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Alberta Buyers: Saving, Planning and Shopping!

Blog by Sara Kalke | July 8th, 2010

Alberta Buyers: Saving, Planning and Shopping!

The news has had a lot of doom and gloom lately, but for buyers, now is a fabulous time to buy. Any sellers out there? Well, most of you will be buying too!  In the Edmonton Journal, there were a few interesting statistics about how Albertans are buying homes (excerpt below).

Two statistics that I found particularly interesting: 1) Albertans spend nearly nine months looking for a home and, 2) Albertans view an average of 13 homes before making a purchase.  Nine months... now that requires committment!  Buying a home is a huge investment, and many buyers find the process overwhelming. Take the stress out of buying - I'd be honored to help you or someone you know find their new home.  Thinking of buying or selling?  Know someone who is? Call me anytime: 780-710-7669. I'm never too busy for any of your referrals!

- Sara

Also on Monday, a report showed first-time homebuyers in Alberta, more than in any other province, expect to pay less than the asking price for their home. The first TD Canada Trust Home Buyers Report said 71 per cent of those surveyed in Alberta expect to pay less, compared with 65 per cent nationally.

About 26 per cent of Albertans expect to pay the asking price and only three per cent expect to pay more than the asking price.

Using a custom online survey, the report polled Canadians who bought their first home in the past two years or who plan to buy in the next two years. A total of 1,000 surveys were collected between June 8 to 21, including 100 from Alberta.

More than other Canadians, Albertans also report putting down as much as they can afford for a down payment -- 95 per cent versus 88 per cent nationally. Sixty-five per cent say they saved or plan to save up to two years for their purchase.

Despite that, only 25 per cent plan to have more than a 20-per-cent down payment, said the report.

Seventy-three per cent of Albertans surveyed have or plan to have a fixed-rated mortgage. Fifty-nine per cent prefer detached homes, 17 per cent would choose condos and 14 per cent semi-detached homes.

Albertans spend nearly nine months looking for a home and view an average of 13 homes, according to the report.

Read more: http://www.edmontonjournal.com/business/Edmonton+house+prices+despite+market+glut/3237487/story.html#ixzz0t8S463VC