Tag Archive for: Top Edmonton Realtors

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!

homes in edmonton

Navigating Homes in Edmonton as a Buyer.

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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.

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.