Vital Home Realty Blog - For Home Sellers

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 Vital Home Realty we consider anything less than 4 months of supply is a…

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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

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…

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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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October 2021 Market Report for Edmonton

The October market performed strongly. 12% more homes sold than last year. Average days on market was only 50 days and prices were stable.

Sales Prices

In October 2021, average sales prices were $380,000 which is about $2000 less when compared to October 2020. In my view this is not significant. Sales prices are tracking 6% UP when compared to 2020 as an entire year. 

Sales Volume

Last October there were 1030 total Edmonton sales registered. This year 1156 sales were registered. This is an increase of 12% over the year before. This confirms in my opinion the optimism and motivation that Edmonton home buyers possess, especially for single family homes. For the last 2 months of the year, we expect that sales volume will track the…

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How Will the Over Supply of Condos for Sale Affect Values?

Unless you really need to, I would not advocate that you sell your condo at this time. Unfortunately, we don’t see values improving anytime soon.

On the other hand, if you like the idea of condo life or if you are an investor this could be the time to buy. There is a large selection of condos for sale at bargain basement prices.

This is due to a chronic over supply relative to this time last year and because COVID 19 has made apartment style living and in the downtown core in particular less attractive.

We are betting however as we move through the final stages of this pandemic that condo living and investing in condos for reasons of convenience and affordability will turn the market around. Perhaps in 2 to 3 years time.

For now, however I…

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