Ambergate Edmonton Real Estate Blog

 

Summary:

If you have been holding back from selling your home in the belief that the market has crashed, rejoice. The Edmonton market so far this year has been more robust than most experts had predicted.

If you are wanting to buy, then this could be the time to do it. The longer you wait the more you will pay based on the market's performance so far this year.

Sales Values

The average sales price of a home sold in May 2016 across Edmonton increased by around 1% over this time last year for an average sales price of $388,843.

Numbers Sold:

Approximately 74 fewer homes Edmonton homes sold in May 2016 compared to May of last year. We consider this to be insignificant. 

Days on Market

It took only 7 days longer for

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Did you know there’s more to selling a home than just the price? There are 7 other factors you should consider if you are to be successful.

However, your asking price will be used as a filter by prospective buyers when deciding if your home makes the shortlist or not. If you get no showings, or if you get lots of showings, the message is the same ie “thank you, but no thank you”.

Let’s consider a few errors most homeowners make when calculating an asking price.

1. Pricing against unsold homes

Do you want to sell your home or have it “on the market”?

Too many folks look at what’s for sale and price against those homes. Don’t do this. Price your home against those homes that have actually sold. In the Edmonton area market, the average

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Want to buy a home in the Edmonton area soon? Beware.

Your behavior during the home search and purchase process could directly effect your chances of success. Here are 3 things you MUST avoid before you buy and move into your new home.

1. Switching Jobs

Mortgage lenders are cautious. If you switch jobs just as you are applying for a mortgage, your ability to borrow money may simply evaporate until you have passed a suitable probation period, which is most often 3 to 6 months. If you have your eye on that dream home now, chances are it will be long sold before you quality for a mortgage. Our advice: Stay in your job until you move in.

2. Buying That New Car

We have seen this happen several times. A prospective buyer ‘stops in’ to their

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In my years of working in the Edmonton area real estate market, I have seen many sellers make the mistake of rejecting the first offer outright. Unfortunately much to their cost later on.

Here are 3 reasons why home sellers should think again:

1. When it’s New It’s Interesting

We like to call it the “Honeymoon Period”. A correctly ‘positioned’ house or condo for sale will generate rapid interest from buyers and should result in one or more offers within the first couple of weeks and sometimes in the first few days, especially in the busy selling times of the year. The mistake that sellers sometimes make is that because the offer came in quickly, they don’t value it and expect that there must be something better ‘just around the corner. Never

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Summary:

More buyers purchased a home in April of 2016, than in April 2015. Days on market stayed relatively low and values are so far not following the path of depreciation some suggested back in January of 2016.

Numbers Sold:

 

Sales volume for April 2016 essentially matched for April 2015. One more home sold this year than last, a clear indication that ‘life goes on’ in the world of residential real estate, despite the current downturn in the economy.

Days on Market

Edmonton home buyers were continuing to take their time to select a new home. In April, home buyers were taking 9 days longer than last year to purchase. This is 3 days longer than March 2016, so it may point to a slowing market. However with average days on market at

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1. You Will Be Responsible For Home Maintenance, Snow Clearing & Yard Work

Perhaps the main reason that potential home buyers balk at condo fees is that they don’t really understand what they are paying for. What does your fee buy? Apart from putting some money into a slush fund for longer term maintenance or unforeseen circumstances, condo fees pay for essential home owner services including: insurance, snow clearing, gardening and in many cases onsite management. And the most attractive part is that as a condo owner, you are sharing these costs with other owners, so your risk and expense is usually lower than if you were paying for all of the costs by yourself.

2. No Need to Save Extra

If you are not paying condo fees, you had better be a

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In the past weeks we have seen potential home buyers commit what is perhaps the most fundamental mistake. They make low ball offers. The media has been buzzing about the economy here in Edmonton and it must have convinced some home buyers that they have much more leverage to negotiate than they actually do. Fact is, home values here in Edmonton are climbing. They are 11% UP on January 2016.

Here are 3 potential outcomes you risk creating when you low ball:

1. It destroys seller goodwill

Getting the seller to like your offer is part of the battle. If you are buying a home rather than an investment, chances are that it is, or was recently the seller’s home too. They might secretly still want to live there, or have many fond memories of the

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For Edmonton area home sellers that choose our Superior level home selling program, we make a point of asking REALTORS® that showed our listings for feedback. Some of our clients value this service, whilst others don’t really care.

Many of our more experienced home sellers we work with ask about feedback as perhaps in the past, it proved helpful. In years gone by when BOTH REALTORS® were legal representatives of the home seller, the REALTOR® that accompanied the buyer prospect had an obligation to share all that he or she knew about the buyer, together with their thoughts, motivations and circumstances.

That obligation is redundant.

These days the buyer Realtor® works ONLY for the home buyer!

Why should they share what their clients think?

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1. Pick a Realtor®

Before you start looking at any homes meet with your Realtor®. Be open. Talk through your hopes, dreams and narrow down where specifically we are going to look etc. In Edmonton the law requires that your Realtor® explains the benefits of working exclusively with one specific Realtor®. Make sure you sign an Exclusive Buyer Agency Brokerage Agreement. (This agreement binds your Realtor® to work with you for a specific period of time. It also deals with how your Realtor® will be compensated. The agreement also provides your Realtor with the authority to assist you in purchasing ‘For Sale by Owners’. They may also go out and find you a non-listed home.

2. Decide where not what

First you must decide where you want to live not

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Situation

Sandi and Don had previously tried a REMAX REALTOR® who was well known in the Haddow area of Edmonton where they lived. After around 6 months on the market, this proved to be unsuccessful.

Sandi and Don started to look around for alternatives to traditional REALTORS®.  They also wanted to save some money on real estate commissions as they needed to keep their money to buy a new home in Airdrie and be near their daughter and young family.

Result

Sandi and Don contacted Ambergate Realty Advisors. They chose our Superior Saver home selling program.

In total, we generated 3 offers, negotiated a sales price 96.3% of list price & saved our clients over $2300 when compared to traditional REALTOR® commissions.

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