October 2016

There are 5 blog entries for October 2016.

Here in the metro Edmonton area lots of folks just love Halloween. Perhaps it’s a family tradition? You put up those inflatable and powered spiders, ghouls or Frankenstein like monsters on your front lawn. You festoon your windows with spider and witch shaped stickers and some of your tricks make a loud noise, or are designed to scare the person nearest to it.

Our advice?

Please don’t do any of these things when your house is listed for sale.

Obstructing the view of the home, making it scary or associating it with death (picture those tombstones that some folks install) all give the wrong impression.

Stickers on windows block out light. We suggest you avoid these completely.

So if your heart is set on celebrating Halloween what should

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Perhaps like many people this year you have tried to sell your Edmonton area home and not been successful? It’s time to dispel a couple of myths:

1. It’s not always about your price being too high. Buyers will use your asking price to decide a couple of things. First - will they put your home on their shopping list? And second - does your price stack up against your competition? However, price alone will not dictate the outcome.

2. You need more than just an MLS® listing. Too many consumers think that Realtors® are commodities and that either any Realtor® will do, or that they are guaranteed to be successful in selling provided they are listed on the MLS® System. Not true!

In 2016 about 50% of listings put onto the MLS system have FAILED to

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We find that many consumers use Realtor.ca in the mistaken belief that they are looking at the actual MLS® System used by Realtors®. They are NOT. Realtor.ca (formerly MLS.ca) is nothing more than a data feed provided by the Canadian Real Estate Association (CREA) in Ottawa, taken from all of the different Realtors® Associations across the country and presented to the general public as a kind of ‘shop window’. Only Realtors® can access the actual MLS® System. There is some distinct disadvantages in relying solely on www.Realtor.ca when you search for a home.

For example:

1. Not Easy To Search in Detail

Because the website has to present information from a large number of actual MLS® Systems (all of which collate data differently) the ability

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Did you hear about this in the media?

Motivated home buyers should act by October 17th or face the unenviable position of having to settle for a less desirable home. The government has introduced some changes to the mortgage qualification rules and October 17th is the deadline.

The new rules require that all insured mortgages undergo a ‘stress test’. The test will ensure that you can qualify for a mortgage at the Bank of Canada posted rate of 4.64% (even though you will be able to shop for market rates).

What does this really mean? You may not be able to borrow enough money to buy the home you want.

Here is an example (as provided via AREA & by a mortgage professional)

Let’s pretend the follow scenario applies to you:

     

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Summary:

The supply of homes for sale remains stubbornly high. Based on current demand, if no other home sellers entered the market it would take 5 months to sell out. However, sales values in September were impressive compared to the same time last year.

Sales Values

 

Sales values increased in September by more than $10,750 over September 2015. This represents a 3% INCREASE.  

Days on Market

 

Days on market has slowed slightly. 51 days on market for September 2015 compared to 54 days this year.

Numbers Sold:

 

124 fewer homes Edmonton homes sold in September compared to last year. This could be concerning. The drop in numbers for August was only 7.

Outlook:

So far this year, home sellers have continued to do

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