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Archive for the ‘Home Seller Tool Kit’ Category

YEG Real Estate Market Reports – March 2018

Tuesday, March 20th, 2018

Hi folks,

Thanks for popping by again.  There has been a few glitches int he system lately and I haven’t been able to post, so getting back to your regularly scheduled program here, let’s start with the Market Stats for Edmonton, ending February 28, 2018.

Edmonton Real Estate Market Rerports

Edmonton Real Estate Market Reports – March 2018

The Residential average is creeping up. $374,469 a 3.5% increase year over year and a 3.99% increase from last month.  The market is warming up, just like spring.

Residential single family dwellings have increased 3.85% since last year and 4.07% over last month.

Condo dwellings, not such good news for us, but it could be worse, year to year we have dropped 0.04% to $235,694.

Rowhouses and Duplexes are sitting at an average of $365,537 down 0.26% from last year and down 0.30% from last month.

Highest sales for February?

Single Family – $1,620,192 Condos – $900,000 Duplex/Rowhouse – $675,000

Average days on market?

Single Family: 64 Days, same as last year

Condos: 76 Days, creeping up from last year

Duplex/Rowhouse: 65 Days, creeping up from last year

Quantity of New Listings?

1,904 new listings for a total of 5,038 listings on market

Sales in February?

778 sales – which shows 6.48 Months of inventory on market.

Price your homes right.  It will matter.

Another 5 Star Review for this REALTOR

Wednesday, January 3rd, 2018
Another 5 Star Review for this Edmonton Realtor

Another 5 Star Review for this Edmonton Realtor

Jeanine recently helped us buy our first home in Edmonton and we could not have been more pleased with the process! My partner and I contacted Jeanine initially based on the positive experience I had when I accompanied a friend to look at homes (for her) in Edmonton earlier in 2017. Jeanine came to our first meeting enthusiastic and well prepared, and every interaction we had with her after that was the same. She’s the perfect balance between professionalism and complete honesty which was a real asset given we were first time home buyers.

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Is the Real Estate Market finally picking up speed in June?

Thursday, June 15th, 2017

EDMONTON HOME SALES REPORT for June 2017

The sun is out, the clouds are gone and summer is finally upon us, a much needed reprieve from winter! Check out our guide for the hottest, most upbeat summertime events that you can’t miss. Check out recent developments in our local real estate market and the latest market reports. As always I am at your call, to help. If you or your clients are looking to buy or sell real estate, please keep me in mind.  Your referral is the best compliment I can receive.

Last May (2016) we had 3,195 new listings come on the market and a total of 8,018 properties for sale.  This May 3,677 new listings appeared for a total of 8,385 homes on market. This is continuing last years trend with an abundance of properties for sale, and 4.53 months of inventory in a Buyers Market.

Last May (2016) a total of 1,906 homes sold in the Edmonton area.  This May 1,853 SOLD.  About the same number of sales.

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Edmonton: How To Bounce Back After a Real Estate Crisis

Thursday, May 4th, 2017

YOURS TRULY and Edmonton, were just featured in an interview by Point2Homes.com. Check out the  interview and what we discussed.

If you’re looking to buy real estate, we advise you to sit down with a passionate agent, for a long talk. The information and perspective you’ll learn is simply invaluable. We did just that, with expert agent Jeanine Osborne (and her gorgeous cat). Read her excellent insights into the Edmonton real estate market, from condominiums to foreclosures, and everything in between.

Expert agent Jeanine Osborne talks Edmonton real estate.

Tell us a few words about your job as a real estate professional? What do you love most about your job?

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6 Ways Real Estate Agents Add Value to a Home Sale

Tuesday, May 2nd, 2017
6-ways-a-realtor-adds-vale-to-a-home-sale-in-edmonton_640

6-ways-a-realtor-adds-vale-to-a-home-sale-in-edmonton

Just because you can buy and sell property on your own, it doesn’t mean you should. Real estate agents remain essential when making these pivotal financial transactions.

There are many ways agents add value during the purchase or sale of a home:

  • Handle the technical nuances — Whether you’re the buyer or the seller, a home sale includes a dizzying amount of paperwork. Skilled agents know how to fill out what documents and when, saving you time and helping you avoid mistakes.
  • Speak the lingo — The industry uses an astonishing number of acronyms. Working with a real estate agent gives you the opportunity to better understand the conversation.

