Is it a buyers market in Lethbridge this spring?
Spring has finally arrived after a tough winter in southern Alberta. The freeze on housing sales is finally thawing out. The spring market is considered a prime time for moving as people try to lock down their purchases in time for summer.
“We are heading into the spring market and its typically the busiest time of year so you may see many signs popping up. Get your place ready because people are looking,” said Cathy Maxwell, the CEO of the Lethbridge and District Association of Realtors.”
The Lethbridge Real Estate Board says right now the housing market is fair. Prices have dropped from the boom five years ago. Unlike Calgary where the housing market is lacking inventory, Lethbridge has a lot to choose from.
“I would say it’s a balanced market. It means an equal opportunity for a vendor to sell and a buyer to buy,” adds Maxwell.
Those that are buying new homes are looking at the price point between $220,000 and $350,000.
Interest rates are still historically low and with the bank of Canada holding prime rate . The bulk of sales are between $200,000 and $270,000.
According to Darren Gugyelka, a realtor with Tiger Realty in Lethbridge it should be a quick sale if your house is priced under $300,000
“If you are a buyer and looking at a property your agent doing your job is obviously going to let you know what the value of the property is and homes are selling at what they should be selling for.”