If you were looking into buying real estate in Estevan, now would be the time to do so. With the number of listings available for sale at the moment one could find a home that fits all needs for a very reasonable price. Real estate broker Josh LeBlanc with Coldwell Banker Choice Real Estate in Estevan has some numbers.
“We have an increased number of listings in comparison to what we’ve seen in the past, or what we’ve seen at the height of the boom. Right now you are looking at the residential side, if you are looking straight in Estevan in terms of active listings, there is a 176 listings on the market right now,” LeBlanc said.
Winter is the least popular time to move, so traditionally the real estate market is slower during this time of the year. However, it’s hard to believe the difference between a few years ago and now. During the boom in Estevan there were between 30 and 60 houses available for sale at this time.
Since the offer went up significantly, prices dropped quite noticeably.
“In terms of price we’ve seen drops as high as 28 – 28.5 per cent on the average price and as high as 31-32 per cent on the median price,” LeBlanc said.
Sales are still happening, but for many sellers it’s difficult to adjust to the contemporary market conditions. Often individual financial situations don’t allow people to accept a much lower price for their home. However, as LeBlanc noticed, to see success on the market most participants eventually would need to adapt.
With the market being tough for those selling, the buyers or investors find themselves in a much better situation.
“If you are a buyer right now, I would say ‘Yes, absolutely, it is time to buy in this town, if you want to buy in this town.’ Our low is significantly lower than they were at the height of the boom,” LeBlanc said.
Estevan still may witness more price drops happening in 2019, but that is not promised to happen, since there is a number of outside influences, such as possible changes in interest rates, which may significantly affect the real estate market.
According to LeBlanc, the contemporary Estevan real estate market looks attractive to many investors.
“I’m working with quite a few investors on the rental side. We still see investor confidence in the community, there are people still buying rental properties and they are not having huge issues renting them out at all,” LeBlanc said.
In some cases, people sell their estate and go into rental situation till the end of their work contracts or schooling in the area. Others instead of investing into real estate prefer to rent to see, which way Estevan economy will go this time. And some use the opportunity to buy in Estevan for less before prices go up again.
“There is still consumer confidence out there, we are still seeing sales happen. Are the number of sales the same as what they were during the height of the boom? Absolutely not. Prices the same? No, but we had these prices rise and these inventories continue to rise. That’s going to provide an excellent opportunity for buyers. And that opportunity is now,” LeBlanc said.
So if you are a buyer or an investor, who is considering Estevan, it’s time to seal deals in the Energy City.