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Surviving the slump: how to navigate today’s real estate market

Click to play video 'Surviving the slump: how to navigate today’s real estate market' Surviving the slump: how to navigate today’s real estate market
WATCH ABOVE: Real estate broker Len Wong joins Global’s Linda Olsen with five tips on how to sell your home – Feb 8, 2017

Buying and selling a home can be a daunting procedure. The real estate market is tricky to maneuver and it can be hard to get your house noticed in Alberta’s current economy.

Experienced real estate broker Len T. Wong believes things are starting to level out in the market after a couple of challenging years and has tips on how to navigate today’s real estate market and information on when to negotiate commission with a realtor.

“Over the last two years, it has been very down and out, but we are beginning to see a lot of positives and optimism. I think things have stabilized quite a bit,” Wong said.

Special coverage: Surviving the Slump

It’s still a buyer’s market, but things are beginning to turn around for the sellers. The Calgary Real Estate Board predicts home sales in the city to be on the rise in 2017.

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According to the CREB, they are looking at home sales rising three per cent this year, up to 18,335. That number would still be lower than the totals from 2014 and 2015.

Detached home prices dropped an average of 4.7 per cent at the start of the recession in 2014. The Board also said the benchmark resale prices that fell 3.84 per cent last year should begin to level off with a 0.3 per cent growth this year.

READ MORE: Surviving the Slump – layoff pushes Calgarian to start her own business

WATCH: Real estate broker Len Wong joins Global’s Tomasia DaSilva with tips on how to choose the best realtor.
Click to play video 'Surviving the slump: how to negotiate commission with a realtor' Surviving the slump: how to negotiate commission with a realtor
Surviving the slump: how to negotiate commission with a realtor – Feb 8, 2017

The most important thing to do when selling is to find the best realtor available, Wong said. With more options becoming available, Wong outlined a couple of pointers to help get your stick out.

“When you hire a realtor, make sure you hire them for their marketing plan services, don’t hire for their price. Ultimately, the market trims the price,” Wong said.

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Wong also recommended treating your home like a show home: clean it up, take care of the cosmetic repairs and touch-ups. Houses are being priced competitively, the buyer has lots of choices, so it would be beneficial to take the time and make it look nice. Pre-home inspections and professional photography will also boost the interest in the property.

“In a softer marker like we have had the last two years, I think it’s important to get the realtor that’s giving you the most marketing exposure to get your house out there,” Wong said.

For more information in regards to buying or selling property, check out Wong’s website here.