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May 2023 Market Update
At the Compass Team, we're dedicated to providing you with the latest insights and updates on the real estate market in Lethbridge, Alberta, and the surrounding area. Whether you're a potential buyer, potential seller, current buyer, current seller, past client, or a subscriber to our website, we're here to keep you informed and help you make confident decisions regarding your real estate needs. Let's dive into the current state of the real estate market in Lethbridge and see what the numbers have to say. Market Overview In May 2023, the average price for residential properties in Lethbridge stood at $345,221, representing a slight increase of 1.0% compared to May 2022. While the overall market experienced a modest upward trend, it's important to analyze the various property types individually to gain a comprehensive understanding. Property Type Analysis Detached Homes: The average price for detached homes in May 2023 was $314,914, showing a decline of 14.7% compared to the previous month. However, when compared to May 2022, there was a more significant decrease of 19.2%. This indicates a potentially favorable environment for buyers interested in detached properties. Semi-Detached Homes: With an average price of $276,856, semi-detached homes also saw a decline of 19.2% from April 2023. However, when compared to May 2022, there was a slight increase of 4.9%. This suggests that the market for semi-detached homes is relatively stable. Apartments: The average price for apartments in May 2023 was $176,596, representing a decrease of 14.9% compared to April 2023. Nevertheless, there was a positive trend when compared to May 2022, with a 2.1% increase in prices. This indicates that apartments could be an attractive option for potential buyers. Townhouses: Townhouses had an average price of $254,138, experiencing a decrease of 6.8% from April 2023. When compared to May 2022, there was a moderate increase of 3.4%. The townhouse market showcases relative stability with a slight upward trend. Other Market Indicators Apart from average prices, several key market indicators provide further insights into the real estate landscape in Lethbridge: List to Sold Ratio: The list to sold ratio for May 2023 stood at 98.20%, indicating a slight increase of 0.4% compared to April 2023. This signifies a competitive market where properties are selling close to their listed prices. Days on Market (DOM): In May 2023, the average DOM decreased by 9.4% to 58 days, suggesting a potentially faster pace in property sales. However, compared to May 2022, there was a notable increase of 52.6% in DOM, indicating a shift in market dynamics over the past year. New Listings: The number of new listings increased by 32% from April 2023, reaching a total of 296. This influx of new properties could offer more options for potential buyers in the market. Current Listings: In May 2023, there were 473 active listings, representing a 6.3% increase from the previous month. This increase indicates a healthy supply of properties available for purchase. Sold Properties: Despite a slight decrease of 0.9% compared to May 2022, the number of properties sold in May 2023 was 230. This demonstrates consistent buyer activity in the market. Supply: The supply of homes in Lethbridge experienced a decrease of 33.3% from April 2023, with a supply level of 2 months. This suggests a potentially more competitive market with a reduced number of available properties. Value Sold: In May 2023, the total value of properties sold in Lethbridge reached $79,400,846, representing a significant increase of 53.4% compared to April 2023. This surge in value reflects the continued demand and market growth. Lethbridge Compared to Other Cities When looking at the real estate market in Lethbridge, it's also important to consider how it compares to other major cities in Alberta: Calgary: Lethbridge's average residential property price of $345,221 is significantly lower than Calgary's average of $552,960. This makes Lethbridge a more affordable option for buyers seeking a vibrant community with more affordable housing. Edmonton: Lethbridge's average residential property price of $345,221 is lower than Edmonton's average of $396,473. While still more affordable, Edmonton offers a slightly higher price range compared to Lethbridge. Alberta: On a provincial level, Lethbridge's average residential property price of $345,221 is lower than the Alberta average of $470,377. Lethbridge provides a more affordable housing market while still offering a great quality of life. As the Compass Team, we have extensive knowledge and experience in the Lethbridge real estate market. Our team of dedicated professionals is committed to assisting you in achieving your real estate goals, whether you're looking to buy or sell. We pride ourselves on providing personalized service, guiding you through every step of the process, and ensuring your satisfaction. If you're interested in exploring the opportunities in Lethbridge's real estate market, we invite you to reach out to the Compass Team. Our expertise, combined with the current market trends, will help you make informed decisions and navigate the ever-changing real estate landscape. Stay tuned for more insightful blogs and updates from the Compass Team as we continue to keep you informed about the real estate market in Lethbridge and the surrounding area.
