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Edmonton Real Estate Market Breaking Records

June 9th, 2022 by remax-realestate-sprucegrove


Is Edmonton real estate the last affordable market in Canada?

Like much of Alberta, the Edmonton real estate market had been hit hard by COVID-19 and the crash in crude oil and natural gas prices in a slumping economy. While the broader Canadian housing market rebounded quickly after the initial first wave, Edmonton and the rest of the province were slow to respond.

Over the last year, with historically low interest rates and lower prices compared to the rest of the country, prospective homeowners dipped their toes in the Edmonton real estate market. Fast forward to the present, and the Edmonton housing market is booming without any sign of slowing down.

People began to see the interest rate dropping and their purchasing power increase,” Tom Shearer, the past chair of the Realtors Association of Edmonton, told Global News. “They saw some of those higher-end properties start to come down to a range where they felt comfortable moving into them.”

Although prices are skyrocketing in the major urban centre, conditions are still relatively affordable compared to other large areas in Canada, such as Toronto or Halifax.

But this level of affordability could be fading fast, with the western municipality experiencing a record-breaking real estate market to kick off 2022. Is this the new normal in Edmonton for the rest of the year?

Edmonton Real Estate Market Breaking Records in March

Is this a sneak peek into Edmonton’s spring and summer seasons? If winter, which is historically quiet in Edmonton, led to a spark in home sales and price growth, then the coming months should be impressive for the area.

According to the REALTORS Association of Edmonton, residential sales advanced at an annualized rate of 45.4 per cent in March. All property categories witnessed robust sales activity in March:

  • Single-Family +21.2%
  • Duplex / Row: +54.2%
  • Condominiums: +67.1%

In addition to swelling transactions, price growth was notable, especially for detached homes. The MLS® Home Price Index (HPI) composite benchmark price climbed 9.4 per cent year-over-year to $369,700. Here is how the different properties performed in March:

  • Single-Family: +9.9% to $503,711
  • Duplex / Row: +11.8% to $389,321
  • Condominiums: +6.7% to $245,070

“The Greater Edmonton and Area market continues to surprise us as we enter into what is normally the start of the busy season of real estate,” said REALTORS® Association of Edmonton Chair Paul Gravelle. “Although we are seeing slightly lower increases for average sale prices across all categories, there has been a huge increase in the number of listings hitting the market as well the number of sales in the month of March.”

Indeed, new residential listings increased 7.6 per cent year-over-year and a stunning 47.7 per cent month-over-month. Meanwhile, days on market declined in March, with single-family homes typically listed for only 27 days, down from 42 days the month prior.

On a positive note, new housing construction activity has remained strong so far this year. According to Canada Mortgage and Housing Corporation (CMHC), housing starts totalled 2,641 in the first three months of 2022, up slightly from 2,511 unit starts in the first quarter of 2021.

Overall, the benchmark price trend is going up for Edmonton, which has been the case since the end of last year. But can this notable growth keep going for the rest of 2022? This is the question for Edmonton and many other housing markets that have experienced exceptional growth and activity.

According to the RE/MAX 2022 Canadian Housing Market Outlook, the Edmonton real estate market is expected to see the average sale price advance seven per cent by the end of 2022, while the number of sales is estimated to increase five per cent.

Other Noticeable Trends in Edmonton

Throughout much of the coronavirus pandemic, many homebuyers from across the country purchased houses in Atlantic Canada without even seeing them in person. The same type of development is unfolding in Edmonton as out-of-province buyers and investors scoop up tightening supplies, which is in turn driving up the price.

Public policy could also play a factor in the Edmonton real estate market. The city is reportedly homing in on property taxes and basing them on density with potential cuts for rental property owners and hikes for single-family homes. Many property developers and officials contend that the city’s present tax structure limits housing growth.

As more people continue working from home, space will still be a high priority for prospective homebuyers. A recent survey from the Realtors Association of Edmonton found that 61 per cent of homebuyers said a home office is an essential feature when choosing a residential property.

