If you have been sitting on the fence about purchasing a home, this could be the time to get off it. Here’s why:
1. Its Cream Puff Season!
In our industry we sometimes refer to the very nicest homes as “cream puffs”. When do you think the nicest homes come up for sale? Right about now. Put yourself into the shoes of a seller. If you had the nicest home in the neighbourhood, when will it show best? Typically, between the months of May and August is when homes look best. There is lots of natural light and the yard will look amazing. As a seller, when do most buyers pick their next home? Between May and July is when many homes are sold in the Edmonton area. If you have been looking for that ‘cream puff’ home, you had better start shopping soon. Wait too long and the nicest homes will be gone. You will be left with the picked over inventory.
2. Lower Prices
At the time of writing, single family homes are selling at about a 6% discount compared to this time last year and condos are trading at an 11% discount. We have not seen an opportunity for buyers like this in a very long time. Your money is simply going to buy you a nicer home than at any other time in recent years. You should know that the excess inventory that has plagued the greater Edmonton market for several years has disappeared. As the economy improves, prices will rise. Perhaps prices will rise quickly!
3. Good Selection
Over the next 3 months is when we see the most homes listed for sale. There is no other time of the year when you will have so many homes to choose from.
4. Less Stress
Nobody wants to move when its minus 20 and there’s 18 inches of snow on the ground. Buy now and you can take your time and move in over the spring or summer months when the weather is good.
5. Low Interest Rates
The current bank rate is 1.75% i.e. low. Some experts are predicting that this could go up later in 2019 as the economy picks up. It might be better to lock into a good interest rate now to avoid paying more later.
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