Lori Patrick

Before you begin any value-increasing projects, remember not to raise the value of your property too far above others in the neighborhood. People who want expensive homes shop exclusively in pricier neighborhoods. A good rule of thumb: keep the value of your property within 15 to 20 percent of your neighbors’.

• Project (average cost recouped, national) according to Realtor Magazine:
• Minor kitchen remodel (88%)
• Bathroom remodel (85%)
• Major kitchen remodel (81%)
• Family room addition (80%)
• Deck addition (77%)
• Master suite (75%)
• Attic bedroom (74%)
• Siding replacement (73%)
• Window replacement (69%)
• Home office (55%)

Projects that may increase your home’s value include: Jacuzzi (4 jets or more); permanent hot tub; in-ground pool with nice deck area; security system; sprinkler system; substantial out buildings such as a two-car garage or finished workshop; and vaulted or trey ceilings. Think twice about the following projects however, as they may not add value to your house: above-ground pool; ceiling fans; garden pond; and light fixtures.
Some tips when attempting value-increasing remodeling:

• Remodel with mass appeal in mind. Potential buyers are usually attracted more to neutral, mainstream design.
• Don’t go cheap when it comes to construction. Use durable, quality materials. If you’re a do-it-yourselfer, honestly evaluate your ability to do it right.
• Don’t remodel in a different style from the rest of the house. Additions and improvements that look “tacked on” may detract from a home’s appeal.
• Turning a bedroom into a bathroom is a mistake – it reduces the number of bedrooms, a chief selling point.
• Don’t do a $30,000 kitchen remodel in a $100,000 house – unless you plan to continue living there. It is a waste of money.

Make sure the outside of your home is spic-and-span. Clean out the gutters. Wash the windows and remove cobwebs and bugs. Trim the hedges, cut and edge the lawn, sweep the sidewalks and driveway. Plant some colorful flowers out front.
You may want to add to or improve your landscaping while you’re at it. According to a study conducted by Money Magazine, landscaping may be the best investment to improve a home’s value. The study found that well-planned, attractive landscaping was estimated to have an actual recovery rate 100 to 200 percent higher than a kitchen or bathroom renovation.

Nurture your mind and soul in the peaceful and relaxing setting of The Hamptons. Explore this beautiful community’s naturalized ponds, walkways, trails, and tree-lined boulevards and develop your connection with the outdoors. The Hamptons’ ideal west end location, flourishing neighborhoods, and close proximity to an increasing number of urban amenities make the community an ideal place for you and your family to grow.

Residents of The Hamptons have input into the maintenance of their community through the neighborhood Homeowners’ Association.

The Hamptons Home Owners Association was established on  December 19, 2011 and it is taking an active role in our community. Together, they are maintaining the neighbourhood to make it safe and welcoming place for current and future residents. Their goal is to improve our community, increase the pride in where they live, and ultimately increase the value of their homes in the process.

Visit the Hamptons website for more information:  http://edmontonhamptons.com/

Edmonton, June 4, 2013: Housing sales activity in the Edmonton Census Metropolitan Area (CMA) slowed in May according to the REALTORS® Association of Edmonton. Housing sales dropped 10% when compared to May 2012. Sales of single family detached homes (SFD) were down 14.4% Y/Y and duplex/rowhouse sales were down 20.3%. In contrast, during the same period, condo sales were up 4.9% compared to May 2012.

“There is a lot of activity in the real estate market at this time of year but some buyers are having difficulty finding their perfect home,” said President Darrell Cook. “While inventory levels are rising they are still below traditional norms and there is a shortage of attractive SFD inventory available at the lower priced end of the market. That has held some buyers back. First time buyers may have had to buy in the condo market where they can still find a home in their price range.”

There were an estimated 1,169 SFD sales in May (based on 1,082 reported sales) through the MLS® System with 512 estimated sales of condos (474 reported) for total residential sales of 1,824 units (on reported sales of 1,689). Sales figures in the month are estimated to account for late reported sales and to ensure accurate comparison to prior period sales figures.

Listing activity picked up in May with 1,969 SFDs listed (up 1.3% Y/Y) and 963 condos (up 0.3% Y/Y) for an overall total of 3,188 residential properties coming into the MLS® System in May. At the end of May there were 6,028 residential properties available; up from 5,294 from last month. There were an additional 1,569 rural properties in the MLS® System inventory.

The demand for housing has buoyed up prices in the Edmonton area. The all-residential average price was up 2.4% from April and up 1.3% from a year ago at $356,807. The average price of SFDs was up 3.9% to $418,110 in May but condo prices dropped 2.4% from a month ago to $237,664. The condo average price is down 3.97% in May compared to last year.

“Increased activity at the higher end of the market drove up the average price of SFDs,” said Cook. “At the same time, the wide variety and number of options in the condominium sector continued to exert downward pressure on the average price of condominiums. There is housing available for everyone at every price point but buyers may have to adjust their expectations to be able to buy right now. Their REALTOR® can help them identify property that meets their needs.”

The average days-on-market for residential property was down to 45 days and the sales-to-listing ratio was 53% in May.

See full article at:

http://www.ereb.com/News&Events/LatestMarketStatistics.html

Real Estate Market in Edmonton is on the rise