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How the Right Words Can Help Sell a Home.

Wednesday, April 26th, 2017

House and neighborhood characteristics can positively influence the sale of your home, but what about the words used in the listing? The right turn of phrase could help your property sell quickly, but choose less descriptive terms and you may find it on the market indefinitely. Write an effective listing with the following tips:

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REMAX 2017 Spring Market Trends Report

Monday, April 24th, 2017

Toronto buyers, are looking for greater affordability in markets across southern Ontario. In turn, they are driving price appreciation in Mississauga, Brampton, Durham, Barrie, Hamilton-Burlington, Windsor, and as far away as Kingston. The GTA saw the average residential sale price rise by 29 per cent, up from $675,492 in the first quarter of 2016 to $873,631 during the same period in 2017.

At the same time, housing demand has slowed in Greater Vancouver compared to Q1 of 2016, and the average residential sale price decreased 11 per cent year-over-year, from $1,094,936 in the first quarter of 2016 to $969,900 in 2017. The decline in average sale price is in part due to the introduction of the foreign buyer tax last August, a relatively severe winter and the natural stabilization of prices after the market reached a high point in May 2016. Move-over buyers from Vancouver and buyers migrating from other provinces continue to fuel activity in Fraser Valley, Kelowna, and in Victoria, particularly in the upper-end of the market due to relative affordability in these regions.

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Prepping for a Home Sale or Purchase in Edmonton.

Thursday, March 30th, 2017

Spring has sprung, which means the housing market is in full bloom. Each year, roughly 40 percent of real estate transactions occur between the months of May and August. If you’re feeling inspired to buy or sell a home soon, make sure you’re prepared. Use these checklists to catch anything you may have missed.

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Will Selling Your House in Spring help you make a Better Profit?

Tuesday, March 28th, 2017

Edmonton Real Estate Market Reports for March 2017

Spring is here and so is the hot Edmonton Real Estate market.  We have the beginning of warmer and longer days as well as spring cleaning.  Mostly, we are all looking to enjoy our spring break and spring fever…  It’s also a great time for spring house sales.  Does selling in the spring help you make better profits?  Not necessarily and we’ll explain why.

You’ll basically have a 1 in 5 chance of selling in the spring and a 1 in 6 chance of selling in the fall.  So why do folks think Spring is the best time to sell?  I’m not sure, it could have something to do with the fact that REALTORS® are back from holidays and so are sellers.  Folks are looking to get their families moved before the start of the school year and with an average of 5.76 months of inventory with an average of 65 days on market, it’s the best time for families to get moving.

Don’t forget, REALTOR®  services for home buyers is free, so why would you do it on your own?

The highest compliment you can give me is a referral for your friends and family. Thank you for your referrals!

Last February (2016) we had 2,768 new listings come on the market and a total of 6,681 properties for sale.  This February 2,431new listings appeared for a total of 6,108 homes on market, at

5.76 months of inventory.

Last February (2016) a total of 919 of 6,681 homes sold in the Edmonton area.  This February 1,060 of 6,108 SOLD.  Your odds of selling have gotten better!

Average Days on Market – 65, last year we were at 56 days, compared to last year homes are selling 13.65% more slow.

Odds of Selling –17.35%,  compared to last year, your odds of selling increased by 26.30%, compared to last month 22.47% better

Average Selling Price:

     Condo Apartment: $230,661

Condo Townhouse: $348,078

Single Family Dwelling: $427,726 and the

Average selling price in the City of Edmonton is $359,468. Down 0.11% from last year and 0.75% more than last month.

Home Sales by Price Range: The highest percentage of properties are and have the tendency in Edmonton to sell in the $300,000-$399,999 price range, and this year 32.87% of homes have sold in this price range.

What’s new for our city is where second place is.  With the mortgage changes in October, averages for Edmonton families in loan amounts have dropped, while debts have remained the same, squeezing out both ends of the price ranges.  Last year, more folks were buying in the $400-$499,000 range, but this year it has changed.  Second position goes to the $200,000-$299,999 price range at 23.04%.  Third place is the $400,000-$499,999 and 17.81%.

Luxury Market Positioning: Only 12.89% of Edmonton homes have sold over the $500,000 price bracket.

