Edmonton and Area Real Estate News and Market Analysis

Withing our blog, you will find a wealth of information spanning from coverage of local market statistics, home values, and important information and facts relating to the home buying and selling processes. We have a strong emphasis on the importance of community with our primary objective helping you find your place in it. If you have any questions, please reach out to us and we'd be more than happy to help. 

Oct. 9, 2018

Edmonton Real Estate News - October 2018 Market Update

Edmonton and Surrounding Area - A Buyers Market 

Since August 2018, the average residential single family home selling price has increased by 2.5%. The average single family home in Edmonton nearly increased by 2% relative to August 2018 and 0.25% since last year.

September 2018 Market Statistics Summary

Average Single Family Home Selling Price - $373,958 (up 2.5% compared to August 2018)

Average Days Single Family Home on Market - 61 Days compared to 59 August 2018

Single Family Home Sales - Down 19.41% compared to August 2018

Condo Sales - Down 28.82 compared to August 2018

Duplex/Row House Sales - Down 21.02% compared to August 2018

Total Inventory on Market - Down 1.53% compared to August 2018

Number of Listings - Down 17.41% compared to August 2018

View More
Sept. 27, 2018

Tips To Sell Your Home In The Winter

 

How To Get Top Dollar In the Cold - Edmonton Alberta

The spring and summer months in Alberta is when the real estate market drastically increases, as most homeowners get ready to list their homes and purchase new before the start of the following school year. During this short season, the most home sales and purchases are made, as there is the greatest flexibility to view listings with the good weather and the long days. However, selling your home in the winter may also present you with a perfect opportunity to list your home for sale. There are fewer houses on the market with less homes being similar to yours. From my experience as a Realtor in Edmonton and area, I'll provide a few tips to ensure buyers have positive and long lasting impressions when viewing your home in the winter months.

1) Emphasize Your Homes Warm And Cozy Features

During the winter months in Edmonton, weekday and weekend nights are usually spent huddled on the couch, watching the television and focusing on work related projects that are saved for the tempered indoors. As the colder weather moves in, buyers start re-focusing their attention to the distant unused corners of a home, the flooring, and areas with high levels of natural light, rather than focusing on the entire property in the spring and summer. Sellers should place lush and beautiful rugs on the ground, set an abundance of pillows on the beds and couches, and display scented candles throughout the house to give buyers the ability to feel a sense of warmth and coziness that the winter cold can bring. Adding simple elements to your home is very important during the colder and darker days, as the focal point of potential buyers will narrow in directly to the actual house, not so much the entire property.

View More
Sept. 10, 2018

Edmonton Real Estate News - September 2018 Market Update

Edmonton and Area - A Buyers Market

August is one of the slowest real estate months when it comes to home sales and purchases. This is largely due to summer coming to an end as families start moving their focus towards the start of a new school year.

Compared to July 2018, residential sales have decreased by 2.25% with the average sale price decreasing 1.38% to $364,925. Home sales have increased by 1.89% in comparison to August 2017, with the average sale price at this time being 2.30% lower. The amount of lisiting's decreased 4.51% compared to last month with the average number of days a single family home stayed on the market being 59 (seven days longer than July 2018). Condo sales have decreased since last month but are greater compared to this time last year. All of this information can be found on the Realtors Association of Edmonton website, with historical data archived to be used as a comparison.

There has been a slight decrease (insignificant) in the Edmonton and metropolitan real estate market compared to last year.

My Thoughts

In Edmonton and the surrounding area, there is a large surplus of residential properties on the market. Seller's have to be open to the sale of their home taking a greater period of time with the negotiation process's favoring the buyer. This however is not the case for every home and all sellers should still be able to get a suitable price if they choose to sell. If a seller wants their home to sell quickly and at top dollar in this market, they better make sure their home shows well. Cleaning up personal belongings, tidying your home and consider staging go a long way. The first impression is by far the most important impression.

With it being a buyers market, individuals who have been interested in purchasing a home should now take the opportunity to shop around and pursue the best deals on the market. They should take advantage of this market and narrow their focus on the specific areas they have been wanting to buy in. While this is true for most areas of the city, not all neighbourhoods have decreased in sales and price to such extent. Neighbourhoods around the University of Alberta for example have stayed roughly at the same value.  

