To buy or not to buy, that is the question
When wading into the waters of home ownership, it’s normal to ask the question: Is this a buyer or seller’s market? We want to know if we’re at an advantage or disadvantage, especially when making a move worth six or seven figures.
While housing demand is up from 2011, don’t confuse that with a boom.
Stepper Custom Homes general manager Dave Hooge calls current market conditions, “steady.”
“By no means has it been a boom market,” he adds.“It’s important to ensure that our costs are maintained and we stay at a steady market.”
Steady’s healthy and tends to be a win-win for the industry and buyers.
While the resale sector is not a mirror image of sales activity and pricing with new homes, it’s often similar. Like the new homes end of things, resale numbers also reflect steady, rather than blistering, growth. Year-to-date prices on both single-and multi-family units are only 2.51 per cent higher than the same time last year. At the same time, overall sales are up 16.6 per cent.
“Consumers have been cautious of the housing market coming out of the recession, but housing sales have improved considerably, driven by home prices that are still below peak, favourable interest rates and bullish forecasts on the local economy,” says Bob Jablonski, president of the Calgary Real Estate Board.
********** Trends can tell us a lot. Not just market trends but trends on home buyers’ wish lists. This year, one emerging must-have for buyers has been the triple tandem garage.
Cardel Homes vice-president of sales and marketing Mike Selinger says these garages fit on narrow lots and not only provide owners space to store three cars, but “the third bay is so functional for storage or as a workshop.” This feature is part of Cardel Homes’ Auburn Bay show home called Tandem Bay, which Selinger calls “a huge success.”
Another trend Selinger has seen this year is professionally planned and installed landscaping, including custom low-maintenance, backyard design planning and irrigation.
“Our customers love to relax and entertain outdoors,” adds Selinger.
In terms of design, Crystal Creek Homes design consultant Melissa Bull says custom estate buyers want a home with “family and entertaining as the focal point.”
“We’re seeing a lot of custom outdoor living spaces with outdoor fireplaces and a grill and prep area.”
Bull adds, these spaces are often equipped with overhead heaters so they can still be used on cooler Calgary evenings.
Custom homebuyers are also placing an emphasis on the focus. Bull says kitchens are expanded and often centralized.
“In the kitchen, we’re also seeing a trend with large custom hood fans and gas ranges, being the focal point of the kitchen,” adds Bull.
“More often, we’re housing wall ovens, warming drawers and the fridge together in one space for functionality.”