Tag Archive for: real estate sales in edmonton

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!

first time home buyers in edmonton real estate

What to Know About Houses in Edmonton as a First-Time Buyer?

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Buying your first home is a huge milestone! It takes a lot of time and effort in order to be able to finally afford such a big-ticket item. In Canada, it can be hard to find a home that is suitable for your needs and within your price range. Before you pull the trigger on purchasing a home, it is important to consider how this will affect your future. If you are a prospective first-time home buyer, we encourage you to read this article before making the decision to buy houses in Edmonton. For more information on what to keep in mind during the buying process, continue reading below. 

Houses in Edmonton Won’t Hold For Your Future or Your Budget. 

Your current lifestyle is undoubtedly going to change as you and your family get older. Finding a property that suits your future plans is vital. Purchasing a home is surely one of the biggest purchases a person will make during their lifetime. To guarantee your bank account stays happy and healthy, it is important to consider your future plans. This will allow you to find a home that gives you a good return on your investment. Your home buying plans must account for your various life changes. For instance, if you are considering having children, going abroad, or unsure of where work will take you in the coming years. 

Furthermore, many people will end up purchasing a home that they don’t immediately love. This is done with the hopes of renovating. However, renovating a home can be even more costly than buying one. Houses are great at hiding sneaky issues and costly repairs. Some of which, might not be uncovered until you start to demo the place. These seemingly small issues can quickly add up. This is why it is so important to determine whether it is worth renovating or simply buying a home that you love. However, sometimes a few coats of paint can be enough to refresh a space! 

When you’re looking for a new home, it is important to keep these factors in mind. As soon as you start toying with the idea to redo a major area like the kitchen, that’s when the cost will start to rise. Be mindful of your budget now and how it may look down the line. You may realize that a fixer-upper is a great solution for you and your budget. Or, that you’d much rather something move-in ready! 

Edmonton Has One of The Best Markets for First-Time Buyers!

Stretching your budget too thin when you go to buy houses in Edmonton can be scary. Buying a home that you are financially comfortable with is going to help you maintain stability throughout the duration of your mortgage. This can seem hard to do given the high real estate prices across Canada. However, Edmonton has recently been ranked as one of the most affordable and easy-to-enter markets for first-time buyers! Compared to other major cities in Canada like Vancouver and Toronto, Edmonton is a great place for new and young buyers to start. Real estate in the City of Edmonton is roughly 30% cheaper than in Calgary and surrounding cities. Most citizens have no trouble finding an affordable place to live within the city. The average price for a single-family home is within the $400,000-$500,000 range. This is incredibly affordable given real estate prices everywhere else in the country. 

Purchasing real estate and getting a mortgage that matches your financial situation will save you a lot of stress. During uncertain times, having a more affordable home can allow you to have more flexibility. Mortgage brokers often suggest a home with payments that total 28-33% of your gross income. Edmonton is a great place to get your feet wet in the housing market. There are plenty of job opportunities and it is overall more budget-friendly. Many Canadians are making the move to Edmonton for these reasons.  

Entering the Edmonton real estate market is likely to be more forgiving for first-time buyers. This is because of the low risk and higher inventory. New homebuyers often obsess over the initial price of the home without considering the other costs involved. For instance, homeowners insurance, taxes, repairs, maintenance costs, moving fees, strata fees, etc. These costs can quickly amount to an unbalanced budget. Have a discussion with your real estate agent if you have any questions or concerns about what costs could arise while living in the home. 

Contact Us Today!

The real estate market in Edmonton is the perfect place for new and young buyers to get on the property ladder. It is crucial that you think about your budget, future plans, and needs when you go to buy a home. Making the decision 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 check back on our blog next month 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.

Edmonton Houses for Sale

Foreign Buyers Banned From Purchasing Edmonton Houses for Sale!

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Canada’s housing crisis has come to a head. Provincial and federal governments are struggling to get a hold of the problem at hand. In British Columbia, a new presale policy has been announced to be integrated. And, foreign buyer taxes have jumped up in many provinces across the country. Despite the provincial efforts to cool the housing market in Canada, there continue to be issues surrounding supply and affordability. In an attempt to ease the housing crisis, the federal government is implementing some key changes to help Canadian buyers. Learn more about how Edmonton houses for sale will be affected by the following federal changes in the article below.

How Does the Government Plan to Make More Edmonton Houses for Sale?

The liberal government in Canada is making an effort to cool off the housing market in Canada through two main channels. Over $10 billion in funding has been allocated to help speed up construction and repairs of homes. Furthermore, the government has decided to put a ban on foreign investors purchasing real estate in Canada. As well as, introducing new tax measures to reduce speculation. 

These methods make up a large chunk of the federal budget. In order for everything to proceed smoothly, cooperation from other levels of government will be necessary. Ideally, the government’s plan is to double the number of homes built in the next 10 years. Collaboration from the government, construction companies, and citizens will be essential to the success of the budget. The housing section of the budget has a clear focus on increasing supply. Moreover, there is $4 billion set aside for municipalities to ensure that homes are being built swiftly. The money will go towards the planning and delivery of housing, with an estimated 100,000 new units in the next 5 years. 

$1.5 billion is set to be spent in the next 2 years to create 6,000 new affordable housing units through the Rapid Housing Initiative. In addition, there will be $475 million going towards rental assistance and $2.9 billion to provide housing to vulnerable Canadians. Other commitments include $600 million to attend to homelessness by creating new programs and supporting existing programs. Furthermore, $1 billion will be used to incentivize green energy use at home, including grants and loans. As well as, $150 million over the next 2 years for affordable housing in Northern Canada. 

The Liberal government has said that they will leverage $40 billion-plus in infrastructure to speed up the process across various cities. 

houses for sale in edmonton

Record High Months Continue To Add Pressure.

In February, the national average home price climbed 20% to $816,720. All the while, rental rates continue to rise. As for Edmonton houses for sale, supply and demand match current national trends. In March, 472 duplexes were put up for sale and 441 of those were sold. Thus, indicating a 93% listing-to-sales ratio! Nearly every duplex or townhome that gets listed is being sold. 

Although supply continues to be at an all-time low, spring has brought hope for buyers-to-be. More listings have surfaced now that spring is here. There has been an 8% increase in Edmonton houses for sale this March! Additionally, condo and apartment sales have started to grow. March saw the biggest year-over-year leap in sales, at 67%. In the past, condo and apartment sales were few and far between in the Edmonton market. Edmonton continues to be an affordable market for out-of-province buyers to find a home and settle down. 

The lack of supply in Canadian real estate markets is evident. The government has recognized this as the central problem in the housing crisis.  Liberals are hopeful that the budget will provide some relief for Canadian citizens. For the next 2 years, foreign buyers will be banned from purchasing Canadian real estate. Although, there are several exceptions to this measure. 

The Liberal government will also be reviewing the impact of large companies buying homes on the market. And, how they intend to stint the growing trend. A new bill of rights is proposed to include several measures to protect homebuyers. For instance, the right to a home inspection, no more blind bidding, possible mortgage deferrals, and more disclosures from real estate agents. 

Contact Us For Information on Edmonton Houses For Sale!

The real estate market is constantly fluctuating and buying Edmonton houses for sale can appear intimidating. However, with the help of an experienced REALTOR® in the Edmonton area, the process is much less daunting. If you have any questions or concerns about buying Edmonton houses for sale, contact us today. Don’t hesitate to reach out if you’re curious about the government’s plans for an increased housing supply. Our team can put you in touch with the resources you need to get your real estate goals on track. We look forward to working with you in the near future!