Norm & Lisa Racine

Well actually they never really left. We are selling just as many properties on a month to month basis as anytime over the past couple of years. The problem is, we have four times the inventory as we had last spring, meaning 75% of the listed properties since spring '07 did not sell. Likewise, it is my guess that 75% of sellers did not need to sell. This has a heavy impact on sellers that do need to sell. (Please do not go and burn your neighbours "For Sale" sign because you know he's only "fishing" for an outrageous price). In the first couple of weeks of 2008 we are again listing at an overwhelming pace. Zone 91 for example (Spruce Grove & Stony Plain) have over 80 new listings against 13 sales. How many even get showings? How am I supposed to sell my clients homes? hmmm... I think I've got some gasoline in the garage.

We are all aware of the term "buy low and sell high". We are in a buyers market and the prices are as low as will ever be again. Some sellers are accepting $30,000 or more under their asking price. If the market value of the property is in line, that is immediate equity that you can pick up. Arrange for a long possession date or rent it out for a few months, and you should realize a nice profit within a year. Not a lot of effort or risk exists. There will however, be a short window of opportunity so don't let the bird of paradise fly up your nose. Just do it!

It was announced this week, three international oil industry giants will move full speed ahead in northern Alberta oil sands development despite rising costs and increased royalties. Wasn't it reported a few months ago the royalties were going to destroy the oil sands? Total E&P Canada (H.O. France) will spend $10-$15 billion over the next few years on an Edmonton area upgrader and new mines, requiring 1,500 new employees. StatoilHydro Canada Ltd. (H.O. Norway) plans to do 200,000 barrels of bitumen a day in a Fort Saskatchewan upgrader. Marathon Oil (H.O. U.S.) is planning on quadrupling production of refining and is spending billions here to achieve it, and this is only the beginning. It's estimated that 100,000 new jobs will need to be filled over the next 18 months in Northern Alberta. All of these new faces will need new places. So the sky is not falling, on the contrary...it's going to be a bright, bright, sunshiny day.