Actually, the best time to buy was a couple of months back but we can’t go back.
What’s happening in our local market?
The local market was hit hard when COVID-19 health measures were put into place but since then it’s surprisingly bounced back. Whether it’s everyone who waited now shopping, low-interest rates, or consumers finding there’s no better place to invest – the Red Deer market is in great shape
Smart home buying time
The best time to buy a home is generally when prices are at their lowest but how do you know when a market is at it’s lowest point? You can’t. Unfortunately, the only way to see a market’s low point is looking back after the fact, after prices have started the climb.
A person can track stats to estimate approximately when prices might be at their lowest and make a purchase then. It can even be a safe plan because the low point can span a long time period. But when we see a market transition from “buyer’s market” to “seller’s market” prices will generally increase.
Red Deer is currently experiencing a “seller’s market”
Home sales in Red Deer were high enough over the last few months to really eat away at our market’s inventory level. Over the last few months, the Red Deer real estate market’s M.O.I. or months-of-inventory has been hovering around the 4-month level. Looking at the chart we are sitting in the grey zone just right of the dotted line. Now is the time to buy and if m.o.i. remains low waiting will have you paying more.
When an m.o.i. is as low as it is now houses sell quicker and prices increase favouring the seller. Since I first started tracking inventory in Red Deer we haven’t seen m.o.i. this low.
There’s still a chance things will turn around where we end up back in a “buyer’s market” again but an inventory dip and high sales are the best indication prices will increase in the near future.
For assistance buying at the best price call Blake King with Big Earth Realty. Blake can find you the right home, get you the best price, and he gives his buyers $1000 – $2000 cash-back on their purchase.