Should you Buy, Sell or Hold Real Estate now or in 2023?

Should you Buy, Sell or Hold Real Estate now or in 2023? 

Whether you’re an aspiring first-time home buyer, an investor or a young family looking for more it seems everyone is saying something different and it’s no surprise that you’re having trouble weighing your options before making a decision in today’s market. 

The truth is, the housing market is hard to predict, much like the weather but even though we can’t know with certainty we can check out what the experts are saying and make some pretty good guesses, much like the weather. 

First things first: The market today is not the market from earlier this year. Where we had bidding frenzies, multiple offers on every property and then selling for tens of thousands of dollars over the asking price within hours of going on the market. Those times have passed, and so has the stress it brought to buyers and sellers. Hip Hip Hooray!

Prices have started to come down as interest rates have gone up causing a cooling-off effect in the housing market, yes I said cooling off and no it’s not a crash. Experts are saying it’s unlikely the housing market will crash because the lenders took into account the effects of rising interest rates with the Stress Test for qualifying, plus housing supply is still super low and probably won’t catch up for a few years - so there’s little to no danger of the housing market crashing. And remember, the news often hypes things up just to get your attention so ignore the headlines and let’s take a look at the data.

So what does all this mean for homeowners and buyers?

If you’re thinking of selling, don’t stress. The average house price for Calgary and area including Okotoks in 2022 is actually up 4.95% from 2021, so odds are you’ll still make a pretty penny selling. And you might want to put your house on the market sooner rather than later - while inventory is still low and demand is high. Lots of people are waiting for the Spring market to sell and even though there aren’t quite as many qualified buyers now as there were in 2021, there are still lots of people looking for homes and more homes to choose from in the Spring could mean lower prices for sellers. Working with an experienced agent, like me, will allow you to capitalize on prices, navigate and negotiate offers and ensure you get a great price for your home versus letting the market be the deciding factor. (insert housing prices YTD)

If you’re looking to buy, as I mentioned above the market shouldn’t determine your decision. If you’re prepared and qualified to buy a home, then it’s a good time, even if inventory is limited right now. There are fewer qualified buyers in the market right now due to higher interest rates and with cooling price growth, you are in a good position. It’s almost impossible to perfectly time the market, but if you don’t plan to sell your property for the next 5 years then the risks of buying now are low. We likely won’t see the same price acceleration we saw in 2021 but the Calgary area, including Okotoks market has seen steady growth over the past 10 years and there are no signs of that trend reversing. (Insert Calgary AB home price forecast)

Whether you’re buying or selling, it pays to have a professional agent, like me, in your corner who knows how to navigate this challenging real estate market and is local to the Calgary area with specific knowledge of Okotoks.