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Lori Patrick

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Posts Tagged ‘Real Estate’

Deciding When to Sell

Thursday, January 30th, 2014

 

when-to-sell-a-stock

Is it a buyer’s or a seller’s market?

When there are lots of people looking for homes but not many for sale, this is called a ‘seller’s market’, because the seller has something everybody wants. When there are more homes for sale and not many people buying them, this is called a “buyer’s market” because buyers have more power of choice. A REALTOR® is the best person to consult about this.

How quickly do you need to sell your home?

In a seller’s market, top price and a fast sale can go hand-in-hand. In a buyer’s market, more sellers are competing for your potential buyer. If you have to sell right now, you may wish to lower your asking price a bit to speed up the sale. REALTORS® are masters at figuring the price-to-listing ratio and know how to attract offers without going unnecessarily low.

Seasonality – Do home sales get frostbite?

It’s true. Winter sales tend to be slower and spring sales are more brisk. Regardless, there are always people looking to buy and seasonality is only one of many factors to consider. If you’re also buying a home. In this case, you don’t really have to worry about playing the market. If you sell your existing home for a ‘low’ price, you’re probably also buying at a low price. If you are upgrading to a larger home, this actually works to your advantage. Imagine when your bigger home is on the upswing. If you’re downsizing from a bigger home to a smaller home or a condo, you need to pay a bit more attention to the market.

Buy first or sell first? The eternal question

Many people are able to time their sale and purchase so they happen on the same “closing date.” Buyers can make their offer “conditional’ on the sale of their existing home, to make sure they’re not left paying for the upkeep of two homes. When selling, you can try to extend the “closing period” to give yourself more time to find your next home. REALTORS® are very skilled at this sort of negotiation and can make your transitional life a lot easier.

If you find your new dream home before you’ve even started to sell your old one.

Talk to your existing mortgage lender. You may be able to arrange “Bridge Financing.” This is when your lender (the bank) is confident your existing home will sell quickly and they agree to lend you the down payment for your new dream home.

Find out more on this article by visiting www.ereb.com

The Hamptons in Edmonton

Thursday, August 8th, 2013

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/

Local housing sales ease up in May

Monday, June 24th, 2013

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 & Statistics Edmonton Alberta area, including Spruce Grove, Stony Plain.

Real Estate Market in Edmonton is on the rise

Lori Sorge, Homes & Gardens Real Estate
3659 99 ST NW, Edmonton, Alberta, T6E-6K5
Tel: 780-910-6325 Cell: 780-910-6325 Office: (780) 436-1162
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