As a real estate professional in Saskatoon for over 15 years, I’ve seen many shifts in the housing market—but this year has brought a new kind of conversation to the table: what a home is listed for may not reflect what it will sell for.
Saskatoon’s housing market continues to experience low inventory and high buyer demand, resulting in multiple offers and sale prices soaring $10,000, $20,000, and even $50,000 above list price. It’s a tough reality for many buyers who are just starting their home search. In fact, the most difficult conversations I’m having with clients right now aren’t about finding the perfect home—they’re about adjusting expectations and understanding true market value.
That doesn’t mean every home sells above asking. Some are still overpriced and sit on the market longer, which creates opportunities for negotiation. I actually helped a client secure one of these properties just this past weekend.
However, buyers need to be flexible, especially when planning their finances. If you’re only looking at homes listed at your mortgage approval maximum, you might miss out. It’s important to account for the possibility of offering above the asking price, particularly in competitive neighborhoods.
The key? Research and a great agent. Work with someone who can provide you with accurate, up-to-date comparable sales, so your offer reflects the actual market value—not just the sticker price.
If you have questions or want to discuss the current Saskatoon real estate landscape, don’t hesitate to reach out. Staying informed is your best advantage in this market.
FAQs
Why are homes in Saskatoon selling over asking price?
Low inventory and high demand have led to competitive bidding situations, which often push final sale prices above the listed amount.
Should I offer more than the listing price?
In many cases, yes—especially for well-priced homes in high-demand areas. Your agent should review comparables to guide your offer.
Can I still negotiate on price?
Yes. Some homes are overpriced and may sit on the market longer, giving you room to negotiate, particularly if they lack offers.
How do I know if a home is worth the asking price?
Review recent comparable sales with your agent to determine the market value and decide whether the asking price is fair or inflated.
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