Lethbridge Real Estate - Homes in Lethbridge
As September is upon us the prime season for selling your home in Lethbridge has come and gone. While the weather is still decent for the most part buyers and sellers who are serious about moving have already done so. It is a fact that our local Lethbridge real estate market revolves highly around the school year. This is partly due to the large number of young families in Lethbridge, but also due to the large number of students who come here to attend the University of Lethbridge or the Lethbridge College. Both of those puts a large amount of pressure on the Lethbridge real estate market.
An interesting cycle occurs because of this situation. The low end of the Lethbridge real estate market sells very well during the summer months. Virtually every decent property for sale on the start home end of the prices is now sold. The ones that are left are junkers or over priced crap. Smart sellers priced their home right and got it sold during the peak season.
Take for example my neighbor. He called me in July and asked what his home was worth. I told him the truth. His home was worth $250k, however since there were 35 other homes on the Lethbridge real estate market at that price, he would need to price it at $248k and have it sold by the end of the summer. This was pretty basic. The home is nice, clean, renovated, and priced right it would have attracted a young family and sold on the August long weekend.
Instead of taking my advice he decided to call a dozen other Lethbridge real estate people. Eventually after having several come over and give him prices ranging from $230k on up to $270k, he listed his home for sale with a competitor of mine for a price of $265k. This made his home 25k over priced with only a month of prime selling season to go in the Lethbridge market.
As a neighbor, I watched as 2 open houses have passed with virtually no traffic. I watch cars pull up, take a flyer out of the flyer box, look at the price, and then put the flyer back. After less than 2 weeks on the market, the listing agent reduced the price. Now down to $257k. Still about 9k over priced and 2 weeks left in summer. Days go by and nobody shows up to even look at the house. Its obvious just from looking at it on the internet that its over priced. The seller is probably frustrated, the listing agent is a moron err I mean mistaken, for even taking it at that price, and now it is September and the prime season to sell Lethbridge real estate is over.
I expect that within the next month the price will drop down to under $250k. I expect that the seller will come up to me on the street and ask why his house isn't sold. Some how I will tactfully tell him that he hired an agent who knows nothing about properly pricing homes, that the marketing sucked, and that because he missed the prime selling season I now figure his home is realiztically worth only $239k. Will he believe be now?
I doubt it.
Heck, but what do I know. I have only been selling hundreds of homes, moving thousands of people, and involved in the real estate industry for 18 years. Some people list houses, but some of us actually sell them!
Robert W May is a Real Estate Broker in Lethbridge Alberta, having now been in the industry for over 23 years. . He was also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta for the past 10 years. He is an industry leader always willing to help train and educate others in how to improve their business models for financial and personal benefit.