Due to heightened demand, Edmonton is seeing a myriad of factors come to the surface in the housing sector: buyers are bidding over the asking price, and offers with no conditions are winning. This is further impacting housing inventory, and Edmonton’s pendulum is swinging in favour of sellers.

5 Tips to Sell Your Home

March 15th, 2022 by remax-realestate-sprucegrove

The decision to sell your house can be exciting and overwhelming all at once. Despite the reality of that latter emotion, there are some things home sellers can do to alleviate the stress. Start with a game plan using the five tips below for a less-stress selling experience.

 

  1. Get to know the real estate market: Knowing the ins-and-outs of the real estate market is helpful, so you know what you’re getting into and you can manage your expectations. Some things to consider are average sale price on your street, potential interest rate increases or reductions in the near future, whether’s it’s a buyer’s and seller’s market, and affordable or “liveable” neighbourhoods that prospective buyers look for.
  2. Prepare your paperwork: Potential buyers and their agents will ask a lot of questions about your home, so preparing the paperwork in advance is helpful once you start showing your home. Prepare things like utility bills, tax bills, renovation details, warranties, mortgage details, survey and rental contracts.
  3. Declutter: Getting rid of unused items and furniture will make your move easier, and potential buyers will respond better to a clean, clutter-free home. It takes many years to accumulate all that “stuff” so be realistic about how long it will take to clear it out. Try tackling one room per day, starting with the basement! Decluttering and staging are key.
  4. Start stocking up on boxes and moving supplies: As you get ready for the move, keep an eye open for supplies that may be useful. Stock up on old newspapers and collect old or unused boxes from your office or local grocery store.
  5. Find a good real estate agent: Agreed, we have a bias when it comes to a DIY home sale versus working with an experienced pro. While it’s ultimately the seller’s choice whether they want to work with an agent or go it alone, our RE/MAX agents are here to help!

 

These five simple steps will put you on the right track to sell your house. As overwhelming at the process might seem at first glance, don’t forget to enjoy the excitement of it all, and remember that you’re not alone. Our RE/MAX agents will work with you from start to finish, to ensure a stress-free home sale!

10 Step Guide to Selling Your Home

January 11th, 2022 by remax-realestate-sprucegrove

Selling your home can be an incredibly emotional, stressful process, which is why it is so important to follow the right steps when deciding to sell your home. We’ve put together a step-by-step guide to selling your home, to help guide you in the right direction to ensure your selling experience is as easy as possible.

Click HERE to download these steps in PDF form.

1. Decide to Sell Your Home

Make sure you are ready both financially and emotionally.

2. REALTOR® Consultation

There is no commitment required on your part for the initial meeting with an agent. It will be educational and will help you identify the right agent for you. Your RE/MAX agent will provide you with a comparative market analysis and all the tools they have to help sell your home the fastest.

3. Establish a Price

Now that you have chosen an agent, they will help you establish your asking price for your property.

4. Prepare Your Home for Sale

View your home through the eyes of the buyer and ask yourself what you would expect. Your agent will help guide you and give you tips on de-cluttering and other things that will help your home be more sellable.

5. List it for Sale

When everything is in place, your agent will put your home on the open market. Your RE/MAX agent will be actively working hard behind the scenes, marketing your property to colleagues, clients and the public!

6. Showings

Potential buyers may ask to see your home on short notice. It is best if you can accommodate these requests, you never want to miss a potential sale. After each showing, your RE/MAX agent will follow up with the people who viewed your home to hear their feedback.

7. Offers & Negotiations

If everything goes well, a buyer’s agent will present your agent with an offer. You have three choices – accept the offer, counter the offer or reject the offer. Our knowledge of your needs will enable your agent to represent you in the best way possible.

8. Under Contract

At this point, you have accepted an offer and have agreed to all the terms set forth in the contract.

