Vital Home Realty Blog - May, 2022

Should You Buy a Single-Family Home or Condo in 2022?

There’s no doubt that single family homes have become the number one choice for home buyers during these last 3 years, perhaps due to folks seeking space during the Covid Pandemic. 

What we do know for sure is that at the time of writing there is just 2 months of supply which is extremely low. In general, we don’t get to a balanced market until there is 4 months of supply.

Here is a link to a short video where I discuss: Why Should You Care About Home Supply?

Against the backdrop of high demand & low supply, you can expect to pay top dollar for a single-family home & if that is your desire then you must do so. 

Here is a link to ALL homes for sale in the Edmonton area currently: ALL Homes for Sale.

So, what about the condo market? At…

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4 Reasons Why Downsizing Could Be a Smart Move in 2022

You have been in your single family home for many years. You raised your kids here. You have so many happy memories here. So why move? I’ve suggested 4 reasons why downsizing might make sense for you. If none of these apply, then you should stay where you are and enjoy your home.

1. Too Much Work?

Many owners of single family homes in particular have suggested to me that as they have grown older, the idea of climbing ladders to clear gutters, paint walls, gardening and general maintenance loses its appeal and perhaps becomes more dangerous.

2. Too Much Space?

Empty nesters in particular express to me that they feel they are ‘rattling around’ in their empty home. They no longer want to clean, heat and pay taxes on square footage they don’t…

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The Four Types of New REALTOR® Which Are You?

As part of my rolling 2-year study I have had the privilege to interview literally hundreds of newer industry members. My original reason for conducting the study was to learn and share the reasons for the extremely high dropout rate of new industry members. 

According to anecdotal information staff at the REALTORS® Association of Edmonton (RAE) shared with me, around 73% of new members don’t last longer than 2 years. 

A byproduct of my study was that I started to expose knowledge gaps and I now offer FREE ‘Bootcamp’ workshops to those that wish to learn and improve.

In my opinion, new REALTORS® fall into one of 4 groups. Which one are you?

Large Sphere (SOI)

You have a larger extended family, and you are close to many family members.…

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The Two Main Road Blocks New REALTORS® Face

After interviewing hundreds of new REALTORS® I have discovered that most do not give much thought as to where their clients will come from once, they get into practice. 

Some people have told me that they simply expected people to start calling them, others believed that clients would come from their brokerage, others knew they would be expected to prospect ‘friends and family’, but few have done the math to figure out if they actually have enough ‘friends and family’ to sustain them.

In simple terms, most new REALTORS® face 2 challenges.

First, how do I win new clients?

If you are coming into the industry the ‘traditional’ way, you will be expected to prospect everyone you know for business. If you had to draw up a list of people that…

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3 Ways to Run a Killer Open House

For many REALTORS® hosting Open Houses every weekend sometimes multiple times per weekend for several years has been the bedrock of their success in launching their real estate careers.

And there is a wrong way and there is a right way to do them.

The Wrong Way

First let’s discuss the wrong way. I should know I have done them this way. The wrong way is to pick a house, any house. Don’t bother to promote or advertise it in any way. Show up 5 minutes before you intend to start your Open House, put your sign on the lawn. Enter home, drop your bag on the floor and wait for your first visitor. In most cases you will be waiting a long time and in many cases no one will ever come. This kind of approach will lead you to believe that Open Houses area…

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COMING SOON – New Listing – 3831 114th Ave Edmonton AB T5W 0S7.

Newer family homes in Beverly Heights can be hard to find in this spring & summer 2022 market. We are pleased to confirm we have just listed this one for sale on 114th Avenue. Click the link to read the details. Exclusive Home Listed by Vital Home Realty.

To see ALL homes listed for sale in Beverly Heights click this link: ALL Homes listed.

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3 Reasons to Care About Supply When Selling Your Home

Not many home sellers consider the supply or availability of substitutes to their own home, but I am going to explain why you should.

First, how do we calculate supply? It’s fairly simple, but you will need a REALTOR® to give you the stats. 

Here is the equation. # Homes for Sale at Month End divided by # Sold in the Month Prior.

So, for example let’s look at single family homes in Edmonton for the month of April 2022.

At the end of April there was 1893 homes listed for sale.

During March 2022 there was 1429 homes sold.

Therefore (and this is where we apply theory over reality) if no one else listed their home for sale there is 1.3 months of supply.

At Vital Home Realty we consider anything less than 4 months of supply is a…

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How Long Does it Take to Get a Real Estate Licence?

The easy answer to this question is that this really depends upon you. In Alberta and under the current jurisdiction of RECA (Real Estate Council of Alberta) I have witnessed many people complete the route to residential licensing in 3 to 6 months. Historically a person would have 18 months from registration with the educational institution to complete.

I know of one person who treated their education like a job. They were ready to go in only 2 weeks from start to finish.

Adding other modules (not necessary in my opinion) such as commercial, property management and rural will add to your educational timeline and these might also be added later.

However, this is about to change. RECA was instructed by the provincial government to relinquish…

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COMING SOON – New Listing 6412 Ada Boulevard Edmonton, AB T5W 4N5

Good sized family homes in Highlands and Bellevue can be hard to find in this spring 2022 market. We are pleased to confirm we have just listed this one for sale at  6412 Ada Boulevard in Edmonton. Click the link to read the details. Exclusive Home Listed by Vital Home Realty.

To see ALL homes listed for sale in Highlands click this link: ALL Homes listed.

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April Condo Market Report for Edmonton

The April condo market continued to surprise. Our current market favours condo sellers.

Sales Prices

In April 2022, average sales prices were $232,252 compared to $229.210 in April 2021. This is an increase of 2% when compared to April 2021. The blended average for the year to date is about 5%. 

Sales Volume

In April 2021 there were 515 total Edmonton sales registered. In April 2022, 620 sales were registered. This is an impressive increase of 20% over the year before. The condo market is very much alive right now. 

Days on Market

Buyers selected condos in April 2022 after an average of 46 days, compared to 55 days in April 2021. 

Supply

At the end of April there was 1998 condos for sale equal to 3.22 months’…

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