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Sunday, June 7, 2015
Challenging times if you are trying to sell
My brokerage has recently compiled statistics over the past 5 years regarding sales of cottage lots in Vulcan County. If you are in the market to sell your cottage lot, it is a bit concerning. Between Little Bow Resort, Milo Estates, and Lake McGregor Country Estates, the average number of cottage lots selling each year is 4.6. There was a recent article in a Canadian real estate magazine, stating that the recreational property market in Canada is picking up. That caught my eye so I read further. The article pointed out that this upward trend did not apply to Alberta and parts of British Columbia. That was a bit of a kick to the stomach, but I guess we already knew that the market is still soft (perhaps much like my stomach!). Patience is a virtue, and it applies here. And when you do get an offer on your property, decide whether it is worth the money to hold out for the price that you really want your property to sell for, or are you ready to just be done with it and move on. Buyers are usually pretty smart, and they are looking for a bargain. For example, a couple of weeks ago, I showed cottages to a couple. We looked at most everything that was available for sale at the resort. They purchased a cottage from owners who were aware of the current market conditions, and were ready to take their loses and move on. The buyers are happy that they got a deal, and the sellers are happy now that they can move on with their lives. It should be noted, that during challenging markets, there are buyers out there. They are more like vultures, ready to scoop up a deal.
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