For Home Buyers

Insider tips for metro Edmonton home buyers.

There are currently 25 blog entries related to this category.

Don’t fall into the trap of complacency

At this time of the year, hundreds of home sellers witness outstanding success and sell for full market value.

 Between mid December 2016 and mid January 2017 over 600 homes sold in the Edmonton market taking around 60 days to sell. Click on this link to see the detail Edmonton Market Report.

Here’s why you could do well:

  1. Reduced competition. Many sellers just give up until Spring. Buyers who are looking at this time of the year are serious. They might pay you a premium price, if they can move in quickly.
  2. Home values often go up. Based on last year’s statistics house prices in the metro Edmonton area increased just before Christmas.
  3. Many Edmonton area workers get bonuses at Christmas. Why
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This is our latest home offering in Walker a popular, newer community on the southside of Edmonton. On the outside the home might look small. Walk in and its little like the Tardis from Dr. Who. It feels so much bigger than the outside would suggest. The owners spent a little bit extra on things that give the home a semi luxury feel including hardwood, stainless appliances and higher end tile work. For all of the details please click here.
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At Ambergate Realty Advisors we help many Edmonton area home buyers each year search for and move into wonderful homes, both single family and condos.

Are you serious about buying a home? Do it in the week, do it during the day. Be first.

One thing that we constantly face is home buyer complacency. Many of the clients we work with initially want to see homes when they are not at work. This normally means evenings and weekends. This approach has several downsides for you and we suggest you start thinking a little differently.

Here are 4 reasons why you should shop for homes during the day, in the week:

1. You See the Home More Realistically

Want to shop for home in the evening? Depending upon the time of the year this could be big

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1. The service is readily available so why not use it?

Here in the metro Edmonton market its quite normal for home buyers to start a relationship with a REALTOR® to help them sleuth out ALL homes for sale. The good REALTORS® will also help you to identify homes that are not even on the open market. We do this all the time.                  

2. The listing REALTOR® is not working for you

It might seem smart to contact the listing REALTOR® and ask her to show you the home that she has listed for sale. You can ask direct questions and get the inside track on the home. Be aware however that the listing REALTOR® will also use this opportunity to get the inside track on you. If you tell her that you really love the home, that you

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Thinking of selling your home? Getting a paid for appraisal might be a great place to start determining your property value, providing you are aware of the limitations.

Pitfalls of Appraisals

An appraisal is an entirely theoretical exercise which is based on the application of a number of traditional approaches to establishing and calculating a home's value. The best an appraiser can do is to establish a “notional” value based on these principles.

Appraisers are most often called to apply these theories for the purposes of establishing: finance value, insurance value, tax value, value for estate planning and when a divorce is happening, a notional market value to allow one party to buy the other out.

Only the Market Can Dictate Actual

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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:
August proved that our Edmonton market is robust. Values were markedly up in July and stayed high throughout August. Days on market is flat, suggesting a balanced market for buyers and sellers. Almost the same numbers of homes were sold in August compared to last year, pointing to ongoing and strong demand.

Sales Values

Sales in Edmonton dropped slightly in August, but only by a modest $1197 dollars over the same time last year.

Days on Market

Homes were selling in the same amount of time as last year i.e. only 54 days.

Numbers Sold:

Only 7 fewer Edmonton homes sold in August 2016 compared to August last year.

Outlook:

If you are buyer looking for a home we urge you not to wait too long. Values are increasing

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At this brokerage we find that there is a plenty of confusion by our home selling clients and our buyers as to how they secure financing and make sure that this piece is handled properly during both the negotiation phase and the due diligence phase of buying (or selling) a new home.

There are essentially 2 steps.

Step 1 – Initial Approval

Must be completed BEFORE you start looking at homes. Most good quality Realtors® will not spend much time showing you homes until this part of the process is complete.

As a buyer, you need to find out how much a lender will actually advance you and you need to be comfortable with the payments.

To get this information, your mortgage broker will need to determine if you can borrow money and this decision

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Edmonton Market Summary for July 2016:

July was a pleasant surprise for home sellers in Edmonton. After witnessing a slight decline in June home sale values, prices jumped back up significantly in July 2016. Sales volume remains lower and it’s still taking longer to sell a home however.

Sales Values

 

Home sellers across Edmonton enjoyed a 4% uplift in values compared to the same period last year. Homes sold for an average price of $387,916 compared to $373,809 in July 2015, or $14,107 more.

Days on Market

 

In July it took on average 52 days to sell a home compared to only 49 days last year. We have seen this gap shrink as the year has progressed. 

Numbers Sold:

 

Only 228 fewer homes Edmonton homes sold in June 2016

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