Home sales in Red Deer show weaker numbers again this past month with May sales 14% lower than the same month a year earlier. Is something wrong when sales are slower than the year prior?
I don’t think any one thing is wrong, I just think homeowners and potential buyers are content staying where they are with mortgage rules still less than favorable. A large number of homeowners right now qualifying lower than their current mortgage that they took out prior to 2018. Unless they are downsizing to a less expensive home they are forced to sit tight.
“On the brighter side of slow home sales in Red Deer, homes sales Central Alberta wide were up 7% in May.“
However, interest rates are still very low making it a good time to buy if you can, and if you can, the same reasons causing slow sales will benefit buyers not having to sell.
A certain percentage of people who can buy but aren’t excited about the price point they now qualify at could very well be waiting to see if mortgage rules change in the next 12 months. If a couple is happy where they’re currently living and are only qualified to buy a property similar to the one they are in now, they can only wait to see if things change.
On the brighter side of slow home sales in Red Deer, homes sales Central Alberta wide were up 7% in May.
Check back each month for local sales numbers, average sale prices, inventory reports and other stats at www.HomeScope.ca. If you’re in need of more specific real estate information call Blake King Realtor® with Big Earth Realty at (403) 350-7672 or email him at firstname.lastname@example.org.