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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 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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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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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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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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Now that the market has changed, it’s crucial that you make the right choices to ensure your selling success in 2022. Here are 4 tips to consider.

1.  Price Below the Comparables

In 2022 our market peaked in May. That means that if you are trying to determine market value during the summer months, you will have to price BELOW the comparables for that time. If you choose not to, then you risk being the seller with the highest price in your community and all that will do is, make the other home sellers look even more competitive and you will miss out on buyer opportunities.

2.  Get the BEST Marketing

Counting on the MLS® System will not do. For sure an MLS® listing will do much of the heavy lifting for you. After all it’s a gateway to all of…

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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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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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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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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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