[ 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.
CHANCES OF SELLING in October was:
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)
**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.
**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.
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)
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.
Have particular questions about your property? I'm here to help!
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