Stuart Neal's Real Estate Blog - For Home Sellers

What are the3 Most Popular Renovations in 2023?

Based on current trends, the three most popular renovations for home buyers are:

1. Kitchen Renovations:

A kitchen renovation is one of the most popular home renovations for home buyers. Upgrades to appliances, cabinets, countertops, and flooring can modernize the space and add value to the home.

2. Bathroom Renovations:

Another popular renovation for home buyers is a bathroom renovation. Improvements to the shower, tub, vanity, and lighting can make the space feel more luxurious and functional.

3. Outdoor Space:

Many home buyers are also looking for outdoor living spaces, such as patios, decks, and outdoor kitchens. These spaces can expand the usable square footage of a home and provide a place for relaxation and entertaining.

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Timing the Market. Is it Worth it?

Timing the real estate market can be a tempting strategy for both home buyers and sellers, but it comes with both pros and cons.

Pros of timing the real estate market:

1. Potential for a better deal: If you can accurately predict when the market is going to decline, you may be able to buy a home at a lower price. Similarly, if you can predict when the market is going to rise, you may be able to sell a home for a higher price.
2. Faster sales: If you time the market correctly, you may be able to sell your home more quickly. In a hot market, properties tend to sell faster, which means you may be able to close the deal and move on with your life sooner.

Cons of timing the real estate market:

1. Risky strategy: Timing the real estate market is…

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How to Establish a Home Sale Value in the Spring of 2023

This is one of the perhaps the most unique and interesting markets I have ever seen in my 20 plus years in real estate.

When we are advising potential home sellers or even buyers, we might look back at comparable sales prices for the last 90 days as a predictor, or perhaps current values. In some cases, we might look at a similar time frame, but a year back.

Pricing a condominium is pretty straightforward. Sales values are essentially flat and have been for several years. Establishing a price according to last month’s values, won’t be too far off.

Its single-family housing that is more complicated!!!!

Now that the first quarter of the 2023 is almost completed, we can understand the market better. Single family housing is closely tracking…

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How to Price a Home for the 2023 Market

Under normal circumstances its reasonably straightforward. If possible, find enough comparables and price just above the average, median or most amount paid in that community or neighborhood.

This year it’s not so easy. The spring 2022 market exceeded all reasonable expectations in terms of sales volume and pricing. And spring 2021 was also a little different too. That was the first year we saw a flight toward single family housing due to Covid-19 concerns.

So how should you price this year? Take a hard look at your current competition. Ask your REALTOR® to take to see the homes that you will be competing against.

Decide where on the shopping list of homes for your area you would like to appear. Do you want to be on the top of the list or the…

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What are My Top 3 Predictions for the Spring Real Estate Market?.

The home and condo resale market is proving to be an interesting place so far this year. Sales volume is way down when compared to last year or the year before that. However, prices are holding. Lets talk about 3 influences in the market that you need to be aware of.

First Prediction – Interest Rates

Interest rates will be coming down as the year matures.

The overreaching goal of the bank of Canada is to reduce the overnight rate as the year progresses.

The Bank of Canada has increased overnight interest rate several times since early last year from a record low of .25% last year to 4.5% in January 2023 according to TD Bank. This was to combat inflation across the economy that had crept up to 40-year record highs. According to the bank the…

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4 Reasons to Sell Your Home During the 2022 Christmas Season

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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October Single Family Market Report for Edmonton

The October market continued to perform well.

Sales Prices

In October 2022, average sales prices were slightly UP compared to last year. And sales prices are trending 4% UP for the entire year. The average sales price for October was around $450,000 compared to around $444,000 in October last year.

Sales Volume

After the record-breaking start to the year, sales volume has dropped off dramatically. Sales volume will likely end the year around 500 fewer units being sold in 2023 when compared to 2022. A drop of about 4%.

We expect to see just under 12,000 single family homes sell in the Edmonton area by the end of 2022.

Condo sales are stronger. See my other report for details.

Days on Market

Buyers were taking their…

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3 Reasons Not to Rely on Your Home’s Tax Value When Selling

Can you trust the assessed tax value of your home to predict its value when you sell?

Probably not.

In many cases the market value of your home could be much more. Here’s why:

1. Over the last 3 years the market has performed particularly well. Sales prices for single family homes is trending 6% ABOVE last year’s average values. The City of Edmonton’s computers are working with old data, This will be true for outlying communities as well including Sherwood Park, St Albert. Spruce Grove, Beaumont and Fort Saskatchewan.

2. The tax value will not reflect any improvements you may have made. For example: new windows, doors, flooring and paint. None of these items will be reflected in the algorithm but you have added tens of thousands of dollars…

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For Home Sellers - What do the Recent Interest Rates Mean for You?

Have you noticed how much interest rates have crept up? Back in January the target rate (the value at which the Bank of Canada lends money to banks) was only .25%. Today its 3.25%.

In simple terms for every one percent increase reduces a home buyers borrowing ability by about 10%. A buyer approved to borrow $400,000 back in January today would be approved for only $360,000.

Therefore, buyers generally have two options.

Firstly, they can elect to make a bigger down payment. This is hard if not impossible for most people.

Secondly, they may have to consider a less expensive home.

What do I think will happen to sales prices?

At the higher end of the market, we may see home values come down as there will be accelerated pressure on…

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4 Reasons to Sell Your Home in The Fall of 2022

Are you wondering if The Fall of 2022 would be a good time for your sell your home? Let’s explore 3 reasons why this might be a good move.

1. Sales Prices are Stable

When compared to the previous 2 years single family homes prices are trending 3% up and condo sales prices are trending 2% up.

This might be a good time to withdraw your equity.

2. You Will Soon Face Less Competition

Less motivated home sellers are about the leave the market and give up until next year. It’s been my experience that these ‘home seller retirements’ will take place in waves based on natural events.

When the leaves start to turn.

When we get our first frost

When the snow flies

The first snow fall will be the biggest deterrent. If you come into the…

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