Edmonton, October 2, 2015: The average residential price in September for the Edmonton Census Metropolitan Area (CMA) is down less than 1% year-over-year (YoY) despite reported sales being down 6.76%. Single family sales (down 9.72% YoY) and condo sales (down 9.07%) continue to be down over levels reported in September of 2014, while duplex/rowhouses (up 17.21% YoY) buck the trend.
“The strength of prices in the Edmonton market is an excellent indication that we are maintaining stability,” explains Geneva Tetreault, Chair of the REALTORS® Association of Edmonton. “Buyers continue to see the benefits of a healthy inventory but we haven’t seen many sellers dropping prices significantly in order to compete. Last year’s market and its low inventory made buyers feel pressure to jump into an offer if they found something they like. We are seeing buyers take a little more time in the decision making process this year.”
A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $432,150; down 1.75% from August and down 0.98% YoY. The average price for condominiums ($252,953) fell 0.68% over last month and 1.05% over last year. Duplex/rowhouses did well at an average of $364,203 – up 2.76% from the previous month and up 4.28% from 2014. All residential properties sat at $368,874; down 0.91% from August and down 0.75% over September 2014.
“We will likely see prices continue to dip as we move into the colder months. Real Estate in Edmonton has a very seasonal trend and colder months always mean fewer sales. We may see buyers take advantage of this trend and benefit from low interest rates while they still can,” Tetreault says.
All residential active inventory remains healthy with 7,108 properties available at the end of September, down from August by 1.65% but still up over last September by 47.71%.
Average days on market for all residential properties was down this month by 1 over last month sitting at 53. This is up by 8.51% from last year. Single family average days on market was down to 51. Condominiums were averaging 57 days compared to 56 in August, and duplex/rowhouses took an average of 51 days to sell in September.
As a current homeowner, you might be planning you next move to a new home. You are now stuck with the dilemma of whether to buy or sell your existing home first. You could try to buy a home with a condition that says the purchase is subject to the sale of your existing home but in most markets that will give you a huge disadvantage when competing with other buyers.
Truth be told, there are rewards and drawbacks with either choice. It is in your best interest to keep the following in mind to explore what might be the best move for you.
An experienced, trusted, and knowledgeable Realtor can provide a realistic value expectation of your present home and give an overview of options such as porting a mortgage, bridge financing, and a conditional offer. Essentially, your Realtor can set the strategy with the terms and conditions in your listing and purchase contract. Also, your Realtor can negotiate possession dates to prevent you from being homeless in between homes or stuck with two homes and becoming a reluctant landlord.
Obtain a realistic value of your present home through provided by your Realtor or an independent appraiser. Keep in mind to include selling costs such as mortgage penalties, lawyer fees, and real estate commission. This information will help you estimate the amount of equity remaining after your present home sells.
Once you know how much equity you will have, check with your lender to determine your options regarding your current mortgage and to find out if bridge financing is a possibility. This allows you to take possession of your new home before the funds for your existing home are received by your lender. Find out how much this will cost you based on the interest rate and any fees included. If financing is not, you may have to sell your current home and make temporary living arrangements until you get the perfect new home.
4. Keep all of your properties
It may be an option to keep your present home as an investment property. Your bank will consider the monthly rental income to qualify you. Just take into consideration all the things that come with being a landlord, such as property management, vacancy, property upkeep, and taxes to name a few.
In the end, your decision will most likely be based on a number of factors, but knowing the potential upsides and drawbacks are important before you make your next move.
