Stuart Neal's Real Estate Blog - For Home Sellers

Are We in a Buyer’s Market or a Seller’s Market?

The pace of the market is changing, and many people are starting to wonder if the Edmonton and area market is favouring buyers or sellers at this time i.e., June 2022.

The best metric for gauging this question is supply.

In general, if the number of homes or condos for sale would run out in less than 4 months, that is considered a seller’s market.

When the supply is between 4 and 6 months that is a balanced market and when inventory exceeds 6 months that is considered a buyer’s market.

How do we calculate supply? We take the inventory number at the start of the month and divide the number of homes sold in that month into it. The resulting number is the months of supply.

So, for example in Edmonton at the beginning of May there was 1893…

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Would You Sell Your Home Like a Game Show Contestant

Have you ever watched Deal or No Deal? It originated in Holland & versions have been offered on TV around the world. Briefly this is how it works. A contestant is presented with a lineup of seal suit cases. Inside each is a cheque for varying amounts of money. Sometimes huge amounts. The contestant selects one case for putting aside as their ‘grand prize’ and then one by one rejects the other cases as they are opened. Sometimes the amount of the cheque is small & so the contestant has given up nothing & eagerly moves onto the next one. Sometimes however the cheque is written out for tens or even hundreds of thousands of dollars. After the rejected cheque is announced, the game show host offers the contestant an ‘instant cash offer’ based on an average…

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4 Reasons Why Downsizing Could Be a Smart Move in 2022

You have been in your single family home for many years. You raised your kids here. You have so many happy memories here. So why move? I’ve suggested 4 reasons why downsizing might make sense for you. If none of these apply, then you should stay where you are and enjoy your home.

1. Too Much Work?

Many owners of single family homes in particular have suggested to me that as they have grown older, the idea of climbing ladders to clear gutters, paint walls, gardening and general maintenance loses its appeal and perhaps becomes more dangerous.

2. Too Much Space?

Empty nesters in particular express to me that they feel they are ‘rattling around’ in their empty home. They no longer want to clean, heat and pay taxes on square footage they don’t…

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3 Reasons to Care About Supply When Selling Your Home

Not many home sellers consider the supply or availability of substitutes to their own home, but I am going to explain why you should.

First, how do we calculate supply? It’s fairly simple, but you will need a REALTOR® to give you the stats. 

Here is the equation. # Homes for Sale at Month End divided by # Sold in the Month Prior.

So, for example let’s look at single family homes in Edmonton for the month of April 2022.

At the end of April there was 1893 homes listed for sale.

During March 2022 there was 1429 homes sold.

Therefore (and this is where we apply theory over reality) if no one else listed their home for sale there is 1.3 months of supply.

At Ambergate Realty Advisors we consider anything less than 4 months of supply is…

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4 Renovations to Avoid When Preparing Your Home for Sale

In Edmonton Alberta, most mainstream renovations will provide you with a 50 to 75 percent return on investment if you sell right away. In other words, spend a dollar and get up to 75 cents back. Don’t forget however that the better prepared your home, the bigger your potential audience. Most buyers want move-in ready.

However there are some renovations based on the report published by Harrison & Bowker that should only be completed for your enjoyment. These 4 renovations will add little value when it comes to selling your home.

1. Alarm Systems

Alarms bring a zero to 10 percent of cost return when it comes to resale value according to the report. And I can confirm based experience that most buyers won’t want your alarm equipment, or to take…

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4 Ways to Sell Your Home & Not Become Homeless Too

You want to sell your home, but you are terrified of selling and being able to find another one. Don’t worry. Here are 4 solutions you can use to sell your home now in the hot Spring market and avoid being homeless as a result.

1. Airbnb or Hotel

At any given time, there are literally hundreds of rooms available in hotels around Edmonton and dozens of opportunities on the Air Bnb website available for a few days, a few weeks or a few months. You sell your home, move out and start shopping. Move out when you move in.

2. Sale & Leaseback

Don’t want to move twice if you can help it? Then consider this option. Your REALTOR® will find a buyer that is willing to wait for the home. The buyer pays you now and assumes ownership. You sign a…

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3 Ways to Prepare Your Home for Sale in 2022

If you want to sell your home, it’s important to make the necessary preparations.

1. Tidy up, pre-pack & throw stuff away

If you have lived in your home for any amount of time, chances are that you have accumulated far too much stuff. Those souvenirs that we buy on vacation. Christmas and birthday gifts from years gone by. Extra furniture now redundant. Unused books, tools, towels, clothes and sports equipment. You get the picture?

This is what I suggest. In every room, start at the lowest horizontal surface and work your way up. Not only will you feel better as the clutter reduces, you will also get a sense that your home is now much bigger. Do you have family pictures and reminder notes on the fridge. Please take those down too.

Now what…

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What Does the Current Inventory Shortage Mean for You?

When I reviewed the market stats yesterday, there was 1799 condos for sale across the whole of Edmonton that’s 4% down when compared to January 2021.

And there were only 1510 single family homes for sale, down 18% on this time last year.

What does this mean for you?

If you are a home or condo seller this could be your time. Values are edging up nicely and you may receive more than you were expecting.

If you are buyer, you may have to make compromises and be willing to pay more than you had hoped for. Unless more inventory enters our market, you may have to pay even more if you wait until Spring.

To discuss your own situation in more detail, please contact your Advisor Partner, or reach out to me directly. I am always pleased to help.

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4 Reasons to Sell Your Home Edmonton Area Home in January or February 2022

Are you thinking of selling a house or condo in the metro Edmonton area this year? You might want to consider selling now rather than later.

Here’s why.

1. Less Competition

Most home sellers fall into the trap of waiting until Spring. These sellers are going to be in competition with a lot of other folks who will be putting their up homes onto the market at the same time. Be smart. Do it now and you might have the only home for sale in your neighborhood. This is a perfect opportunity to sell quickly and for full market value.

2. Quality Buyers

Buyers looking now are serious. Usually they are under some pressure to select a home and buy it quickly. If you can offer a quick possession, we can often negotiate a premium price for you.

3.…

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November 2021 Market Report for Edmonton

The November market performed strongly. A massive 29% more homes sold than last year. Average days on market was only 51days and average prices approached $387,000.

Sales Prices

In November 2021, average sales prices were $386,716 which is about $7,000 more when compared to November 2020. In most years we see a value spike during the last 3 months of the year. This might be it. Sales prices are tracking 6% UP when compared to 2020 as across the entire year. 

Sales Volume

Last November there were 876 total Edmonton sales registered. This year 1127 sales were registered. This is an incredible increase of 29% over the year before. This demand is driven largely by demand for single family homes and especially those available for pre…

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