If you are new to the Okotoks real estate market, you may find it very hard to find a house you can afford or get a loan to buy. The 1998 limited growth policy is now reaching its cap of 30,000. Unless the town can find a new water source, buying a starter home in the area is likely to seem impossible.
Starter Homes in Okotoks
Most young couples venture into home ownership by purchasing a condominium, townhouse, or small single family home. Previously, if there were none available, you could have one built or wait a few months for a development to be complete. Without the ability to have a new home built, more people are staying in their starter homes longer. In short, not only can you not have a new home built, there are also very few available to purchase.
If you are thinking about buying your first home, be ready to be quick to make an offer when you find one for sale. Because this is a seller’s market, it’s best to avoid low offers. If you do make an offer that is lower than the asking price, you will likely be turned down. There are buyers who are willing to offer more than what the sellers are hoping to get, just to solidify their chances of owning a home.
Real Estate Development in Okotoks
In an effort to make more real estate in Okotoks available for potential homeowners, the town is trying to annex 1,000 hectares from Foothills. While this will provide enough land for new homes to be built, there will still be the problem of not enough water. Without a new source of drinking water, the number of homes that can be built is very limited. The town is nearly at capacity now.
For the time being, many young people are choosing to rent a little longer. If you already own a home and want to upgrade, be sure you have a home all set to go to closing before putting yours on the market. Since it is a seller’s market, you will likely be able to sell your home in a very short amount of time.
While you can get a great price for a home you currently own, you are also going to have to pay a high price for the next one you buy. You can come out ahead if you are going to be downsizing to a smaller home.
Selling a home in Okotoks is very easy in today’s market. Buying one is much more difficult. Contact a real estate agent to get the process started, whether you need to buy or sell. Real estate agents have access to listings before the general public if you are looking to buy, and also can bring pre-qualified buyers to your door if you are selling. This type of competitive market is not one in which you want to try to buy or sell on your own.