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Calgary Home Buyers Tips
Buying your first Calgary home is one of your most important decisions. With the ups and downs of the recent market, the influx of new home builds and the access to online house shopping, we want to provide you with some practical tips on homing buying in Calgary.
Know What Market Calgary Is In.
As the market cools down and housing prices drop to more reasonable levels, the market has recently shifted from a seller’s to a buyer’s. Most buyers are buying condos and semi-detached homes in Calgary, and there aren’t as many bidding wars.
Buyers who may have been hesitant to enter the market a year and a half ago, or even half a year ago, are deciding now is the time to start looking for their next home. In a seller's market, it was easy to forget that those who sold a home would also have to buy one. The question on many people's minds was whether they'd lose the money they gained on their recently-sold home as they were purchasing another.
Interest rates have risen significantly and may continue to rise before they level and decrease. Home buyers are finding their qualifying amount for a mortgage to be less than it once was. That doesn’t mean buyers are entirely priced out of the market. Having that pre-approved mortgage will help manage expectations, especially with the recent changes.
As everything cools down in Calgary, so does the rush to get that home. As mentioned, fewer bidding wars exist, so you don’t have to compromise or sacrifice things like a house inspection to get that winning bid. Avoid home buyer's remorse by taking the time, doing the proper inspections, and being fully aware of what you’re getting out of that new home.
Is Newer Better?
New developments in Calgary are being built constantly, with some of the hottest new developments, including Alpine Park in the southwest, Ambleton in the northwest, Belvedere in the southeast, and Homestead in the northeast. Know what kind of developments may pop up adjacent to your neighbourhood as it will impact traffic, school, and other amenities. If you’re excited to build in one of these developments, keep in mind that the amenities you previously used might not exist in the short term, so find a way to access your shopping, school, and commuter needs. At the same time, you wait for the development to be more firmly established should be on your mind.
Use A Professional
With the age of technology and knowledge at your fingertips, it’s tempting to represent yourself when buying a home. Keep in mind that nothing can replace the knowledge and connections that an established real estate agent has. Professional real estate agents are trained to negotiate, look for red flags, and ensure the contract is in your favor. They will have all the insight into condo boards, new developments, and up-and-coming listings. They’ll know what to look for in terms of inspections, and they will have access to homes that aren’t yet on the market. There are no service fees in using a real estate agent to buy a home.
Quick Condo Tips
If you’re considering buying a condo in Calgary (there has been a 48% increase in condos sold since July 2021), there are some great resources to explore. Some essential tips are ensuring you know how the condo fees are allocated (lesser condo fees don’t automatically mean owners will spend less overall), how the building is maintained, and how the neighbours like the building, the management, and the board.
Buying a home is an exciting process; our agents are excited to walk that journey with you!