Staging a home to sell is a conscious effort to prepare your home a step above the competing listings on the market. You want a potential buyer to walk into your home and feel like they have to have it! Staging is not easy to do but with some effort the results could truly pay off. Here’s a checklist on how to impress from curb to closet:
• Cut and water the lawn, and trim and prune all trees and shrubs
• Remove pet waste, leaves, and weeds from the yard along with tools, toys and other visible items
• Clean all exterior doors and windows on house and garage
• Paint the exterior trim and stain the deck and fence
• Stage an outdoor sitting area with flowerpots, pillows, outdoor carpets, and fire pit or fountain
• Install outdoor solar lighting along all driveways and walkways in front and back yard
• Replace your mailbox, house numbers and paint your front door for a quick curb appeal facelift
• Paint the interior – including walls, doors, ceilings, closets and trim – in a neutral beige or grey
• Remove all shoes, jackets, keys, mail, umbrellas and bags from entrances
• Lubricate doors, furniture and windows to eliminate squeaks
• Remove ALL but the essential items from countertops in the kitchen and bathrooms
• Clean INSIDE and ON TOP of all appliances including refrigerator, microwave, dishwasher and oven
• Dust entire home including ceiling fans, light fixtures, air vents, lampshades, TV’s and electronics
• Clean door frames, doors, windows and window sills, walls, light switches, trim and baseboards
• Place a large bowl full of one fruit such as lemons or apples on the kitchen countertop or table
• Change cat litter and keep it out of sight along with pet food bowls, pet beds and pet toys
• Use fresh plants and flowers to compliment a focal point of the home
• Use an odor neutralizer with a fresh scent even if you don’t think you need one
• Replace all light bulbs with maximum watts and have all lights on and all blinds and draperies open
• Depersonalize the space by removing family photos, trophies, mementos and magnets on the fridge
• Coordinate décor accessories, pillows, and artwork with no more than two accent colors per room
• Float furniture away from walls, into conversational groups, and place so the traffic flow is obvious
• Arrange décor accessories in groups of three – a small, medium and a large item clustered together
• Vary the pattern and grouping of wall hangings and have one or two large focal pieces in living area
• Pack unnecessary items and furniture – at least 1/3 of your home and store them OFF the property
• Don’t neglect storage areas – place items in plastic containers and neatly stack on shelving
• Leave commercial-free easy listening music playing at a low but audible volume on in the house
Edmonton, September 2, 2015: The average residential price in August for the Edmonton Census Metropolitan Area (CMA) is up 1% year-over-year (YoY) and down slightly by 0.2% relative to last month. A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $439,829; up 0.7% from July and up 1.0% YoY. The average for all residential properties sat at $372,256; down 0.2% from July and up 1.0% over last August.
“Edmonton continues to experience a relatively stable market with respect to year-over-year prices. A slower pace of sales, combined with growing inventories, are creating favourable conditions for entering the Edmonton market,” explains Geneva Tetreault, Chair of the REALTORS® Association of Edmonton. “We have a great selection of inventory this year, a luxury we did not have last year. Sellers may have to wait a little longer to sell their houses but they should still being getting a good price for their house. Buyers can take more time to select their home and have more choice than they would have last year.”
“While there is no doubt that oil prices and the resulting economic slowdown have impacted the housing market, Edmonton has been able to weather these changes better than other Alberta markets.” Tetreault continues, “New developments and projects both in the city and outlying areas have kept the housing market moving.”
Sales continue to lag behind last year in all areas except duplex/rowhouse. An increase in availability of duplex/rowhouse options has helped this category grow over last year in sales (up 1.7%) and price (up 1.53%). Condos continue to be the hardest hit, with sales down 7.7% and average prices down 2.8% from last year.
Sales of all residential properties reported last month are down 5.6% from those reported in August of 2014. Single family home sales of 884 were down 4.3% YoY compared to 1,111 reported last month. Inventory remains strong at 7,227 for the Edmonton CMA at the end of August 2015, up 35% from last August. All residential listings were up YoY by 26.9% but down by 6.3% from last month. There is currently just under five months’ supply of inventory in the Edmonton CMA.
Average days on market for all residential properties was up again this month at 54. Single family average days on market was up to 52 from 48 in July. Condominiums were averaging 56 days compared to 54 in July, and duplex/rowhouses took an average of 52 days to sell in August.
