General Information for Home Buyers & Sellers

There are currently 60 blog entries related to this category.

 

Summary:

Home buyers continued to demonstrate their believe in the Edmonton housing market by paying more and by purchasing in larger numbers.

Sales Values:

Prices jumped up in November 2017. Home sellers received almost $383,000 on average compared to around $379,000 in 2016. This equates to about a 1% increase or $3251 per home seller.

Numbers Sold:

This is big news. 112 more homes sold this year compared to November 2016. Excess inventory also came down. In October there were 688 more homes for sale when compared to October 2016. In November excess went down to 448. Supply is still at 6 months.

 Days on Market:

Homes went under contract in 64 days this November compared to 62 days in November 2016. This is not

152 Views, 0 Comments.

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
305 Views, 0 Comments.



If you are going to put your home up for sale, you are likely wondering how much its worth. What you might not realize is that the price you eventually sell for will be a direct result of the choices you make in 7 areas.

Let’s discuss each of them one by one:

Your Timing

How quickly can you move out?

Based on years of experience I have noticed that the best qualified buyers are almost always in a hurry. The best buyers are ‘between’ homes and anxious. The quicker you can help deliver them from this state the more attractive your home will be.

And just in case you were worried that offering immediate possession could make you homeless please don’t worry. In most cases, it takes a few weeks to find a buyer and a few more weeks to close the

352 Views, 0 Comments.

I’m originally from the United Kingdom where real estate sales commissions have always been lower than those that we find here in Canada.

Why?

REALTORS® have historically provided higher levels of service in our Edmonton market than estate agents back in the UK and in Europe generally. However, most home buyers purchase directly through the seller’s agent. Whilst our market favors buyer agents, meaning there are 2 agents to pay, commissions will likely remain higher.

On a global level, commissions are trending down. According to one study I found by Natalya Delcoure & Norm G. Miller there are only 2 markets where commission have gone up, i.e. Hong Kong and Japan where buyer brokerage has been introduced.

Here some examples of typical

137 Views, 0 Comments.

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

It’s fun, isn’t it?

What if we told you that these most of these things could hurt your chances of selling your home, particularly this year when inventory levels are high and sales values are down. See our September market report for details.

Our advice?

1. Avoid obstructing the view of the home, making it scary or associating it with death, (picture  those tombstones that some folks install). These things just give the wrong impression.

2. Avoid placing

301 Views, 0 Comments.


Before you sell your home, you should learn about the distinct kinds of home buyers available to you. Together, these different buyer groups form the ‘whole’ market.

Try to think of the home sale market like a ‘layer cake’. Each layer has particular characteristics and the quality of the buyers you meet and your outcome may be affected by which layer you sell into.

We like to think of these layers as:
- Retail layer,
- Wholesale layer and
- Sub Wholesale layer

Here is a quick overview of each layer:

Retail Layer

This is the top layer of the market, where most homes and condos are sold.

In this layer, you will be exposed to the highest quality ‘retail’ buyers.

Retail buyers are expecting to see well-prepared homes, they expect to

156 Views, 0 Comments.


 
Situation
After many years of loving life in Canada, family commitments back in their home country of Romania forced Iilie and Cecilia to make the choice to sell up and go back to the ‘old country’.
Recouping every dollar of equity was important to them as the move back was going to be expensive.
They saw no value in paying traditional REALTORS® expensive commissions and in 2016 they purchased the ‘sell by yourself’ program available from Comfree. After 6 months of languishing on the market, Iilie and Cecilia gave up and took the house off the market.
In mid 2017 they decided to try again. They realized that the Comfree program was not going to work for them. However, they were not keen to pay over $16,000 in commissions required by many traditional

76 Views, 0 Comments.

Summary:

The market took an interesting turn in September. Days on market was up, inventory levels are high and prices declined. Could this be a great time to buy?

Days on Market:


In September 2017 most home sellers put their homes under contract in 55 days, up one day from September 2016. Frankly given the elevated levels of inventory, we are not surprised that the market would slow a little. Buyers simply have more time to pick and choose their next home.

Numbers Sold:



988 homes sold in Edmonton during the month of September 2017, compared to 1090 homes sold in 2016. Does this mean more people are holding off and renting instead? Current inventory is also high. At the end of September 2017 there was 6308 homes for sale across

188 Views, 0 Comments.

Summary:

Home sales values strengthened in August and homes took only 54 days to sell on average. Will this pattern continue? We suggest you read the outlook section below.

Sales Values

 

August home sales prices showed a nice increase over the same month in 2016. Home sellers this year received approximately $2924 MORE than did home sellers last year. The average sales price for August 2017 was $375,099 compared to $372,175 last year. We would consider this to be a balanced & healthy market.

Days on Market

 

August home sellers both in 2017 and 2016 fared the same, in terms of time on the market. 54 days was how long it took sellers to put their homes under contract. This is a very good sign from most perspectives.

Numbers

140 Views, 0 Comments.

Summary:

In July, the Edmonton homes sales market continued to perform strongly. Values are holding. Days on market is down. However, inventory levels continue to climb. There is now a 6-month supply of homes for sale, based on current demand.

Days on Market

Homes for sale in Edmonton continued to sell quickly this past July. The average seller was putting their home under contract in only 51 days, down one day compared to 2016. This suggests ongoing and underlying confidence on the part of home buyers.

Sales Values

July prices remained stable. Edmonton home sellers in July received just $291 less than did those in 2017. The average sales price for July was $387,535 compared to $387,826. We would consider this to be a balanced

157 Views, 0 Comments.