[ 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!
Reach out by text at 780-710-7669, message me here, or send me an email: firstname.lastname@example.org