9. Conditional Phase

When the agreement of purchase and sale is accepted and signed by all parties, the conditional phrase begins. The buyers will have a pre-determined amount of time to fulfill items likely including home inspection, financing, home insurance, etc. The date the conditions are removed, you now have a firm and binding contract for the sale of your home. SOLD!

10. Closing

This is the date of transfer of funds and ownership that was agreed upon in your binding contract. Be sure you are packed up and ready to go before this date!

 

If you’re ready to begin the selling process, call our office 780-962-8580 and speak to one of our agents!

11 STEP GUIDE TO BUYING A HOUSE

December 7th, 2021 by remax-realestate-sprucegrove

Purchasing a home is likely going to be one of the largest purchases you will make in your lifetime, which is why it is so important to follow the right steps when starting on your home-buying journey to ensure that the entire process goes smoothly from start to finish!

 

We’ve put together a step-by-step guide to buying a home, to help you get off on the right foot when it comes to buying a home.

 

1. Decide to buy a home
Make sure you are ready both financially and emotionally!

 

2. Get Pre-Approved
Work with a mortgage broker or your bank. They will work with you on what you require to submit an application. Once approved, this will determine how much you can afford to spend on a home.

 

3. REALTOR® Consultation
Work with a RE/MAX agent to help guide you through the process. The right agent will discuss your price range, ideal locations, current market conditions and much more!

 

4. Start Your Search
Your REALTOR® will get you information on new homes that meet your criteria as soon as they’re listed. They’ll work with you and for you to ensure you find your dream home.

 

5. Current Market Conditions
Your experienced RE/MAX agent is a valuable resource as you consider different properties. They will be there when you have questions regarding the homes you’re interested in – they can tell you what is a good deal, and when to walk away.

 

6. Make an Offer
Your REALTOR® will help create your offer tailored to your needs including the right subject clauses down to the closing date that works best for you.

 

7. Negotiate
You may receive a counter offer but don’t be worried! RE/MAX agents will negotiate for you to ensure you get the best possible price for the house you love!

 

8. Accepted Offer
It’s crunch time! The next few weeks are busy as you need to schedule and remove every one of your subject clauses by the specified date. You’ll likely need to schedule an inspection, appraisal, financing approval, and several others. You will also need to provide a deposit to put down on the home. The deposit will be a pre-determined amount given in-trust to your REALTOR® to show the sellers you are committed to this home. Don’t worry, that money goes towards the purchase of said home if all goes well! This is a busy time but be sure to reach out to your RE/MAX agent if you have any questions or are unsure about next steps.

 

9. Subject Removal
Once you have completed all your subject clauses, and everything went smooth, it is time for you to sign on the dotted line and consider your new home to be yours (almost!).

 

10. Official Documents
You will need to provide your RE/MAX agent with your preferred lawyer or notary to have the official title transferred into your name. You will meet with the lawyer or notary in person to sign all the legal documents before you move in. This typically happens a few days before you take possession of your new home.

 

11. Move In!
Congratulations, you are officially a homeowner! The date pre-determined by you is your move-in day! You can now move into your new home. Your RE/MAX agent will be there ready and waiting to hand you the keys. Enjoy!

 

If you’re ready to begin the buying process, call 780-962-8580 one of our RE/MAX agents would be more than happy to assist you!

The Top Benefits of Buying and Selling Your Home in the Winter

November 23rd, 2021 by remax-realestate-sprucegrove

Opinions are split as to whether buying and selling a home in the winter is the best time or not. In the post-coronavirus world, plenty of conventions and traditions have been turned upside down. Deciding if you should erect a for sale sign in your snow-filled yard or venture out in cold conditions to find your dream home? There are some factors to consider, working in favour of taking the leap into home-ownership during the winter.