How to Sell a Home on a Busy Street
How to Sell a Home on a Busy Street Welcome to the Compass Team's blog, where we provide valuable insights to help you navigate the world of real estate. Today, we're tackling a common concern: selling a home located on a busy street. We understand that the location may not have affected your decision to buy, but now that you're ready to sell, it's essential to address potential buyer concerns. Rest assured, with our expertise, the right purchaser will come along. First and foremost, it's crucial to be realistic about pricing your home. As seasoned professionals, our REALTORS® utilize comprehensive data and evaluation processes to determine an accurate price for your property. While it may be tempting to compare your home to those in quieter neighborhoods, it's important to consider the impact of its busy location. Studies show that homes on busy streets typically sell for about 10 percent less than comparable homes in tranquil areas. Rely on our experienced sales team to guide you through the pricing process effectively. One effective strategy to divert buyer attention from the busy street is to create an alluring landscape. Picture this: a stunning, well-maintained lawn with vibrant rows of plants and flowers. The beauty of nature can captivate buyers, drawing their focus away from passing vehicles. It's challenging for pavement and cars to compete with the allure of a lush, manicured garden. By enhancing the front of your home, you significantly increase the likelihood that potential buyers will overlook its location on a busy street. Consider using landscaping as a buffer zone between your home and the street. This not only adds visual appeal but also shields your property from street traffic. Imagine the elegance of a stone wall, a wooden fence, or tall, privacy-enhancing shrubs. A fence can serve a dual purpose by acting as a noise barrier, a feature particularly appreciated by families with young children or pet owners. Another clever tactic is incorporating a water feature like a fountain, which not only adds tranquility but also masks the bustling sounds of traffic. Now that you've transformed the front of your home into an oasis, let's turn our attention to the backyard. This space holds enormous potential to captivate buyers, so they won't even notice the busy street. Alongside a well-maintained lawn and carefully selected plants and flowers, consider creating a welcoming atmosphere with a pergola or an arbour. Imagine cozy and comfortable outdoor furniture nestled beneath it, providing an inviting space for relaxation and entertaining. If local regulations permit, you could even add a fire pit or an outdoor kitchen area, transforming your backyard into the ultimate retreat. These features will elicit "oohs" and "ahhs" from potential buyers and help them envision their dream life in your home. When it comes to selling a home on a busy street, the Compass Team has the experience and knowledge to guide you through the process. Our goal is to provide you with the strategies and insights needed to attract the right buyers and achieve a successful sale. Whether you're a buyer or a seller, trust the Compass Team for all your real estate needs. Contact us today to get started on your real estate journey.
4 Ways to Pay Less Interest on Your Mortgage
4 Ways to Pay Less Interest on Your Mortgage As the interest rates in Canada continue to rise, you may be wondering how to keep more money in your pocket when it comes to your mortgage. We understand that finding the best mortgage terms possible is crucial, and that's why we're here to help. Here are four valuable tips that can make a real difference in your financial journey: Shop Around for the Perfect Mortgage Fit When it comes to finding the right mortgage with favorable interest rates, it pays to explore your options. Don't just settle for the lowest interest rate; consider other factors as well. Look for prepayment privileges that allow you to pay down your mortgage ahead of schedule. Additionally, inquire about penalties and portability. Life can throw unexpected events your way, such as a divorce or job loss, so it's essential to understand how these circumstances might impact your mortgage terms. Being able to transfer your mortgage to a new property is also a significant advantage. Maximize Your Lump Sum Payments If you have the financial means, making extra payments towards your mortgage can be a game-changer. By consistently reducing your principal amount, you'll ultimately pay less in interest over time. Whether it's a work bonus, a generous monetary gift, or a tax refund, consider using these windfalls to pay down your mortgage. By doing so, you could potentially save thousands of dollars in interest. Opt for Accelerated Payments Monthly mortgage payments are the standard, but have you ever considered switching to a bi-weekly accelerated payment schedule? By making 26 bi-weekly payments instead of 12 monthly ones each year, you'll shorten the overall amortization time of your mortgage. In fact, it's like making an additional 13th monthly payment annually. This seemingly small adjustment can add up significantly and potentially reduce your mortgage payments by three years. Make the Most of Mortgage Renewal When it's time to renew your mortgage, seize the opportunity to reassess your terms. Aim to keep your payments the same, or better yet, secure a lower interest rate to reduce your monthly financial commitment. By staying proactive during the renewal process, you can optimize your mortgage and save money over the long run. At the Compass Team, we understand that finding extra money in today's economic climate can be challenging. That's why we emphasize the importance of buying within your means and leaving room for additional lump sum payments. We know firsthand that a financially comfortable mortgage is key to reducing stress and enjoying your home to the fullest. Aim for a purchase price below your maximum limit to avoid being house poor. Furthermore, if opportunities arise to earn extra income through overtime or additional work, we encourage you to seize them. Every bit of disposable income you generate can be directed towards paying off your mortgage faster, resulting in substantial savings in the long term. When it comes to your real estate needs, trust the Compass Team to guide you every step of the way. Our expertise, dedication, and commitment to your financial well-being set us apart. Contact us today to explore how we can help you make the most of your real estate journey.
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