This is a serious question we are hearing from our clients, “If I sell my home right now, will I be homeless?”
Our answer is, “Maybe”.
Current Market:
Real Estate in Saskatoon continues to see a decline in inventory across the market. For the months of September, the number of sales were down 7.5% over last year but still up 37% for the year.
The sales volume declined by 11.6% over last September and is still up 40.6% year to date. Even the Home Pricing Index Composite was down 5.8% compared to last September but remains up by 3.4% for the year.
New listings coming to the market continue too slow for the 4th month in a row, this time by 19.6%. That brings the year total to 13.8% below last year’s numbers while ending September with less than 1400 listings in Saskatoon.
Market Activity:
Even with these negative numbers for September, the market shows a great deal of activity. All this activity does create some frustration and concern for buyers as active listings continue to decline.
Many clients are now deciding to buy before they sell. Obviously, they are taking on some financial risk. In this scenario, most people are not approved to carry two homes. If they purchased a home and could not sell in the allotted time, they could potentially run the risk of losing the deposit due to not closing on the purchase.
On the other side of things, people are risking finding the right home in their timelines. If they do sell and the right home does not come available, then they can either settle on another home or find temporary housing until the right home becomes available.
As you can see the lack of inventory creates its own unique challenges. Keep in mind selling your home is not an issue in this market. With the right preparation and strategy, it can certainly be done in a timely fashion.
4th Wave Of COVID:
There’s no doubt we have entered the 4th wave of Covid-19 and we could potentially see some added restrictions over the coming months. On the positive side of things, we are continuing to take this seriously and our client’s safety is our number one concern. Along with SRA and CREA, we will continue to provide a safe environment to buy and sell homes.
As always, in any market, we can help! When selling your home it is crucial to price at market value and have your home ready to show. The proper decluttering, staging, professional photographer, and marketing are also a must in our current market to help buyers see the value. And yes, selling your home right now might leave you homeless, but we are here to help.
If you need help buying or selling our team is here to help!
Gregg Bamford and Ryan Bamford
