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Correctly Pricing Your Property for Sale in Edmonton

October 14, 2022/0 Comments/in Real Estate Articles/by superadmin

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

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!

Navigating Homes in Edmonton as a Buyer.

August 12, 2022/0 Comments/in Blog Posts, Real Estate Articles/by superadmin

Understanding the difference between a buyer’s market and a seller’s market is critical when you are looking for real estate. Timing is so important when you want to buy or sell homes in Edmonton. Navigating the housing market as a buyer can be tricky, especially when the conditions aren’t ideal. In this article, we are going to go through some tips and tricks to help you navigate home buying. As well as, the difference between a buyer’s and seller’s market. Follow along below to learn more!

Buyer’s Market Vs. Seller’s Market.

The difference between a buyer’s and seller’s market has to do with supply and demand. A buyer’s market often happens when a change in the market occurs that favours buyers over sellers. For instance, if there is an increase in supply and/or a decrease in demand the market will likely shift to favour buyers. In a buyer’s market homes usually sit on the market for longer periods of time and sell for a lower price. There is often more competition between sellers via price wars during a buyer’s market.

By contrast, a seller’s market will typically occur in the event that there is a low supply and high demand. This generally causes a seller’s market because buyers will get highly competitive with one another via a bidding war to secure a home. Thus, causing the listing price of homes to drive upwards. The lack of supply during a seller’s market will usually create a tense environment between buyers.

The most recent example of a seller’s market would be 2021 to early 2022 in most provinces across Canada. Post-pandemic, many people were looking for new homes and supply was at an all-time low across the country. This caused one of the hottest seller’s markets ever recorded. In fact, many major cities are still experiencing the heat of low supply and high demand in Canada.

How to Buy Homes in Edmonton?

During a Buyer’s Market:

It can be tricky to buy homes in Edmonton, especially if you’re new to the city or a first-time buyer. Now that we have gone over the difference between a buyer’s and seller’s market, it is important to identify which of these you are stepping into as you look to buy homes in Edmonton. If the market is favouring buyers, then you shouldn’t have too much of an issue when it comes to securing a property. In fact, you may have more time to make a decision and shop around for a home you love.

During a Seller’s Market:

On the other hand, during a seller’s market, it is crucial that you are overly prepared. Seller’s markets can be extremely heated for buyers and it can be hard to secure a home. So, before you begin the house hunt, you need to determine a few key factors.

First off, you will want to decide on the area(s) that you are interested in buying a home in. Then, you can see what houses are selling for and how long they are sitting on the market in that location. This will give you a good idea of what budget you’re looking at and how quickly you’ll need to make an offer on a home. Secondly, you will want to hire a great real estate agent. Having an experienced real estate agent by your side will help smooth the process. Especially when the market is scorching hot.

Next, you’ll need to determine what you are willing to compromise on. Whether that be location, number of bedrooms, size, yard space, etc. It is important to know what your negotiables and non-negotiables are. Furthermore, as a buyer, you’ll need to line up your financing. This means going to a mortgage broker and getting a pre-approval from 2-3 lenders. Having a mortgage pre-approval can help you prove to sellers that you are serious about buying their home.

Contact Us About Homes in Edmonton.

It is vital that you understand the difference between buyer’s and seller’s markets when you go to purchase homes in Edmonton. If you are looking to buy a home during a seller’s market make sure you are prepared. Deciding to buy homes in Edmonton can offer you more financial comfort. If you have any questions or concerns about buying houses in Edmonton, contact us today. Be sure to visit our social media for the latest updates and more. Don’t hesitate to reach out if you’re interested in a specific property. Our team will get in touch with you as soon as possible! We look forward to working with you in the near future.

Mortgage Forecast for Edmonton Real Estate.

February 14, 2022/0 Comments/in Real Estate Articles/by superadmin

The onslaught of the pandemic saw a decrease in mortgage rates that allowed homeowners a little more wiggle room. However, the Bank of Canada announced that they will be putting an end to the ultra-low interest rates. Inflation has certainly seen a spike over the last little while and the Bank of Canada is hoping that a spike in interest rates will help combat the inflation jump. But, what does this mean for Canadian citizens? And, who is most likely to be affected by a rise in interest rates? Follow along in the article below to find out more about the impact of interest rates increases on Canadians.

Will Those Owning Edmonton Real Estate be Affected by Interest Rates?

The short answer to this question is yes. However, that is not to say that all Edmonton residents owning real estate will be affected in the same way. New interest rates have a ripple effect on borrowing costs across the economy. Although, most citizens will discover that the area that sees the biggest impact is in variable-rate loans and credit products. For instance, variable-rate mortgages and lines of credit. For anyone living in a home with a variable-rate mortgage, it is likely that you will see the greatest influence of the latest interest rates. Variable-mortgage payments are likely to raise this February 2022.

This means that anyone who has a variable-rate mortgage can expect to be forking out a lot more money over the course of 2022. An example from The Globe And Mail said that a $720,000 home, with a variable rate of 1.15%, a 10% down payment, and amortization of 25 years, would have a $2,762 monthly payment. A rate increase of a quarter of a percentage point would change the same monthly payment of $2,762 to $2,844. Thus, signifying an $82 monthly increase and a $984 increase over 12-months.

