Tag Archive for: Edmonton Homes for Sale

questions to ask your edmonton realtor

Questions to Ask When Buying New Houses for Sale in Edmonton

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Buying your first home is an exciting milestone, but it also comes with a lot of important questions. Asking the right questions is crucial to making an informed decision. As you work towards buying new houses for sale in Edmonton you want to ensure that the purchase fits well with your financial situation, family needs, and future plans. Whether it’s sitting down and researching the market or crunching numbers on a spreadsheet, the right questions will guide you through one of the biggest decisions of your life.

So, what should you ask when you’re starting your homebuying journey? The basic questions are often the most important. Let’s explore the key inquiries to make as you start the process of buying a new home.

Questions to Ask in the Early Stages of Buying New Houses for Sale in Edmonton

  1. Will I Qualify for a Mortgage?

Before you start house hunting, it’s crucial that you get pre-approved for a mortgage. This step gives you a clear idea of how much you are able to borrow and the interest rate you can expect. Lenders generally take into account factors such as your income, employment status, credit score, down payment amount, stress test results, and debt service ratios (DTI ratios). Before you get pre-approved for a mortgage, you may want to consider improving your financial situation. This can be done by paying off debt, consolidating debt, and acquiring a stable work position. 

  1. What’s My Budget?

Knowing your budget is fundamental. The Canadian Real Estate Association (CREA) reported that the average home price in March 2024 was nearly $700,000. However, prices can vary widely by location. For example, Vancouver’s average exceeds $1 million, while Edmonton’s sits just below $500,000. Understanding your budget helps determine the type of property and location that you can afford. It’s worth noting that Edmonton remains one of the most affordable major cities in Canada. This is great news for aspiring Edmonton homebuyers!

  1. Can I Afford to Put 20% Down on My Home?

Having a down payment of 20% or greater can streamline the homebuying process. It allows you to borrow less, pay lower interest rates, and potentially avoid mortgage insurance premiums. The Canada Mortgage and Housing Corporation (CMHC) will often enforce additional fees for buyers with low down payments. So, if you have 5-15% saved for your down payment, be prepared to pay extra. More information about minimum down payment amounts in Canada can be found on the federal government’s online mortgage information centre. 

Looking Deeper Into the Costs of Homeownership

new houses for sale in edmonton

  1. Have You Accounted for the Hidden Costs of Homeownership?

In addition to the purchase price and mortgage, there are several hidden costs associated with buying a home. These may include land transfer taxes, GST/HST, title insurance, land surveys, legal fees, utility hook-ups, moving expenses, and potential condo fees or mortgage default insurance. Beyond these, there are also home maintenance costs, which often get forgotten during the buying process. Some examples include yard care, repairs, and unexpected replacements (like a new roof or HVAC system). These costs can fluctuate, so having a financial buffer is a must.

  1. Do I Need a Home Inspection?

Many homebuyers often skip getting a home inspection. While this may seem like a harmless choice, it can have serious consequences that leave you reeling in buyer’s remorse. A thorough home inspection is not something you want to opt out of. Especially, when finalizing a purchase agreement. While it involves an additional cost, a professional inspection can uncover hidden issues with the property’s structure, systems, or major appliances. This knowledge empowers you to negotiate repairs or price adjustments with the seller. Moreover, it can also provide you with a legally sound reason to back out of the deal. 

  1. How Old Are the Major Systems and Appliances?

Understanding the age and condition of major systems and appliances (like the roof, HVAC, water heater, and kitchen appliances) is a must. Newer components typically mean fewer immediate maintenance expenses. On the other hand, older ones may require costly repairs or replacements sooner. The last thing you want when moving into a new home is to have to replace large household components. As such, it is important to do your due diligence and find out how old each system is inside the home. 

Contact the RE/MAX Elite Team Today!

For more information about buying new houses for sale in Edmonton, contact us today! We’d be happy to help you find a well-suited property in this fastly developing city. Set up a meeting with one of our experienced REALTORS® and discover how to achieve your 2024 real estate goals. Be sure to reach out to us with any questions about Edmonton real estate for sale and stay tuned to our blog for more home-related content. We look forward to working with you in the near future!

real estate year end advice edmonton

Year End Blog Recap!

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December is quickly passing! And, that only means that 2023 is getting closer. In lieu of the end of the year, we thought it would be best to write a year-end recap of all of the content on our blog. This way, you can catch up on any missed articles and soak in some of […]

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Stigmatized Property in Edmonton

What is a Stigmatized Property in Edmonton?

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In lieu of Halloween, this month’s blog article is going to be about selling a stigmatized property in Edmonton. When you decide to list your home for sale it is important to consider what has happened at your home in the past. While the events that have occurred at your home do not affect the assessed value of your property, it is important to understand how they can impact the market value of your home. In this article, we will be going over information about all things related to selling or buying a stigmatized property. Follow along below to learn more.

What Makes a Property in Edmonton Stigmatized?

Stigmas attached to real estate have nothing to do with the home’s location, appearance, or function. However, stigmas are related to the events that have happened within or near the home. Generally, a stigmatized property is one that has a negative psychological effect on potential buyers. Some examples of this include, a murder/suicide in the home, proximity to a cemetery, or a famous film/TV location. Any of these scenarios can cause your property to become stigmatized.

Common Stigmas Associated With Properties.

When it comes to selling real estate, location is an essential part of the transaction. Many buyers will avoid putting in an offer on a property that has a stigma. It is important that you consider these stigmas when buying or selling a home. Below we have listed a few of the most common stigmas associated with buying residential real estate.