We have compiled a list of the top benefits of buying and selling your home in the winter:

Buying

#1 Fewer Bidding Wars in the Winter

Historically, there is less competition among homebuyers during the winter months. Unless the sun is shining and the temperatures are above normal, not everyone is willing to endure the wrath of Old Man Winter. Moreover, winter is not always the most convenient time to acquire a new property. The buzzing holiday season often has homebuyers distracted, and families may be apprehensive about moving to a new neighbourhood in the middle of the school year.

#2 Faster Mortgage Closings

It may seem counterintuitive, but the winter months might offer quicker service during months. Because sales activity is typically a bit slower between November and February, service professionals within the industry may be faster since they aren’t as busy.

Mortgage closings, home inspections, contracting services, and legal documentation – everything that is involved with buying a home can be quicker than if it were done in the middle of the spring or summer.

#3 Is Everything Cheaper?

Statistically, since the winter months tend to see lower volumes of activity within the real estate market, sellers are more likely to list their home at a fair price, or priced to sell! Without overinflated prices, and the decreased likelihood of a bidding war, you’re more apt to score a good deal on your purchased property in the winter home-buying season.

Further, since real estate is an essential industry, many industries that support buying and selling a home are readily available. The market slowdown in the winter may make some services less expensive, since there isn’t as much activity. Whether it’s moving companies or contractors, some are willing to negotiate in order to drum up business during the winter season.

#4 Seasonal Bonuses

‘Tis the season for bonuses from your workplace. It might be a bit different in 2020, but many companies hand out respectable bonuses to their staff to show their appreciation for a job well done. This cash injection is great for homebuyers who may allocate it directly toward their down payment if they are browsing for a home in the winter.

Selling

#1 Winter Spawns Serious Buyers

If somebody is willing to travel through a Canadian winter to visit an open house, it is more than likely you have a serious buyer on your hands. It is easy to attract a few dozen people to your property on a gorgeous spring day, but are they genuine about their interest?

Winter separates the window shoppers from the dedicated customers.

#2 Less Competition!

The reduced competition during the winter season is a plus for buyers and sellers alike. With fewer properties available on the market, you’re more likely to sell your home quickly (as long as demand is there!) with favourable terms.

#3 Highlight Your Home’s Energy Efficiency

How efficient is your home? If you are like most modern households, you have invested in your home’s energy efficiency to cut down on your utility bills. What better time to show off this incredible investment than during the winter, when your hydro bill is typically higher. This could not only add thousands to your home’s value, but it could be a selling feature for homebuyers.

Got a hot tub or a fireplace? These will be extra favourable features for winter buyers who will naturally be looking for homes that offer cozy warmth.

Winter is in the Air

Any time the birds start chirping, the days become longer, and the temperatures begin warming up, for-sale signs pop up on yards everywhere.

While this is part of the reason that more homeowners sell their properties between March and September, plenty of real estate agents and industry experts regularly champion the winter as a great time to be both a buyer and seller.

Have more questions about the home-buying or selling process? Contact one of our RE/MAX Preferred Choice’s agents today 780-962-8580.

How Much Is My House Worth?

September 2nd, 2021 by remax-realestate-sprucegrove

One of the many benefits of owning a home is having the ability to sell it one day – hopefully for a healthy profit, which can then be leveraged to purchase a larger home, an investment or recreational property, or to help finance your retirement. Once you decide that you’re ready to take the leap and list your home for sale, the next question you should ask yourself is, “How much is my house worth?” This is a loaded question indeed, as the answer will impact your decision on asking price, when to list your home, or if you should wait until more favourable market conditions. A professional real estate agent can best advise you on what’s happening in the housing market based on a number of different variables such as housing supply and demand in your area, among other things.

 

The Price Is Right
We can’t stress the importance of setting the right asking price. An overpriced home runs the risk of sitting (and stagnating!) on the market for a prolonged period of time. This can seriously hurt your bottom line, especially if you’ve already purchased another home and you’re paying two mortgages simultaneously. Beyond that, overpricing your home could make competing listings look even more attractive. And oftentimes, fixing the issue isn’t as simple as just re-listing the home at a lower price. Buyers who are shopping the market will have already seen your listing, and they will either discount it as old news, or they may wonder what’s wrong with the property, in light of the price reduction. An overpriced home is not an ideal situation to find yourself in, in any selling scenario. On the flip-side, underpricing your home means leaving money on the table. Setting the right price from the get-go will ensure your listing attracts serious buyers, and some feasible offers too.

