At this brokerage we find that there is a plenty of confusion by our home selling clients and our buyers as to how they secure financing and make sure that this piece is handled properly during both the negotiation phase and the due diligence phase of buying (or selling) a new home.

There are essentially 2 steps.

Step 1 – Initial Approval

Must be completed BEFORE you start looking at homes. Most good quality Realtors® will not spend much time showing you homes until this part of the process is complete.

As a buyer, you need to find out how much a lender will actually advance you and you need to be comfortable with the payments.

To get this information, your mortgage broker will need to determine if you can borrow money and this decision…

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Edmonton Market Summary for July 2016:

July was a pleasant surprise for home sellers in Edmonton. After witnessing a slight decline in June home sale values, prices jumped back up significantly in July 2016. Sales volume remains lower and it’s still taking longer to sell a home however.

Sales Values

 

Home sellers across Edmonton enjoyed a 4% uplift in values compared to the same period last year. Homes sold for an average price of $387,916 compared to $373,809 in July 2015, or $14,107 more.

Days on Market

 

In July it took on average 52 days to sell a home compared to only 49 days last year. We have seen this gap shrink as the year has progressed. 

Numbers Sold:

 

Only 228 fewer homes Edmonton homes sold in June 2016…

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Summary:

With the exception of January, the Edmonton home and condo resale market has defied predictions of the analysts, whom back in late January were suggesting value drops across Edmonton of between 2.4% and 3% by the year’s end. However, June has seen some slowing down when compared to the same period last year.

Days on Market

 

It’s taking 50 days to sell a home in Edmonton this year compared to only 45 days last year. However, when compared to many markets across Canada, this is still an excellent statistic. 

Sales Values

 

Whilst values climbed in May compared to last year, Edmonton home buyers were able to negotiate about a .3% discount for purchases made in June this year, compared to June 2015.

The average price…

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Situation

MJ and Henry had renovated this lovely character home in Westmount. They wanted to have high degree of control over the marketing of this home and in particular showings. However, MJ and Henry were not comfortable with modern marketing techniques and in particular the internet and social media marketing. They also wanted to avoid high REALTOR® commissions. The Ambergate Realty Advisors flat fee program was a clear choice.

Result

Because of our marketing program MJ and Henry sold quickly, for full market value and they saved over $10,000 in real estate commissions.

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Situation

Wendy and Steven were very keen to sell this acreage home just to the west of Edmonton. They had tried a local traditional REALTOR ® without success. We understand that they had very few showings and no offers. They considered the Comfree program, but ruled it out on the basis that they did not have the time, or skill set required to effectively market and sell a high-end home. They decided instead to hire Ambergate Realty Advisors.

Result

We got to work right away. Stuart our broker advised the Mandiuk’s on the importance of home preparation and a staging consultant was called in to advise on the final touches. Did it work? The team at Ambergate Realty Advisors created multiple offers, negotiated and created a sales contract after…

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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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