The average home price in Red Deer is trending upward but some perspective needs to be wrapped around it.
There’s a buzz in Red Deer about home prices increasing but it’s important to see where they actually sit. Because of the positive price-talk, homeowners are imagining more lofty increases but that’s not the case.
If you can remember the price increase for residential real estate in Red Deer from 2010-2015, this will make more sense to you. However, I imagine you can’t because those price increases weren’t very notable. And the years from then till now is even less impressive. To be more clear, the average home price right now is still lower than it was in mid-2015.
The reason everyone is so excited is because it’s been so long since we noticed a price trend. Since mid-2015 the average home price in Red Deer has been a roller coaster with no signs of trending up or down.
So, don’t get too excited about where prices are right now, just appreciate that they’re showing promise. The talk of higher prices has some homeowners imagining a much higher current home price. It might be a little bit true if you purchased your home in about 2010 but if you purchased it a couple of years before or after 2010 your current sale price would likely still be lower.
You’ll probably have had to buy your home prior to 2005 to see a higher price right now. Maybe if you purchased in the first quarter of 2018 you might be better of now but if so, only a little.
It’s still positive news
This article wasn’t written to be gloomy because what we are seeing is still positive. Our local real estate market hasn’t seen much growth in a long time. Whether the price increase will continue is hard to say but it does offer some help to homeowners who need to sell now.