Sellers must be more flexible when selling and buyers have the greatest opportunity to purchase real estate on their terms. If you ever have any questions about the information listed or need help in any way, i'm always available to help.

 

Best Regards,

Chloe Pleckaitis RE/MAX River City 

780-983-0779

Chloesells@rivercityrealestate.ca

Sept. 6, 2018

5016 116 Street NW Edmonton Open House

Come join me on August 8th this Saturday from 1 PM until 3 PM in Malmo Plains Edmonton! I will be bringing refreshments and home cooked treats to this open house. Don't miss out!

5616-116 Street NW Edmonton

 

Property Description

ATTENTION INVESTORS! FULLY RENOVATED BUNGALOW WITH LEGAL BASEMENT SUITE AND WITHIN WALKING DISTANCE TO SOUTHGATE MALL! What more could you ask for? This 1,264 sqft bungalow with 5 beds (3 up/2 down) has been professionally renovated (2017) top to bottom by Infinity Construction. Upstairs you will find an open concept kitchen/great room with new luxury vinyl plank flooring, new appliances, paint, kitchen craft cabinetry and more. Three bedrooms and 1.5 baths (including half bathroom in the master bedroom) complete the upper level. A separate entrance separates the two units. Downstairs is a fully permitted legal basement suite with 2 large bedrooms, full bath, kitchen, and large family room. Basement bedrooms have new large windows. A storage room and a shared laundry space completes the lower level. You will love the easy access to Whitemud Freeway, public transportation, and all shopping centres. Windows are currently being redone! Don't miss out!

Posted in Open Houses
Sept. 5, 2018

Edmonton Home Buyer's Guide - A First Time Home Buyer

 

1) Choosing An Agent

It is very important to choose the right agent to work with, as purchasing or selling a home is usually the biggest investment in a persons life. You want to get yourself slightly educated on the real estate industry and have a rough understanding of your real estate needs. Once you select your agent, you should meet them in person to discuss your unique situation and use their expertise to narrow down the type of home you wish to purchase. You should discuss the price your willing to spend, the area's you want to live, and determine if you are planning to use this property as an investment or a long term home. A good real estate agent will further educate you on the real estate processes that take place in a transaction and help you finalize the features your looking for in a property. This is by far the most important step in the process; choosing the right agent will make the transaction smooth as possible.

Once you pick a professional to work with, they may ask you to write a Written Service Agreement. This agreement is a legally binding document that makes the client obligated to work with the chosen agent. The time on the agreement may vary, and can be presented at different steps in the process. Always discuss this with your agent.

 

2) Determine How Your Going To Pay

Are you going to pay for the amount in full with your own money or through a lender? The most common method is to purchase a home through a lender. A lender can be a financing institution, a bank, or a private investor. Whomever the lender is, the debt you owe to them is all secured as a mortgage against your title.

View More
Aug. 25, 2018

How To Make It Through An Edmonton Winter

 

Living in Edmonton during the winter season can be challenging for most people. Weeks of 30 degrees below 0, endless snowfall, dark days and long nights all contribute to a lingering cloud of winter blues. Good thing for you is that I've lived in Edmonton my entire life and have developed a list of fun and exiting activities over the years that have helped me pass the 6 month cold and enduring season; making winter my favorite time of the year.

 

1) Visit the Alberta Legislature and Candy Cane Lane

An Edmonton tradition consists of creating a spectacle of colorful displays throughout the city. The Candy Cane Lane is a 45+ year Christmas tradition where you have the ability to tour a 10 block residential stretch of Christmas lights and decorations based around the Crestwood community. It is located on 148th street, between 100th avenue and 92nd. While the dates of the event are currently not up, it typically runs from Dec 8th to the 31st. There is free hot chocolate on certain days and sleigh rides that must be booked in advanced. Tickets are free but a donation to the food back is greatly appreciated. 

The Alberta Legislature Building is also one of Edmonton's finest Christmas displays. It features thousands and thousands of Christmas lights strategically placed around the grounds with a mix of shows and other musical performances to bring out the holiday cheer. This event has been running for more than 30 years and starts in early December and runs up until Christmas day. There are musical ensembles and other fun activities that bring warmth to friends and families during the holiday season. The event is free and enjoyable for people of all ages.

