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Should you Worry about Competing Listings?

Imagine you’ve been waiting for the right moment to sell your home and you’re finally ready to list it. But, just as you’re about to put up the sign, you notice that a few other FOR SALE signs have unexpectedly popped up in the neighbourhood.

Oh no! Now there are competing listings. Does that mean you should put your plan to sell your property on hold?

Not necessarily.

Just because comparable homes are for sale in the area doesn’t mean it’s not a good time to make your move. In fact, even if there is a sharp increase in local listings, active buyers might still outnumber properties available.

In that scenario, you’d likely get several interested buyers.

And, even if it’s a buyer’s market, this might still be the ideal time to sell, especially if your home has desirable features buyers want. You may even have an advantage over other listings on the market.

In addition, a large part of a successful sale is in how a property is marketed and promoted. With effective marketing, your home is more likely to be noticed by the right type of buyers... buyers who are actively looking for a property like yours.

So, waiting for the perfect moment to sell your home rarely makes sense. In most cases, the best time to list is now.
 


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What’s the “Emotional” Return on Investment of a New Home?

Chances are, you’ve heard the expression, “Your home is your biggest investment.” For most homeowners, that’s true. So, when you’re shopping for a new home, it’s important to consider the financial opportunity of any purchase. Ideally, you want a home that is likely to increase in value over time.

In other words, you want a home with a strong potential return on investment.

But dollars aren’t the only type of return you should look for in a new home. Real estate is unique in that the “emotional” return is just as important as the financial return — and, in some cases, even more so.

Say, for example, you’re thinking of moving to a neighbourhood that is closer to work. In fact, you’ll cut your commuting time by an hour each day. Financially, that return on investment means little beyond some savings on gas. However, the emotional payoff can be very high, especially when you consider what you can do with that extra hour each day. Imagine what it would mean to spend more time with your kids or workout out at the gym more often.

So, considering the emotional return on investment when you’re moving is essential. It has a huge impact on your lifestyle and your enjoyment of the property.

How do you factor that in when selling your property and searching for your next dream home?

When you see a listed home you like, make a list of all the emotional benefits of living there. That list might include having a park nearby, living closer to friends or family, having a home office that isn’t the kitchen table, having more space to accommodate a growing family, and so forth.

Then, factor that list into your decision of whether or not to buy.


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New property listed in Evergreen, Saskatoon

I have listed a new property at 227 Pohorecky ST in Saskatoon.
STUNNING! Former luxury show home built by renowned BlackRock Developments. Primely located & backing green space in prestigious Evergreen. Ease of access to parks/walking paths/schools/amenities. This 1838sqft 2storey, 3BD, 3Bath home provides elevated elegance & meticulous quality. The open-concept main floor offers a spacious foyer, gleaming hardwood, arch design, frame wainscotting and abundant natural lighting provided by the north windowed wall offering tranquil panoramic views. The living area centers around the tile gas fireplace & niche; Adjacent to the formal dining area w/garden door and stylish maple galley kitchen enhanced by a mosaic backsplash, pot drawers, under cabinet lighting, granite countertops, electric bar island w/triple suspension lighting, SS Samsung appliances and pantry. An ideally located mudroom w/direct access to the 24x26 finished heated garage, provides additional access to a 2piece bath w/quartz vanity & main floor laundry option for ultimate convenience. The 2nd floor showcases a 17x22 vaulted bonus room adorned w/European imported champagne crystal lighting & tinted South windows reducing UV rays/heat to maximize comfort; 3 bedrooms w/wall spanning windows & large closets - the primary providing a walk-in plus a lavish 5 piece tiled en-suite w/clerestory window, maple/granite dual vanity, independent shower & infinity bathtub which design mirrors the common bathroom w/raindrop shower. Basement provides 2nd laundry area w/raised washer & dryer/rinse sink/drying rack & maple cabinetry. The remaining area is prepped w/insulated walls/floor/ceiling for future design. Superior landscaping offers a 16x18 custom composite gazebo deck w/shaded privacy rail structurally weight designed to support home expansion, interlock brick triple driveway/patio/firepit & walkways w/built-in water channels, vinyl fence, timer UGS, 3’ deep concrete garden beds, matching sheds, accent greenery/fruit trees, Remnant Steel privacy screen & gated RV parking.
$629,900MLS. Evergreen, Saskatoon
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SASKATCHEWAN CLOSES 2023 WITH SIXTH CONSECUTIVE MONTH OF ABOVE-AVERAGE SALES

Saskatchewan is reporting above-average sales for the sixth consecutive month, with 757 sales across the province in December, a year-over-year gain of 19 per cent and 13 per cent above long-term, 10-year averages.


