Tough year for the Lethbridge real estate market so far! However, we’re having some solid success on our side of the desk at Karri Flatla & Associates, beating out market averages for days on market and sale price to list price ratio. Here’s how things are looking on city MLS®, June year to date:
- Transactions are down 6.8%.
- Prices remain flat.
- 5.6 months’ inventory (3 month average).
Overall, Lethbridge real estate is presenting as a buyer’s market. As always though in the city, much depends on location, price point, and how many buyers for your type of home?
We made up some lost ground on June closings after a long winter. So that was a nice early summer push! But keep in mind, the YTD decrease is a decrease versus an already down year in 2017. 2017 was the first year in 7 that home sales went in reverse here in Lethbridge.
in today’s lending environment, it’s risky to attempt a sale before talking to a mortgage professional…
The mortgage rule changes that happened in 2016 and 2018 continue to challenge homebuyers who aren’t qualifying for the budget they hoped for. Additionally, a lot of homeowners trying to sell are running into unexpected snags with the lenders. Not only are payout penalties often higher than anticipated, but lenders are making it more difficult to re-qualify and port mortgages to new homes. The mortgage pre-approval discussion isn’t just for homebuyers anymore.
No matter what your’e trying to do with your personal real estate, it’s more critical than ever that you find an agent—and mortgage professional—who can perform, work hard, communicate, and help you earn the best results possible in a challenging market.