Change is always around us. Sometimes it affects us in little ways, other times it can be drastic. The last few months have not only seen changes in the economy, but we are experiencing changes in the real estate market as well. As the price of oil dropped to recent new lows we have all been affected in some way.
As I observe these changes occurring in our city, I am immediately struck by how resilient Calgarians are. Most of us have been through these times before and I can see the adjustments occurring to become more efficient and make the new reality of lower oil and gas prices work in our economy. The adjustment time is always difficult but Calgarians know that this is a great city, and slow times only last until we make the necessary changes.
The real estate market is adjusting also. We immediately noticed price reductions in the executive home market and the inner city apartment condo market. With a larger selection of properties and lower prices knowledgeable buyers have started to pick away at the opportunities at hand.
Other markets have been slower to adjust and some markets like the townhouses and starter homes are still fairly active. Remember we still have record low interest rates and the increased selection of homes have offered opportunity for buyers that did not exist a few years ago.
On a personal note: In December our team was informed that our previous brokerage, Royal Lepage Foothills whom I had been associated with for the last 25 years, closed its doors. We were left to find a new brokerage to associate ourselves with and chose to stay with the Royal LePage brand. We decided to join Royal LePage Solutions. It was a difficult time and one of our team members decided to move on. To ensure our quality of service, we have added Scott Sieppert as the newest member of Your Calgary Connection Team. Scott brings a strong desire to work closely with his clients and his background gives him an analytical approach which will benefit his clients.
We have also taken the time to upgrade our website. Our new website is designed to be interactive with all devices from cell phones to tablets to your personal computer. Take the time to have a look at this valuable resource. You can search by maps, or have us set up a search for you. You won’t be disappointed.
If you have questions on about the market or know of someone looking for information. Please do not hesitate to contact our team. We have been through these markets before and can offer you advice and information on how best to work through this interesting time. We look forward to hearing from you.