It’s said that patience is a virtue. These days that valuable trait appears to be benefiting home sellers more than buyers.
Last year there were owners that were unable to sell their homes and chose to let their listings expire. Those sellers waited and tried again this year. Guess what? They’ve now sold and for more than they were asking the year before. Here are just a few examples of properties that sold in the past 4 days that had their previous listing expire in 2013.
The sellers of the above Saddleridge home were asking for $375,000 in March 2013 but the listing expired without selling. The home sold this month for $395,000.
In Silverado, this home was listed for $439,900 as recently as October 2013, but didn’t sell. It was relisted in March and sold for $475,500 a couple days ago.
Another Silverado home was unable to sell last summer while it was listed for $399,900. The above property was listed again this month and sold in 10 days for $420,000.
This Skyview Ranch homeowner was asking for $369,900 before the listing was terminated in August 2013. It was relisted again on April 7th, C/S in 1 day, and sold for $395,000.
Onward to Mt. Pleasant where this attached dwelling was being offered at $729,900 last spring with no success. On April 4th it was listed again, C/S two days later, and sold for $740,000.
Last May, the above Aspen Woods listing expired with an asking price of $664,900. It was relisted again last month and sold 3 days ago for $675,000.
No one wanted to buy this Country Hills home when it was for sale at $370,000 for several months last summer. It sold in 8 days this month for $381,500.
Between June and August 2013, this Canyon Meadows home was listed For $499,900 but had no takers. It was listed again on April 4th and sold on April 17th for $527,500.
There are many homes for sale that are overpriced today. But in a rising market, homeowners that aren’t constrained by time may opt to just wait until their price point is reached. My advice to those sellers: keep in mind what happened in 2008. When it became clear that prices weren’t going to climb forever and reversed course, everyone listed their homes and the market flooded to record high inventory levels. The advantage shifted to buyers, and one day it will again. The only question is when.
Are you looking to buy or sell a home in Calgary, Airdrie or Chestermere? Contact me at firstname.lastname@example.org or at 403-554-2284. I look forward to hearing from you!