Year-over-year sales gains in the second half of 2023 failed to offset earlier pullbacks, as the province is reporting a 3 per cent sales decline compared to 2022. While the year-to-date sales decrease was forecasted as the market returns to pre-pandemic sales levels, much of the decline was driven by slowing detached activity. Meanwhile, apartment and semi-detached sales levels improved and continue to contribute to strong monthly sales.


Above-average sales were met with a decline in new listings, resulting in declining inventory levels throughout the year. Inventory levels across the province dipped by over 16 per cent year-over-year in December and remain nearly 35 per cent below the 10-year average.


“Higher lending rates continue to push prospective buyers to seek more affordable options within our market, while inventory levels within that market segment remain extremely tight,” said Association CEO, Chris Guèrette. “When paired with declining new listings in more affordable properties, there simply isn’t enough inventory in lower price ranges right now.”


The shift toward more affordable products has increased price pressures for apartment, row, and semi-detached property types. Meanwhile, detached homes, which account for the majority of sales activity across the province, reported similar prices compared to last year. Saskatchewan reported a benchmark price of $319,300 in December, down from $324,400 in November and nearly 2 per cent above December 2022.


“Saskatchewan’s housing market continues to benefit from the economic success in our province, including a strong labour market and record population growth,” said Guèrette. “Supply challenges, specifically in the more affordable segment of the market, remain our biggest concern when looking ahead to 2024 and are likely preventing even stronger monthly sales numbers.”


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Regional Highlights

Despite a slight dip in year-to-date sales across many regions of the province, year-over-year sales activity increased across all regions except for the Northern Region and remain significantly higher than long-term averages.


The decline in new listings across the regions in 2023 continues to drive inventory levels well below long-term, 10-year trends. The Saskatoon-Biggar Region (4.42 months of supply) and the Regina-Moose Mountain Region (5.43) continue to experience the tightest conditions in the province – while the Swift Current-Moose Jaw Region (8.65), Yorkton-Melville (8.84), and Prince Albert Region (8.43) saw a shift to more balanced conditions.


Price Trends

Benchmark prices varied across the province in December, as the communities of Humboldt (+6.2 per cent), Meadow Lake (+4.2), Melfort (+0.7), Melville (+4.8), Moose Jaw (+1.4), Prince Albert (+2.3), Saskatoon (+5.5), and Yorkton (+1.8) all reported year-over-year price gains.


In contrast, Estevan (-7.5 per cent), Regina (-4.1), Swift Current (-4.9), and Weyburn (-5.3) reported year-over-year price declines.


City of Regina

The City of Regina reported 188 sales in December, a year-over-year gain of nearly 25 per cent and 24 per cent above long-term trends.


Despite significant new listing growth in December, the number of new listings decreased by 12 per cent in 2023. This resulted in further reductions in inventory levels, which remain over 33 per cent below long-term averages in the Queen City.


Strong sales and below-average inventory were not enough to prevent price adjustments in December, as the City of Regina reported a benchmark price of $299,800, down from $308,500 in November and 4 per cent below December 2022.


City of Saskatoon

The City of Saskatoon reported 230 sales in December, a year-over-year gain of 14 per cent and 10 per cent above long-term, 10-year averages.


Strong sales were again met with a pullback in new listings, resulting in further inventory declines, as inventory levels in the Bridge City are nearly 45 per cent below the 10-year average.


Tight market conditions supported modest price growth in December, as the City of Saskatoon reported a benchmark price of $374,100, up over 5 per cent from December 2022.

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