54 Years average of price increase for the City of Edmonton is 6.73%.

Prices have decreased this year by 3.88%. A small reduction in the average market in Edmonton, in comparison to what is going on in the rest of our province.
*stats as of February 28, 2017.

Want market information about listings in your area or a free market anaylsis for your home?  Sign up here.

To download your full copy of this report – click here.

Why Investing in Homeownership Will Make You a Better Albertan.

Friday, February 24th, 2017

February 24 2017

Homes provide shelter and refuge, but they are also most Albertan homeowners’ single largest investment. Housing represents 47% of total assets for the average Alberta family – much higher than stock market investments and pension plans combined (29%). Why is this important? Homeownership benefits the economy as well as individual homeowners. Let’s look at this in the context of the most recent stats on Alberta’s real estate, reported by the Canadian Real Estate Association.

Investing in housing in Alberta is better than buying stocks

Over the last 18 years, house price appreciation in Alberta has outpaced Toronto stock market returns. Between 1999 and 2016, with average annual residential sales of roughly 57,000, house price growth in Alberta (6.6%) outpaced yearly returns on stocks traded on the Toronto Stock Exchange (6.4%).

Average residential prices up 3.1% in Alberta in January

Total residential sales across the province were up 17.7% year-over-year, totalling 2,679 resale transactions in January 2016. Roughly 3.4 out of every 10 newly listed homes were sold, translating into a sales-to-new listings ratio (SNLR) of 34%. And the average residential sales price rose 3.1%, to $383,040.

Increased home equity = increased net worth

What’s so great about house prices being up? Rising house prices mean homeowners are building equity in their homes. Home equity represents the current market value of the house, minus any remaining mortgage payments. Equity is built over time as the homeowner pays off their mortgage and fluctuates with the market value.

Rising home equity benefits homeowners individually, and the Alberta economy as a whole. By how much? More than $40 billion in 2016.

Calculating Returns to Equity

Using Statistics Canada’s data on Alberta homeowners’ mortgage balances (Surveys of Financial Security), we calculated equity shares by age group. Equity shares multiplied by user costs (average two-bedroom apartment rents used as proxy) provided the income generated (returns to equity) per homeowner, by age class. The annual income generated by homeownership was then derived by multiplying the number of homeowners by age group in Alberta with returns to equity per homeowner.

For those under 35, the income generated by homeownership reached $11,000 a year per homeowner

Over the past five years (2012-2016), the annual income generated by homeownership averaged roughly $57,000 per homeowner (all ages) in Alberta. Returns on equity per homeowner ranged from annual income generation of $11,000 for homeowners under the age of 35 (generally considered as first-time buyers), to roughly $14,000 for those above 65 (annual average).

REALTOR® Tip: First-time buyers build equity in their home as they pay off their mortgage – roughly $11k a year!

Collectively, annual returns on equity (ROE) for all homeowners in Alberta reached roughly 38 billion dollars, or 12% of GDP

Thirty-eight billion dollars a year represents roughly 12% of Alberta’s nominal GDP and 85% of Government of Alberta’s annual revenues. When people build equity in their homes, they borrow against that equity through a home equity loan, or home equity line of credit. An increase in the value of their homes increases the amount of collateral available to households, leading to higher credit. Rising house prices, which imply higher housing equity, may encourage consumers to borrow more, causing a rise in consumer spending. Looking at the data, we know this to be true.

For every $1 rise in housing prices, Albertan homeowners raise their personal spending by 6.7 cents – collectively $5 billion a year

The increase in consumer spending following a rise in in house prices has been referred to as the marginal propensity to consume (MPC) from housing wealth. We found that, for every $1 increase in average residential prices, Albertans raise their personal spending by 6.7 cents, which collectively amounts to roughly $5 billion a year (2012-2016 average).

Five billion dollars a year is 1.5% of provincial GDP, and 11% of government revenues. This is a significant boost to Alberta’s economy. A 3.1% price gain, like the one we just saw in Alberta this January, equals an average increase of $11,420. The associated rise in consumer spending that could come out of that is $868 per homeowner per month, or $10,415 per homeowner per year, or a collective increase of $616 million a year.

 

Regine Durand

Economist

Alberta Real Estate Association