Why do I need a realtor?

In a sellers market, it’s easy for homeowners to get lost in the numbers. A realtor’s commission may seem like a lot of money on paper, but in reality you will come away from the deal with more money.

How? Simple: an experienced realtor can sell your home for more money. They analyze the market regularly to determine how much your home is worth. Professionally listed homes routinely sell for much more than their for-sale-by-owner counterparts. When you realize you could get 15-20% more for your house with a realtor, that commission number seems much smaller.