There is hope yet for those concerned with their financial situation after interest rates start to rise. For example, Canada’s mortgage stress test ensures that borrowers can afford their mortgages. Understanding your financial position is a key part of finding ways to soften the jab of rising interest rates. Ask a financial advisor or your mortgage broker if you are unsure of how to proceed during the coming months.

Rising Interest Rates to Come.

Interest rates are rumoured to rise in March of 2022. And, they will continue to rise throughout the year by a quarter of a point (0.25%). If you are wondering how this is going to affect buying and selling Edmonton real estate, reach out to us today. At RE/MAX Elite we understand how difficult it can be to find proper housing during this time. Contact one of our experienced professionals today to get help on finding the right Edmonton real estate for you. For more real estate-related information, be sure to return to our blog next month. We look forward to working with you in the near future.

Edmonton Real Estate – 2021 in Review!

December 20, 2021/0 Comments/in Blog Posts, Real Estate Articles/by superadmin

December is here, and that means 2021 is coming to an end! We hope you have enjoyed our past 11 months of real estate content. To celebrate our final month of 2021 blog content, we have decided to recap all of our articles from the year. This way, you can catch up on everything you missed from the year’s content. Follow along as we go through a short summary of each article. Be sure to check out the full posts by clicking the link below.

January 2021 – Sherwood Park Real Estate Agents Prepare For A Busy 2021

January started with a market report to ensure all buyers and sellers were in the loop about Edmonton’s market conditions. Throughout this post, we gave predictions and valuable information about how real estate in Edmonton was doing. To find last January’s market report, view “ Sherwood Park Real Estate Agents Prepare For A Busy 2021”.

February 2021 – Sherwood Park Real Estate Agents are Excited about 2021

In February, we wrote all about Sherwood Park real estate. We gave information about the neighbourhood wineries, parks, and wildlife. This article also happens to have a video that goes with it! By watching the video and reading the post, you’ll understand everything you need to know about Sherwood Park. Read the full article “Sherwood Park Real Estate Agents are Excited about 2021”.

April 2021 – What Separates The Top Edmonton Realtors from the Rest of the Pack?

The differences between a great Edmonton real estate agent and a bad one are evident. In this spring article, we wrote about how a REALTOR® at our brokerage can make a difference in your transaction. We have a unique set of skills and advantages like brand recognition, local expertise, and specialized training to guarantee our customer’s satisfaction. Read the entire post “What Separates The Top Edmonton Realtors from the Rest of the Pack”.

May 2021 – Edmonton REALTORS® & Real Estate Investing

Real estate investing is a popular way to kickstart your investment portfolio. Through real estate investing people can create lasting sources of income. There are many ways to get into real estate investing. For instance, REITs, REIGs, and Rental Properties. For more information view the article “Edmonton REALTORS® & Real Estate Investing”

June 2021 – Edmonton Real Estate Agents Use Tech to Their Advantage

With technology becoming such a large part of people’s everyday lives, it’s no surprise that we use technology to give customers a better experience. Edmonton real estate agents are being taught how to use technology to enhance communication and marketing. These are two crucial areas that many REALTORS fall short of. Learn how we are using technology to better achieve client goals by reading the article “Edmonton Real Estate Agents Use Tech to Their Advantage”.

July 2021 – Transportation & Edmonton Homes for Sale

Figuring out transportation in a new city is crucial. For both kids and parents, transportation is an essential part of our day-to-day lives. And, not everyone is drawn to travel by car. In fact, for many families, it’s more convenient to use public transit services to get from one place to another. Of course, this is all dependent on you and your needs. Learn all about Edmonton’s transit services by reading the full article “Transportation & Edmonton Homes for Sale”.

August 2021 – Student’s Guide to Homes for sale in Edmonton!

In August, we wanted to get students thinking about real estate. Many university students and kids coming out of high school will want to know how to get on the property ladder. In lieu of this, we wrote an article that went step-by-step through how to gain ownership of your first property. From generating income to learning about the market, this article has it all. Read the full post “Student’s Guide to Homes for sale in Edmonton”.

September 2021 – Schools Near Sherwood Park Real Estate

September was the first month of our schooling content. We started by writing all about the elementary schools in the neighborhood. This article contains information about classes, principals, school size, staff, bell schedule, programs, and more! Read more about “ Schools Near Sherwood Park Real Estate”

October 2021 – Schools Near Sherwood Park Homes For Sale

October’s article was dedicated to schooling content about junior high and middle schools in the Sherwood Park area. This article contains the same valuable information that our elementary school article had. Find out where to send your child in the new year by reading about “Schools Near Sherwood Park Homes For Sale”.

November 2021 – Sherwood Park Houses Near Schools!

In November we concluded our Sherwood Park schooling content. This article is all about high schools in the Sherwood Park neighbourhood. Students and parents can use this article to find out which school is best suited for them. And, give them an idea of which classes and programs they’ll enroll in. View the full article “Sherwood Park Houses Near Schools”.

We want to thank our clients for another great year in the Edmonton real estate market. We hope to come back next year with more helpful blog articles! Be sure to contact us with any questions about a property. Happy holidays, and see you all in the new year! Make sure to keep up with us over on Facebook!