Local real estate sees itself in a buyer's market

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July 28, 2015 8:15 AM

People looking to buy a house might want to consider doing so sooner rather than later as it seems there are more listings than usual in the Lloydminster area.

“Right now we’re more into what I call a buyer’s market because there’s some imbalance with the amount of listings compared to what we normally have,” said Keith Weinbender, owner/broker with Century 21. “I don’t know what the percentage of more listings than normal is, but for sure there is more than normal but it’s not in all price ranges.”

Weinbener guesses that the majority of listings fall into the $425,000 to $475,000 area and houses coming onto the market now will likely come on at a lesser price than they would have a year ago to stay competitive in today’s market. If a seller’s price is higher than the majority of other listings, buyers will lose interest, which in turn forces the cost down.

“The market always finds its place. It’ll find where everybody’s compatible to kind of buy and that’s what’s happening right now. If you list a house now in conjunction to what the market is, it’ll probably sell fairly quickly, so listing it at the right price now is very important,” he said. “If you list it at an inflated price that the buyers aren’t buying at, it could sit for quite some time.”

He also says not to buy into rumours that people are “throwing their keys into the banks” as it’s quite common for the market to shift in this direction during the early summer. Through his experience in real estate he’s noticed the first few weeks of July tend to be slow because less people are looking to buy with their kids fresh out of school for the summer and it being a common time to take vacations.

These “buyer’s market” times are also a good time for people looking to trade up as well, according to Weinbender. People might get less money for their houses but they will pay less for the next one.

“It isn’t just Lloydminster in a buyer’s market. Probably Saskatoon, Calgary and Edmonton. So (people) are moving to areas where they’re going to be able to replace that at a better rate than they could a year ago. So it isn’t just Lloydminster, it is for sure Alberta and Saskatchewan. Those two provinces have a back and forth market and are probably a buyer’s markets too, so people can move freely,” he said.

“If you take less money for your house in Lloydminster, you’re probably going to buy a home in Saskatoon for less money and you can probably buy a house in Edmonton for less money.”

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