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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…

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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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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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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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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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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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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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Will home prices rise or fall in the coming months? Without wanting to sound as if I’m giving you a politician’s answer, that really does depend.

Study the table above. As you can see, the market was severely under supplied in January. At the end of January 2020, there were 2839 homes for sale on the Edmonton MLS® System. This year there was only 2093, a deficit of around 26%.

There has been a deficit of supply all year, although the deficit has been reducing as the year has progressed. At the end of September 2021, this year’s supply matched last year’s supply and exceeded it by 5 units.

So, what happens next?

At this time of the year, unmotivated home sellers take their listings off the market and I expect supply will decline. At…

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Before you sell your home in Edmonton or any of the surrounding communities, it might be helpful to learn about the different kinds of home buyers available to you. Together, these different buyer groups form the ‘whole’ market.

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

The layers of the cake might be described as follows:

-          Retail layer,

-          Wholesale layer &

-          Sub Wholesale layer 

Here is a quick description of each layer:

Retail Layer

IF you want to sell your home for top dollar, this is where you need to be.

This is the top layer…

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