The economic uncertainty has turned Alberta’s real estate market into a buyer’s choice, as more homes are currently on the market than people looking to buy, Jill Fisher of Stettler’s Royal LePage said.
Homes going up for sale are selling, she said, though not as fast as usual as buyers have a wider variety of homes to choose from. So long as a home is “priced right, it will sell,” she added. “It’s just taking about 60 to 90 days.”
In the past three months, Royal LePage has sold 26 different properties ranging in price from high to low, Fisher said. As an associate broker and co-owner of the firm for the past six years, Fisher said that this summer was good, just a bit slower than usual. Compared to last year, though, this year was better.
“Last year was odd,” she admitted. “Usually we see it get busier in spring and then slow down a bit in summer as people go on vacation. Last year, it was slow throughout.”
She said homes priced around and under the $300,000 are selling decently, but properties listed above that number are a much harder sell in the current economic climate.
“People are watching their money, with the oil industry and government uneasiness,” she explained. “Those more expensive properties will take longer to sell.”
The decline in the oil energy sector, while hitting Alberta hard, hasn’t resulted in a massive sell-off of properties or foreclosures in the Stettler area, Fisher noted.
“There’s not a lot of foreclosures or people dumping their properties,” she confirmed. “People may need to sell, but they’re not willing to take a major loss.”
County sales are comparable to the town’s, she added.
“Things are pretty healthy for choices,” Fisher said. “There’s just fewer buyers so sellers need to be ready to work hard to sell their properties.”