From COVID-19 to plummeting oil prices to toilet paper shortages(?), the fear and doom messages are rolling across our screens in a dizzying array. The news in real estate is not a lot better. That said, there are many, many things that are within your control as homeowner, despite the fact that the world seems to be melting. No matter the market, selling a home in Lethbridge is almost always a matter of being strategic with your price, promotion and presentation. That’s where we can help.
To sell a home with success in this Lethbridge market – particularly now – you must understand the playing field, before you get onto it.
So, what does the playing field look like right now? January and February 2020 are not showing a rebound yet after a relatively sluggish winter market at the tail end of 2019. We are still quite high on inventory in the City of Lethbridge. In the under $400k range, we have 8.1 months of inventory, while the over $400k is showing 16.5 months of inventory. Overall, there is 9.1 months of inventory city-wide. That means if lined up all the homeowners in Lethbridge waiting to sell, it would take approximately 9 months for those homes to clear the proverbial shelves.
And, as always, too much inventory means downward pressure on prices. To sell your home in a timely fashion, it needs to be better than ‘fair value,’ it must be best in class. That means it’s clean, well maintained and looks terrific for the money.
Watch my video below for a more detailed discussion of this new and truly different market we’re heading into on account of low oil and a viral pandemic the likes of which we’ve not seen before.