To view and search all MLS listed homes in the Edmonton area visit us at: www.TeamLeadingEdge.ca
1. Selection, selection, selection. Regardless of price range, there are plenty of houses from which to choose. There's a great selection of attached homes, condos and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. You have many options. When resale inventories are low, buyers are forced to make compromises. Not today.
2. No bidding wars. In 2007, we knew one family who made offers on 10 homes. They lost the first nine to the feeding frenzy that existed in the market - other buyers bid the properties up substantially from the original listing prices. There were even escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There's no competitive bidding in the buyer's market of today.
3. You can make an offer. In the beginning of 2007 when you made an offer, the only question was how high above the list price you should reach in hopes of being the best offer on the table. Sellers won't be insulted if you "make them an offer they can't refuse."
4. Patience is tolerated. In the hot seller's market, everything was rushed. You had to find a house before other buyers did, then hurry up and make the offer. Today, buyers can take their time. They can look at several homes and think about their decision for a while.
5. Due diligence is welcomed. In this market, a buyer is encouraged to obtain a home inspection, and appraisal. In 2007, many buyers waived these contingencies in order to gain an advantage.
6. Plenty of specs. built homes. Buyers sometimes had to play games if they wanted a newly built home.
7. Repair requests are accepted. After buyers complete a home inspection, they're allowed to submit a repair request to the sellers. But in the past, sellers often insisted the home be sold as-is. Many times, there were back-up buyers waiting for the primary buyers to upset the sellers, whose home was increasing in value almost daily.
8. Few, if any investors.It's estimated that one third of all sales in the beginning of 2007 were to investors. These buyers caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
9. Location, location, location.Today's buyers can find homes closer to work. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines and relatives.
10. Real financing is available. Today mortgages are easier to get then ever with all the different products like zero down, or stated income products for the self-employed. The bottom line: It's a great time to buy real estate!
Wednesday, February 13, 2008
Tuesday, February 12, 2008
Resale Housing Sales Strong in January
To view and search all MLS listed homes visit: www.TeamLeadingEdge.ca
Edmonton, February 5, 2008: Resale housing sales in January were almost record setting. The previous record was set at the height of the real estate frenzy in January 2007. The REALTORS® Association of Edmonton reported that 1,227 residential sales were notched last month as compared to 1,175 units in January 2006 and 1,554 units last year.
“Near record January sales indicate that housing sales will remain strong in the Edmonton area as buyers and sellers adjust to the new pricing levels,” said Marc Perras, president of the REALTORS® Association of Edmonton. “Prices are stable and are not expected to drop sharply despite the large inventory.” There were 7,352 residential properties listed on the MLS® at the end of January. The previous January high was 5,490 available properties in January 1996. There were 7,094 properties in inventory at the end of December 2007 and almost 10,000 properties at the peak last September.
3,417 new residential listings were added in January with 1,227 sales resulting in a 36% sales-to- listing ratio (down from 62% in December). The average days-on-market rose to 61 days from 56 in December. REALTORS® reported that interest from buyers and activity through their offices picked up in January as total MLS® sales for the month reached $460 million.
The average* price for a single family dwelling dropped marginally (0.6%) from December to $379,567. Condo prices rose 1.9% on average* to $257,956 and duplex/rowhouse prices were down 1.7% at $301,756. The overall residential price was up 0.7% to $332,051. The average residential price is up 9.3% from last January.
“Buyers now have a wide choice of properties to choose from and prices are stable,” said Perras. “It’s a good time to get into the market as a first time buyer or someone moving up or down.”
Total MLS® sales (including rural and commercial) were 1,349, also the second best January in local history
Source: The Realtor Association of Edmonton
Edmonton, February 5, 2008: Resale housing sales in January were almost record setting. The previous record was set at the height of the real estate frenzy in January 2007. The REALTORS® Association of Edmonton reported that 1,227 residential sales were notched last month as compared to 1,175 units in January 2006 and 1,554 units last year.
“Near record January sales indicate that housing sales will remain strong in the Edmonton area as buyers and sellers adjust to the new pricing levels,” said Marc Perras, president of the REALTORS® Association of Edmonton. “Prices are stable and are not expected to drop sharply despite the large inventory.” There were 7,352 residential properties listed on the MLS® at the end of January. The previous January high was 5,490 available properties in January 1996. There were 7,094 properties in inventory at the end of December 2007 and almost 10,000 properties at the peak last September.
3,417 new residential listings were added in January with 1,227 sales resulting in a 36% sales-to- listing ratio (down from 62% in December). The average days-on-market rose to 61 days from 56 in December. REALTORS® reported that interest from buyers and activity through their offices picked up in January as total MLS® sales for the month reached $460 million.
The average* price for a single family dwelling dropped marginally (0.6%) from December to $379,567. Condo prices rose 1.9% on average* to $257,956 and duplex/rowhouse prices were down 1.7% at $301,756. The overall residential price was up 0.7% to $332,051. The average residential price is up 9.3% from last January.
“Buyers now have a wide choice of properties to choose from and prices are stable,” said Perras. “It’s a good time to get into the market as a first time buyer or someone moving up or down.”
Total MLS® sales (including rural and commercial) were 1,349, also the second best January in local history
Source: The Realtor Association of Edmonton
Monday, February 4, 2008
Edmonton Real Estate Statistic Ending Feb 04, 2008
To view and search all MLS listed homes in the Edmonton area visit us at: www.TeamLeadingEdge.ca
As of today there was still 9,488 residential listings on the Edmonton Real Estate Board. However there were only 4,687 in Edmonton proper. In the last 30 days there were
891 sales. That is a significant increase over the last time checked the number of sales... maybe the buyers are coming back to the market finally.
With 4,687 lisings and 891 sales that gives us a listing to sales ratio of 5.26:1 This is the lowest I have seen it in some time and is getting closer to the ratio we need for a stable market and ease on the downward pressure on pricing.
As of today there was still 9,488 residential listings on the Edmonton Real Estate Board. However there were only 4,687 in Edmonton proper. In the last 30 days there were
891 sales. That is a significant increase over the last time checked the number of sales... maybe the buyers are coming back to the market finally.
With 4,687 lisings and 891 sales that gives us a listing to sales ratio of 5.26:1 This is the lowest I have seen it in some time and is getting closer to the ratio we need for a stable market and ease on the downward pressure on pricing.
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