So, how much is my house worth? Let’s find out.

 

Market Conditions
Is it a buyer’s market or a seller’s market? The real estate market is impacted by everything from the local and larger economic picture, to the weather. The type of market speaks to demand for homes, which will affect how quickly your home sells and will help answer the question, “How much is my house worth?” A buyer’s real estate market is characterized by more homes for sale than people to buy them. An influx of listings (or fewer homebuyers) means buyers face less competition in the purchasing process, and can often take their time and see more homes before making an offer. Buyers also have greater negotiating power when it comes to their offer and conditions of the sale.

 

The Comparables
If you’re not sure what your home is worth, have your real estate agent pull comparable sales to help answer the million-dollar question (depending on the market, of course!) “How much is my house worth?” This will give you an idea of what homes in the same neighbourhood have sold for in recent weeks. This is a realistic reflection of what buyers have actually paid for similar homes in the same area. It’s also prudent to keep an eye on your competition. Pay attention to homes for sale in your neighbourhood, their condition and features, and the asking price – but take it with a grain of salt. Depending on the seller’s strategy, they could have listed low in an attempt to attract more potential buyers.

 

The Location
A home’s location has a huge impact on its value, and rightfully so. It’s a particularly important consideration for buyers, as location is one thing you definitely can’t change about the home. Location will define the liveability of the neighbourhood, the price buyers need to pay to get into the area, and the resale value when it’s time to list it. Translation: hot neighbourhoods are always a hot commodity, oftentimes trumping market conditions.

 

The Home
A home’s location typically trumps style when it comes to value, but that’s not to say condition, features and upgrades don’t matter when you’re determining what your home is worth. A fixer-upper and a move-in ready home will vary in terms of price, even with identical floor plans. Items such as a new roof, a finished basement, renovated kitchen and baths can make a difference to the bottom line, and the return on investment could be well worth the money and effort. This is precisely why many home sellers choose to renovate or update their home before listing it for sale. Evaluate the cost of the renovation and consider whether you’ll get that money back in the face of real estate market conditions.

There’s a lot to think about before you put up that For Sale sign. What’s happening in the real estate market? Is there buyer demand? Who’s your competition? What is my house worth? And ultimately, what can I do to get the highest offer? Start by working with an experienced real estate agent who has a thorough knowledge of your specific area, the market conditions and your target buyer. Discuss all of the above with your real estate professional. At the risk of sounding like a public service announcement, education really is key in the buying and selling process, allowing you -to make confident decisions concerning your property – and your financial future.

For more details call our office RE/MAX Preferred Choice, our agents offer complimentary home evaluations, 780-962-8580.

Top 10 House Hunting Tips

August 16th, 2021 by remax-realestate-sprucegrove

When looking for a place to call home, it’s easy to get sidetracked by thinking with your heart rather than your head. Although it takes less than seven seconds to make a first impression, a quick decision could lead to an unavoidable case of buyer’s remorse. In order to avoid this, we have listed a checklist for the top ten house hunting tips you need to know before you attend a viewing.

Location

There are many things that can be changed, upgraded, or improved after you have purchased a home, but the location isn’t one of them. You need to think about the proximity to work, schools, and other attractions you frequently visit and also research any new developments or upcoming changes to the area in the future.

Smells

While air fresheners and open windows can clear out certain scents, it’s important to pay attention in order to sniff out other potential issues. For example, if you notice a damp smell, it could mean the home has poor ventilation or issues with mold.

Even Floors

Noticing a slanted floor is one of the major hints that there could be a large structural issue with the home. If you do notice something, you can ask your Agent to inquire with the owners or make note of it for the home inspection if you decide to go that far in the purchase process.

