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Edmonton Real Estate Market Update November 2017


Blog by Sara Kalke | November 7th, 2017


[ EDMONTON REAL ESTATE MARKET UPDATE: November 2017 ]

What is the market up to?

What kind of chance do you have to selling your house?

What are the mortgage changes going to do?

**HOW CAN I SELL MY HOUSE in this market?**

* Is now the time to BUY?*

Here's my take on the market and a few of your most common questions.

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CHANCES OF SELLING in October was:

Condos:
11% (274 / 2,483)

Detached (Duplexes, Houses, Lots with no condo fees):

Under $500,000 - 27% (598 / 2,211)
Over $500,000 - 12% (144 / 1,153)
Over $750,000 - 10% (41 / 396)
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**HOW do I get to be the 1 in 10 or 1 in 4 properties that ACTUALLY SELL?*

1) Price - you have to be priced AT market value, not above, in order to sell. Test the market and take swift action if the market is not responding.
2) Condition - staging is a MUST, and taking care of wear and tear items is crucial.
3) Location - price according to location. Market value is greatly affected by location.

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**Is now a good time to buy?**

> Mortgage changes mean that buyers with over 20% down have to qualify at a higher interest rate, so will be qualified for a lower purchase price.

> The last mortgage changes like this did have a minor impact on the market for first time buyers in particular, with buyers either saving more money, or purchasing a little smarter - this is not a bad thing moving forward if interest rates do go up.

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OVERALL

Prices in October 2017 were fairly STABLE compared to October 2018

- detached homes were UP 1.44% on average, and DOWN 0.74% on median
- condos were UP 1.47% on average, and up 1.75% on median
- TOTAL listings are UP 10.68% (greater supply)
- total sales were DOWN 3.85% (lower demand)

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MOVING FORWARD

I expect to see prices stay fairly flat through 2018, with a small surge in EARLY SPRING (February, March, April), and more of the same for condos and detached properties.

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Have particular questions about your property? I'm here to help!

Reach out by text at 780-710-7669, message me here, or send me an email: sara@sarakalke.com