 

2) Enjoy The Festival of Trees

The Festival of Trees runs from November 29th to December 2nd. It is an annual holiday celebration in which Edmontonions get together and partake in the decoration and display of Christmas trees. There are other special events throughout the weekend such as Santa's Breakfast, Family Night, Silver Bell Soiree Seniors' Appreciation Day and the Lucheon and Fashion Show. There is also a black tie gala held for the sponsors and contributors to the event, in which all the money received is donated to help fund CT scanning technology and software at the University of Alberta Hospital's Brain Centre. It will be the 33rd consecutive year since the event started and is without a doubt one of Edmonton's most valuable fundraisers.

View More
Aug. 25, 2018

Edmonton Real Estate News - August 2018 Market Update

 

Edmonton and area - a buyers market!

A buyers market is gradually becoming more and more evident to real estate professionals and homeowners. 

The number of single family homes, duplexes and condos on the market have increased to 12.6% since last July while the average home price in the Edmonton and surrounding dropped 3.6% since last year at this time. However, the worst news is for condominium owners. More people are shifting towards renting due to a drastic 6.2% decrease in condo prices since last year.

According the the Realtors Association of Edmonton, the average price of a single family home sold was roughly $436,000, while condominiums came in at $246,000. The number of MLS sales have decreased and the time spent on the market went up.

My thoughts

It is definitely a buyers market out there. The average home on the market is selling for slightly less since last year with more time invested trying to sell it. Buyers have the opportunity to shop around and pursue better deals on their own time and interest. In my opinion however, this market shouldn't scare off sellers who are considering listing their homes but are not due to the changing economy. While it is evident that many of the homes are still selling, I strongly suggest that addressing all of the necessary repairs and fixes that have been put off over the years will give you the best chances of your house being purchased. If you want your home to sell in this market, you better make sure your home shows well.

Simple measures such as tidying your home and hiding personal belongings go along way. Increasing the curb appeal by cleaning the yard and adding a few decor items help buyers feel invited into your house. Having high quality professional photography will increase your showings, as the pictures on the web are typically the first place buyers view your property. Realtors need to stop using using their personal phones for pictures. Nothing is worse than this.

 

If you have any questions, i'm always here to help.

Chloe

780-983-0779

chloesells@rivercityrealestate.ca

Aug. 23, 2018

How to Sell your House for The Most Money; 10 tricks on How to Sell Your House.

1) Set the right price and know the sales price of nearby homes 

 

2) Determine how you’re going to sell 

3) Complete renovations (especially the bathrooms and kitchens) and assess the overall condition 

 

4) Depersonalize and declutter 

 

5) Hire a professional stager

 

6) Improve your home’s curb appeal

 

7) Know your ideal buyer

 

8) Get smart about marketing

 

9) Light it up

 

10) know your "bottom line" (the lowest you can accept) so you can negotiate in your best favor

 

 

 

1) Set the right price

 

Selling a home isn’t only about making your house pretty and staking a sign in the yard on the right day: It’s a lot to do with understanding home buyers on both a broad and specific level. 

 

Before you pull a price out of the sky, take time to find out what nearby homes, like yours, have sold for.  This information is available from a Realtor or by going onto various MLS web sites and doing some research.  A well-priced home is going to sell more quickly than a home that is priced too high.  The most benificial way to price out your home is to have a Realtor perform a property valuation or higher an appraiser to perform an appraisal. Pricing your home properly is key. Many homeowners think their home is worth more than the comparable analysis indicates. Once a homeowner removes their emotions from the home,  they typically find that the property is priced correctly.

 

No matter how analytical you think you can be, over the years I have found approximately 4 out of 10 sellers will initially agree with my pricing. They are the ones who get their homes sold the fastest for the top dollar. Those who dislike the proven pricing strategies that I employee may eventually agree to lower the price if we don’t get an offer in the first two weeks. Most of them stick to that and then we get the house sold. The only issue with  "needing to be sure” that their home isn't priced to low is that once you lower the price and have had the home on the market for some time, it is no longer a new listing. 

 

Starting out with the right price is key. If you are worried that your agent wants to price your home  "too low" (trust me, i'm sure its priced aggressively) you’re most likely going to get a dozen offers and raise the dollar amount to where it’s supposed to be. Pricing it right is just smart business, and will get you the fastest and best profit. 

 

View More
Posted in Selling Your Home
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates