Any speculation about the Lethbridge Real Estate Market this year has been put to rest. I can say without hesitation that the market is very active. In fact the price range below $300,000 could be described at hot!
Many agents have found themselves in multiple offer situations reminiscent of 2006/2007 – the boom years for Lethbridge Real Estate.
Clearly the Government’s stategy of reducing interest rates to rock-bottom levels has paid off handsomely. As real estate is one of the biggest driving forces in the economy, this bodes well for an early end to the recession.
The only “fly-in-the-ointment” has been the market above $300,000, which is still struggling from a surplus of properties. However, there is no question the market is pushing from the bottom up, and I believe that the $300,000 plus sector will come into it’s own next year.
There is no business were the principles of supply and demand are more evident than real estate. Lethbridge has seen a drop from a high of about 700 houses for sale last year, to our present 550. This includes every conceivable type of property within Lethbridge’s boundaries. This means less choice for buyers and most likely a modest increase in prices during the next 12 months.
Suited homes have been selling well, as investors flock back to real estate to take advantage of high rents, low interest rates and the probability of price increases in the next few years.
My advice if you are “sitting on the fence”, is to buy now and lock in at historically low mortgage rates for the next five years. Real Estate is rebounding.
This information is brought to you by Allan Miller of Sutton Group Lethbridge. For more information about buying or selling Lethbridge Real Estate, please view my primary web site www.TeamMiller.ca or e-mail me at info@TeamMiller.ca. Telephone 403-320-6411.
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