1. You Won’t Save Any Money

The seller has agreed to pay a commission to both the selling and buying REALTOR®. The commission is ‘baked in’ to the process and was agreed to be paid by the seller at the time of engagement with the listing REALTOR®.

Buy direct and the listing REALTOR® will collect both commissions.

Buy with your own independent REALTOR® and the seller will pay a commission to your REALTOR® from the proceeds of the sale.

2. You May Lose Out to Other Buyers

The seller has engaged the listing REALTOR® to represent them and their interests.

If you approach the listing REALTOR® directly, you put the listing REALTOR into a very awkward position and a potential conflict of interest.

The listing REALTOR® cannot represent…

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Its counter intuitive I know. Who would want to sell their home during the Christmas holiday season? Surely no one is buying?

Let me give you 4 good reasons why listing your home now could be a very good idea.

1.  You Have Less Competition.

Believing that no one is buying. Many home sellers make the mistake of keeping their homes off the market. They decide to wait until spring. There are always buyers desperate to find homes they can have quickly. Buyers who are looking now, are very motivated. Statistics show that sometimes home buyers at this time of the year can often be convinced to pay premium prices, especially if you can accommodate a quick possession date.

2.  Your Home Will Show Well & Smell Amazing

When does your home look…

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The November condo market continued to be very active, and sales volume is high. However, an abundance of supply is holding prices down.

Sales Prices

In November 2022, average sales prices were around $215,000 compared to over $216,000 in November 2021 and sales price for the entire year is tracking neutral.

Sales Volume

In November 2022, around 289 sales were registered compared to around 325 sold units in 2021. We expect to see sales volume for 2022 track about 600 units above last year or an increase of around 13% for the year.


Days on Market

Average days on market for November 2022 was 58 days compared to 61 days in November 2022. In my opinion this is a strong sign that buyers feel confident about opportunities in…

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The November market performed well.

Sales Prices

In November 2022, average sales prices were slightly UP compared to last year. The average sales price for November was around $450,000 compared to around $445,000 in November last year. And sales prices are trending 4% UP for the entire year.

Sales Volume

After the record-breaking start to the year, sales volume has dropped off dramatically. Sales volume will likely end the year with around 650 fewer units being sold in 2022 when compared to 2021, a drop of about 5%.

We expect to see just under 12,500 single family homes sell in the Edmonton area by the end of 2022. Note although down on 2021, its still around 3000 units or 33% up on 2020.


Days on Market

Buyers were…

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Recently I had the pleasure of meeting Therese Sheen one of the Retirement Living Consultants at Chartwell Emerald Hills Sherwood Park.

This is what I learned.

The building that she described as ‘the house’ is newer and it was completed in November 2019. It would certainly make for a sturdy home, being constructed of concrete of steel and actually comprises of 2 buildings joined by a ‘bridge’ incorporated into the overall structure. Concrete and steel is widely considered ‘premium’ for communal living, as it tends to be the quietest.

The complex offers several levels of care. Specifically:

1. Memory Care – for those with symptoms of dementia and Alzheimer’s,

2. Assisted living

3. Independent Supported Living and

4. Independent…

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Think back to your own experience. If someone tells you something, do you immediately accept it or believe it?

Probably not.

But what happens if you are asked to gather a several pieces of information and then formulate it into a conclusion and you say it out loud?

You are much more likely to believe it, if you came up with the idea.

Now put yourself in your clients shoes.

You can lecture them, you can provide ‘your opinion’, or you can tease them through the process of self-discovery by asking great questions and helping them to piece together a good answer.

Practice this approach the next time you are in a discovery consultation with a prospective client.

Ask far more questions. Don’t be quick to offer your opinion.

Help…

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Many of us REALTORS have a lot of experience when it comes to buying or selling homes. We have a ton of information to share.

Many of us REALTORS® are outgoing and friendly. We like to talk.

Is it a good idea to talk a lot and just share our knowledge in order to educate our prospective clients?

I don’t think so. Here is my suggestion.

Talk less. Listen more. That’s right. Talk less and listen more.

What kind of home your client should buy, or how they should go about it, might seem obvious to you, but it’s not to them.

Most folks in Edmonton move every 10 years. They don’t have the same knowledge or objectivity that you have.

Moving for them is a massive upheaval. The entire family will be off balance and buying home carries a…

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Is your home an investment or an asset? Some people would say both, but the Government of Canada describes an investment as having the following 3 qualities:

Income,

Risk and,

Liquidity,

Home ownership does not provide income (unless you rent out part of your home) it carries risk in terms of maintenance and upgrades and it’s not very liquid. Selling your home for full retail value takes several months to complete.

According to some, an asset on the other hand has the following attributes:

It has a long life,

It has utility, that is it does something for you and

Its value can be depreciated over time,

Based on these criteria your home, is an asset not an investment.

For most people, owning a home is better than renting…

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According to several sources in the banking industry, interest rates will go UP one more time in December 2022, before a measured and slow retraction commences at some point in 2023 and extending into 2024.

Why are interest rates still going up?

Because our inflation rate is nudging 7%. Interest rate increases make borrowing money more expensive and therefore we are encouraged to curb our spending.

As inflation backs off, the government will reduce the cost of borrowing with the intention that by the end of 2023, inflation will be back down to less than 3%.

What does this mean if you are considering buying a home?

Your payments will be more expensive than before. And you may have to look at a less expensive home.

It also means that…

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Home inspections are not cheap. Most inspectors these days are charging north of $500 plus GST in the Edmonton market. And if you choose to attend your inspection, you will be committing perhaps 3 or 4 hours of your day whilst your inspector goes through your prospective new home and build the report.

Are they worth the money? Would it be a good idea just to skip this step?. Let’s explore 3 good reasons as to why you should order an inspection when buying your next home.

1.  A Second Set of Eyes

You might be one of the handiest people on the planet. Perhaps you work in construction? Even the most technically competent people are going to miss something and in the same way that airlines employ a pilot and a copilot it could be a very good idea…

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