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Some struggling to sell homes amid buyer's market in Regina
Published Friday, June 30, 2017 6:17PM CST
Debbie Ward has been trying to sell her Lakeview home for five weeks. It’s been a slow process.
“We’ve had a couple of open houses and a few people came and looked at it but that’s been it,” she said.
Ward isn’t alone. According to local realtor Ryan Bender, some sellers are seeing their homes languish on the market for up to 90 days.
He said some neighbourhoods are facing more challenges than others.
“In newer areas it’s tough. You have a lot of very similar houses,” he said, specifically citing the Greens and Harbour Landing.
Bender said with so many houses with similar sizes and styles, buyers have a lot to choose from and can afford to get picky.
“In this market if you bought your house or a condo in the last two or three years and you’re selling it now, chances are you’re going to be losing money,” he said.
However, there are steps sellers can take. Bender suggested keeping things tidy inside and out in the yard goes a long way. He acknowledged this can be easier said than done when living in a home while trying to sell it, but said curb appeal goes a long way.
According to the Realtors Association of Regina, the city has more property on the market than in recent years. There are currently between 1,600 and 1,700 properties for sale on the MLS marked within city limits.
The association said demand is still strong, but setting a correct asking price is essential to getting buyers’ attention in a saturated market.
“Buyers have so many choices out there,” said Gord Archibald, president of the realtors association of Regina.
“If a home isn’t priced right and there are others comparable to that price and its priced right, that’s where they’re going.”
While these factors could mean a tougher summer for sellers in Regina, it does have advantages for buyers trying to find a home, and a price, that’s right.