Summary:

Home buyers continued to demonstrate their believe in the Edmonton housing market by paying more and by purchasing in larger numbers.

Sales Values:

Prices jumped up in November 2017. Home sellers received almost $383,000 on average compared to around $379,000 in 2016. This equates to about a 1% increase or $3251 per home seller.

Numbers Sold:

This is big news. 112 more homes sold this year compared to November 2016. Excess inventory also came down. In October there were 688 more homes for sale when compared to October 2016. In November excess went down to 448. Supply is still at 6 months.

 Days on Market:

Homes went under contract in 64 days this November compared to 62 days in November 2016. This is not…

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Don’t fall into the trap of complacency

At this time of the year, hundreds of home sellers witness outstanding success and sell for full market value.

 Between mid December 2016 and mid January 2017 over 600 homes sold in the Edmonton market taking around 60 days to sell. Click on this link to see the detail Edmonton Market Report.

Here’s why you could do well:

  1. Reduced competition. Many sellers just give up until Spring. Buyers who are looking at this time of the year are serious. They might pay you a premium price, if they can move in quickly.
  2. Home values often go up. Based on last year’s statistics house prices in the metro Edmonton area increased just before Christmas.
  3. Many Edmonton area workers get bonuses at Christmas. Why…

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If you are going to put your home up for sale, you are likely wondering how much its worth. What you might not realize is that the price you eventually sell for will be a direct result of the choices you make in 7 other areas.

Let’s discuss each of them one by one:

Your Timing

How quickly can you move out?

Based on years of experience I have noticed that the best qualified buyers are almost always in a hurry. The best buyers are ‘between’ homes and anxious. The quicker you can help deliver them from this state the more attractive your home will be.

And just in case you were worried that offering immediate possession could make you homeless please don’t worry. In most cases, it takes a few weeks to find a buyer and a few more weeks to close…

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Summary:

October 2017 proved to be a positive experience for home sellers across the Edmonton market. The market put its nose up. Sales values increased. Days on market is about the same and the inventory surplus is starting to come down.

Sales Values:

The average sales price of a home in Edmonton in October 2017 was around $376,000 compared to approx. $372,000 in 2016. This means that home sales values were UP again by 1% over the same period last year or just over $4,000 on average.

Days on Market:

It took 58 days to put most homes under contract in October 2017 compared to 57 days in 2016. This is not significant in our view and speaks to the underlying strength of our market here in Edmonton.

Numbers Sold:

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I’m originally from the United Kingdom where real estate sales commissions have always been lower than those that we find here in Canada.

Why?

REALTORS® have historically provided higher levels of service in our Edmonton market than estate agents back in the UK and in Europe generally. However, most home buyers purchase directly through the seller’s agent. Whilst our market favors buyer agents, meaning there are 2 agents to pay, commissions will likely remain higher.

On a global level, commissions are trending down. According to one study I found by Natalya Delcoure & Norm G. Miller there are only 2 markets where commission have gone up, i.e. Hong Kong and Japan where buyer brokerage has been introduced.

Here some examples of typical…

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Market Overview

After spending almost a year showing our client Gayle Monsma around the downtown condo market, we recently had the pleasure of assisting Gayle with the purchase of a wonderful unit in Seventh Street Lofts. Situated at 10309 107 Street NW Edmonton, Seventh Street Lofts has an interesting history.

The development was handled by Dub Architects and is comprised of 3 phases. Phase 1 and 3 are based on renovated earlier structures. The second and middle phase is new construction.

Phase 1 consists of a converted John Deere warehouse first constructed in 1929. This phase offers 40 units in total of which 20 are double bedroom units. Phase 2 provides 36 units and this part of the project provides direct access to the street in some…

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In the metro Edmonton area lots of folks just love Halloween. Perhaps it’s a family tradition? You put up those inflatable spiders, ghouls or Frankenstein like monsters on your front lawn. You festoon your windows with witch shaped stickers and some of your tricks make a loud noise.

It’s fun, isn’t it?

What if we told you that these most of these things could hurt your chances of selling your home, particularly this year when inventory levels are high and sales values are down. See our September market report for details.

Our advice?

1. Avoid obstructing the view of the home, making it scary or associating it with death, (picture  those tombstones that some folks install). These things just give the wrong impression.

2. Avoid placing…

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Before you sell your home, you should learn about the distinct kinds of home buyers available to you. Together, these different buyer groups form the ‘whole’ market.

Try to think of the home sale market like a ‘layer cake’. Each layer has particular characteristics and the quality of the buyers you meet and your outcome may be affected by which layer you sell into.

We like to think of these layers as:
- Retail layer,
- Wholesale layer and
- Sub Wholesale layer

Here is a quick overview of each layer:

Retail Layer

This is the top layer of the market, where most homes and condos are sold.

In this layer, you will be exposed to the highest quality ‘retail’ buyers.

Retail buyers are expecting to see well-prepared homes, they expect to enjoy…

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