Crime Sites

If your home has been the site of a crime, there is a high chance that you are in possession of the stigmatized property. Events like murders, break-ins, gambling, gang activity, and criminal owners can cause buyers to steer clear of your listing. There are several reasons why people may find buying a home that had criminal activity unattractive. For example, physical damage like bullet holes, structural breakage, or contamination. Other reasons can include fear of bad karma, superstitions, or related beliefs. New buyers may also want to avoid being associated with the criminal activities that have occurred at the residence.

Famous Locations

Another reason for stigma is if your home is a famous location. Movies and TV shows often film on location at real-life homes. Like all real estate, these homes eventually go up for sale. Some individuals may find living in a famous home/location cool. However, there are some significant drawbacks to owning a recognizable property. For example, if your home was part of a blockbuster movie, it may attract superfans or tourists looking to visit the site. Because of this, you can encounter unwanted interactions with people who are interested in viewing your home. Although, if you are willing to sacrifice a bit of privacy, owning a home that is part of popular culture can be totally worth it.

Common Stigmas of a Property in Edmonton Continued.

Neighbourhood Problems

Another reason why buyers may be reluctant to purchase your home has to do with the neighbourhood you are located in. Even if your home doesn’t have any stigmas, a home in close proximity to one of these stigmas can cause just as many problems. Moreover, if there are known criminals within the area, buyers may also be deterred from purchasing your home. So, be sure to do your due diligence prior to buying or listing your property.

Paranormal Activity

Lastly, homes with a reputation for paranormal activity can make selling a difficult task. There are very few buyers who find it attractive to live in a haunted house. Paranormal sightings, moving objects and strange sounds can make it very difficult to live in a home. Haunted houses can affect an individual’s mental health or put them in danger. Many houses like this often have a traumatic past.

Although, paranormal experiences are completely subjective. In most cases, there is a reasonable answer to unexplained sounds, movements, and feelings. For instance, poor insulation, structural issues, and pest problems. It is important that you investigate these possibilities before drawing any conclusions.

Contact Us Today!

Stigmatized homes can be incredibly difficult to sell. However, with the right strategy, it is entirely possible. For more information about buying or selling a stigmatized property in Edmonton, contact us today. We’d be happy to help you find a home that suits your needs. Be sure to check out our blog again next month for more real estate articles. You can also visit our social media page for the latest updates and more. Feel free to reach out with any further questions. We look forward to working with you in the near future!

Property for Sale in Edmonton

Correctly Pricing Your Property for Sale in Edmonton

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When it comes time to set a price for your property for sale in Edmonton, many questions are bound to arise. As real estate agents, pricing your home correctly is part of our job. However, we draw from a number of sources in order to determine the listing price that your home will hit the market with. Things like government assessments and the overall state of your home, all have their place when it comes to pricing your home for sale. When selling your home, it is important that your listing price is reflective of the home’s true value. Overbidding and underbidding can reduce traction to your listing. Because of this, it is essential that your listing is priced correctly at the time it hits the market. Follow along as we go through the top four contributors that help us accurately price your property for sale in Edmonton. 

Government Appraisals on Your Property for Sale in Edmonton.

Government assessments of your property are a key piece of information when forming the price point of your home. These numbers can shift one way or the other, but in general, they should be reflective of your home’s true value. The City of Edmonton will visit your property annually to determine the cost you will contribute to your property taxes. However, a government assessment of your home and a real estate agent’s appraisal of your home will be slightly different. This is because an agent will factor in renovations, special features, location, style, and more. All of these qualities are likely to affect the overall price. For example, a freshly remodeled home will have a higher value than one that has not been remodeled on the same street. Other factors such as landscaping and zoning will also come into play. 

Comparable Properties in Your Area

Property for Sale in Edmonton ab

One of the most important determinants of the price of your home has to do with comparables. When trying to establish the price of your home, real estate agents will compare your home with similar properties that are for sale in the area. By using the MLS®, REALTORS® are able to quickly source tons of information about all of the listings in your area. This data can then be used to formulate an estimate for the price of your home. Similarly, if a house on your street just sold, they’ll be able to see what it sold for and use that information to ensure your home is priced accordingly. This is one of the most important steps in the home pricing process.

Present State of Your Property for Sale in Edmonton.

The present condition of your property is a big component of the cost of your home. An agent will often pay close attention to your home’s current state when they are researching the right price point. If your home needs certain repairs or a good cleaning, its value will likely do down. Characteristics like an outdated kitchen, unkept exterior, and unfinished renovations are all things that will lower the listing cost of your home. However, there are a few ways you can fix these problems to ensure your home is reflective of its true value. For instance, try adding a fresh coat of paint to the walls (ideally a neutral colour) to get rid of any foul odours and breathe some life into your home. You can also complete any unfinished home projects that you have on the go. It is important to remember that most buyers are looking for a home that is move-in ready. 

Current Market Condition

The time at which you choose to sell your property for sale in Edmonton can significantly impact the profit you make off of your home. Depending on the time of the year and the current market condition, the amount a buyer is willing to pay will change dramatically. For example, a home that is being sold in winter might sell for a lower price than a comparable home in the summer. Although, this is all dependent on when the buying/selling season is in your area. When it comes to pricing your home, the time at which you list will affect the initial cost. In order to ensure you are selling your home at the right time, your agent will be able to provide you with a market report. This will give you all the data you need to determine if it is the right time to sell. 

For more information on how your real estate agent prices your property for sale in Edmonton, contact us today. We’d be happy to provide you with some insight into how we estimate your home’s value. Feel free to reach out at any time with questions or concerns you may have. Be sure to check out our social media here, we look forward to hearing from you!