The housing market in Calgary, Alberta, is booming. The average prices are going up for most residential properties, and there has been an increase in the listings.
Since the summer is about to end, the housing market is at its peak. There are still listings in the market, but as the winter approaches, the prices will decline. So, it is the best time to look for houses as a buyer.
The average price of listings in Calgary is close to half a million dollars, which is not cheap by a long shot, but still, a modest amount compared to property prices in Vancouver.
However, if you are looking for a home to buy in Calgary, plenty of options are available. It is estimated that approximately seven thousand listings are there in the city as of June, 2021.
People consider selling a home to be a humongous task but buying one is equally challenging. There are many factors involved, and the process can take up to several months in some cases.
There are certain steps in the home buying process, and looking for a home is mostly the last one. The first is to get your finances in order, then get a mortgage, and when the time comes to look for a home.
Here are some home-buying tips to help you in the process.
Choose an experienced real estate agent
Choosing an experienced agent will make the whole process of looking for a home much easier for you. A good agent will listen to your specific needs and scour the market to find listings that match your needs. Ask your friends or family for recommendations for trusted real estate agents.
Most agents in Calgary follow the 7/3 model. Under this model, realtors charge $7000 on the first $100,000, followed by 3% on the remaining amount.
For instance, if a deal is done for $400,000, the agent would be entitled to $7000 on the first hundred thousand, followed by $9000 (3% of 300,000).
Decide the type of house and neighbourhood
The type of house you wish to buy and the neighbourhood are the main factors determining a home’s pricing. Assess your needs and budget, and decide which type of house you want to buy.
Think about your long-term needs, decide if you need a small starter home for a young family or a forever home.
Stick to your budget
Banks may approve a significant amount of loan, even more than you require. But, to avoid any financial turmoil in the future, it is best to buy a home below your means. Set your budget based on your income and future needs, and stick to it.
If you are looking for a home to sell house fast, keep in mind that the average rate of listings in the city is close to half a million dollars.
Look for houses below your budget to leave some wiggle room for any renovations or extra fees.
Go to open houses
Since the pandemic, open houses are also being conducted online. Open houses, both virtual and in-person, are excellent opportunities for you to see and check out the house before you finalize your purchase.
Further, when attending an open house in person, you can drive around the block to assess the neighbourhood and take note of any nearby amenities.