Lighting

Natural lighting is something that is often overlooked in your house hunt, especially if you are viewing a home at night, or in the middle of winter. Think about how important natural lighting is to you, and plan your viewing times around when the lighting will be optimal.

Shape & Size of Rooms

It is important to take a good look at the layout to make sure not only you but also your furniture can fit comfortably in the space.

Parking

Is there enough space for everyone in your household to park or will this become an added expense? Additionally, if there is parking available, will your vehicle fit?

Laundry

If there is laundry in the home, you need to make sure it is in an accessible location. If there is no laundry, is it in a convenient location you can easily get to with or without a car?

Storage Space

Depending on how creative you can get with your storage, you will want to make sure that there is enough room to store your belongings without things becoming cluttered or unlivable.

It looks perfect, but are you missing something?

Professional staging can sometimes fool buyers into thinking a property is perfect while diverting their eyes away from potential issues. Don’t let the professional décor and scent of fresh baked cookies take your attention away from the things that matter.

Assess the kitchens and bathrooms

The kitchen and bathroom are two of the most costly rooms in a home. Make sure you pay special attention to these rooms to avoid getting stuck with unwanted repairs or updates after purchasing the home.

While a home inspection will help advise you of any potential issues, it is still a good idea to pay attention to these things in the initial stages of your home search. This will also help ensure you don’t waste money on unnecessary home inspections. Remember to keep a list of everything for each house you view so you don’t forget days, or weeks later!

5 Landscaping Trends That Are on the Rise

July 21st, 2021 by remax-realestate-sprucegrove

 

Think Smart, Think Small

Having limited outdoor space is nothing new; especially for city dwellers. How that space is used is pushing the envelope. Multitasking is king when it comes to planning which features to add and where to plant what within limited square footage. For example, a water feature can be integrated into the irrigation system, doubling the function of a single feature. Analyze the systems and features you can work with in your garden. It will take some consideration and planning to get the most out of your limited space, but it will pay off immensely in the end.

Every Season Turns

Think “four seasons” when planning your garden. Differentiating textures and bright conifer foliage will look lovely in the springtime, but also brightens up the garden during the winter months. Deciduous shrubs, trees with peeling bark, and evergreens that change colour can help you maximize your garden all year-round. Choosing the right plants that can withstand Canada’s shifting seasons will be a challenge, so consult a garden expert before investing.

Feeling Fenced In

Fencing is the most common method of enclosing a yard, however creative alternatives to posts and planks are popping up. Consider planting a screening foliage, such as bamboo, between the sidewalk curb and your lawn to offer some privacy. Also, look at incorporating lacy-leaved trees such as dogwoods or Japanese maple — they’re big enough to create a border but won’t overwhelm. Thinking outside the box to create the feeling of a protected area is what this landscaping trend is about. The drawback to these pretty, yet permeable, barriers is they do little to secure a pet or protect against trespassers.

Get Crafty

Part of the “maker movement,” this landscaping trend moves away from mass-produced products, and returns to roots of authentic craftsmanship. Whether it’s a stone bench or a pergola, finding a professional artisan to handcraft your next garden element is definitely a trend. This trend is about quality craftsmanship that stands the test of time. This quality craftsmanship does come at a premium, but hiring local artisans is a wonderful way to support the local economy.

Go Forth

Imagine being able to eat dinner in your own backyard and under the stars. Alfresco dining is so popular these days that having a designated dining area, complete with an outdoor cooking area, has become a top landscaping trend. Different this year is the location of this open-air eating area — it’s no longer close to the kitchen but further afield. Creating a unique space at the back of the yard, far from the lights and bustle of the house is on-trend.

From backyard dining to living walls, each one of these landscaping trends can add value to your home and boost curb appeal. Now that you’re armed with the knowledge of what’s trending in the landscaping world, which one will you dig into?

 

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