Real Estate Insights: Trends Shaping the Market in 2024

As someone who has been in the real estate industry for over 20 years, I have seen the market go through many changes, but what I’ve noticed recently is particularly interesting. The buyers of today have a distinct set of preferences, and these trends are reshaping the real estate landscape. Here are a few key observations I’ve made this year.

1. Smaller, Practical, and Modern Homes Are In Demand

This year, I’ve seen a noticeable shift towards buyers prioritizing smaller, more practical homes with a modern design. When I say “modern,” I’m not just referring to sleek finishes and contemporary layouts, but brand-new properties. Many buyers today prefer homes that are move-in ready with minimal work needed. I believe this is partly because a lot of buyers don’t consider themselves handy, so the appeal of a new home is that it doesn’t require renovations or immediate fixes.

2. The Influence of Buyers from Toronto and Vancouver

Interestingly, I’ve seen an influx of buyers coming from Toronto and Vancouver. Many of these buyers are used to pre-construction markets, and their purchasing habits reflect this. They tend to seek out brand-new homes, which has led to Calgary builders taking advantage of the opportunity by catering to this demand. These buyers often have smaller families, and they aren’t necessarily looking for the sprawling homes of the past.

3. Location is Less Critical

One of the most surprising trends I’ve noticed in real estate is that location is no longer the dominant priority it once was. Traditionally, location was considered the most crucial factor, but today’s buyers are increasingly focused on the condition and quality of the home itself. While this isn’t true for every buyer, it’s a pattern that has become more prominent in my practice, especially among those relocating from out of town. Many of these buyers are unfamiliar with Calgary’s specific neighbourhoods or streets, and even within the same neighbourhood, estate areas that once commanded premium prices are no longer guaranteed to do so. As a result, buyers are placing greater emphasis on the home’s condition rather than its precise location.

4. Resale Homes: Preparation is Key

Now, let’s talk about resale homes—especially those that are 15 years and older. Selling these homes in the current market can be challenging if you want to get top dollar, but I’ve found that preparation is the key to success. Here’s what some of my recommendations:

• Decluttering: Make the space feel larger and more welcoming.

• Fix Visible Issues: Small repairs go a long way in making the home more appealing.

• Fresh Paint: A new coat of paint, especially on the front door, can make a big difference.

• Staging: This is a must. Using modern furniture and creating visual appeal with dramatic staging and wall art can completely transform a space.

• The Power of Scent: I’ve learned that the way a home smells can make a huge impact on buyers. Simple tricks like baking cookies or simmering potpourri can leave a lasting impression.

5. Lessons Learned

Over the past 12 months, I’ve gained valuable insights that have refined my approach. I had the opportunity to work with larger, older homes, expecting strong interest, but it became clear that today’s buyers prefer homes that are move-in ready. They want spaces where they can immediately picture themselves, without the need for major renovations or updates. Buyers today are more stressed and financially cautious, so when they purchase, they look for simplicity—homes that offer convenience and a smooth, hassle-free transition. This experience has enabled us to better guide sellers in preparing their properties to meet market demands, ensuring quicker and more successful sales.

If you’re thinking of selling, my advice is to focus on making your home feel modern, fresh, and move-in ready. A little bit of effort in preparation can make all the difference in today’s market.

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_{Disclaimer: The information provided in this article is based on current market research and publicly available data. While every effort has been made to ensure the accuracy of this information, market conditions can change rapidly, and readers are encouraged to conduct their own research or consult with a professional for specific advice. Information deemed reliable, but not guaranteed.}