Should You Buy a Home Now?

Posted by Ambergate Realty Advisors on Friday, April 24th, 2015 at 3:42pm.

Metro Edmonton *

 Qtr. 1 2014

 Qtr. 1 2015

 % Change

       

 Number of Homes Sold

3288

2919

89

       

 Average Prices

$366702

$378547

103

       

 Days on Market

46

43

 
       

* Source Edmonton MLS System Edmonton, Sherwood Park & St Albert 

Are you waiting it out? Hoping that the metro Edmonton home market will crash and that you can pick up a bargain perhaps later this this year or next year? My advice? Don’t wait!

Despite what you may have heard in the media, the Edmonton area real estate market has not crashed and we don’t expect it to.

The stats above show activity in our market based on information extracted from the Edmonton MLS® System. The actual sales volume for the first quarter and compared to the same period last year is only 11% down.

The average home value, ie what buyers paid, is 3% UP on the same time year.

Edmonton homes and condos were also selling 3 days FASTER than in the same time period last year.

Do we expect this trend to continue? It’s been my experience that a change in values lag any downturn in activity and I would expect to see home values flatten or perhaps even depress slightly in the second and third quarters. However, oil prices are starting to rebound and I would expect that values will climb again by the 4th quarter.

My recommendation would be start your home search with a high level of confidence. Sure if you buy now you might not see your home appreciate in value for a few months, but who cares. Unless you are an investor (in which case you should be thinking longer term anyway) the key reason to purchase a home or condo is so that you have a clean, well maintained home to call your own.

Can we help you buy? To reach our broker owner Stuart Neal, please call him at: 780-760-2014 or visit www.CashBacktoBuyers.com

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