If you’ve been considering buying or selling a home in Saskatoon and surrounding area, there are some KEY things you need to know about the real estate market right now!
The stats from January are in, here are two key points to know right now:
1) Inventories are REALLY LOW.
As of February 1st, there were only 848 active listings on the MLS. 436 are single family homes and 416 are condos.
To compare, on February 1st of 2021, there were 1026 active listings on the MLS and 496 of those were single family homes. That’s a reduction in listings of almost 12% compared to last year - and we thought listings were low at this time last year!
2) Sales are staying strong despite low inventories
In January there were 244 sales for the month. This number is down about 11% compared to the same time in 2021, but if you consider the lack of inventory we are experiencing right now this number is still very strong. In fact, this is still higher than sales in January of 2020 where we only saw 219 sales that month.
What does this mean for a seller?
When you combine those two factors - lack of supply and high demand, it creates the ideal conditions to sell your home and the value for your home is increased. If you’ve been considering selling your home, do not hesitate. Let's talk about getting it on the market now to take advantage of the current market conditions.
What does this mean for a buyer?
Lack of supply does make it a bit trickier to find exactly what you're looking for on the market. One strategy that you might want to consider in this market is buying or building a new home with a reputable home builder.
Jamie and Ross have represented North Prairie Developments at the Meadows in Rosewood for the past 4 years. They have a large supply of new lots and floor plans that are available.
When you buy a new home through a builder, compared to buying a used home, you will likely have to compromise less and you will get more of what you want since you can choose the layout and finishings that suit your needs.
You also get the benefit of everything being shiny and new and having a new home warranty protecting your investment. This means that if you experience issues with your home it will be covered by your warranty within a certain time period.
You can either buy a pre-built spec home or build a home with a builder. When you buy a spec home, because it is fully developed and available to be purchased with an immediate possession, you won’t have the opportunity to customize the home to your taste or specifications.
If you choose to build a home with North Prairie Developments it typically takes around 6 months to build. You will get to choose from a variety of floorplans at various sizes, price points and you will also likely get to select some of the finishings that you want to see in your dream home. Keep in mind that not all builders allow those custom changes.
If you are looking to sell your existing home and buy or build a new home, you should work with someone who knows the in’s and out’s of the home building process.
Jamie and Ross both have extensive knowledge of residential home construction and renovations. Ross has over 25 years experience in residential construction and Jamie started his career as a journeyman carpenter.
After working as a carpenter, Jamie eventually decided to transition his skills and knowledge of residential construction into real estate. Jamie has been specializing in new home sales with various home builders over the past 12 years.
As Realtors who specialize in new home sales, Jamie and Ross can help you navigate the planning and building process, strategically plan when to list your existing home and help to negotiate a possession date that will work within the time frame of your new home build. This way you can seamlessly transition from one home to the next.
If you are interested in getting any more information on how to get started, please reach out to us and we’d be happy to help!