Knowing the Perfect Time to Reduce the Price of Your Edmonton Home

In Edmonton's current Real Estate market, it's not unusual for sellers to point fingers at the REALTORS® then they point fingers at seller's unrealistic expectations for a price. It's a catch 22 situation. Sellers say, "Why don't do you do more to sell my house?" Price reductions, price improvements, price adjustments, it doesn't matter what you call it, no seller wants to hear about lowering  their asking price (frankly, I really dislike it).

Before you agree to reduce the price of your home, ask yourself these questions

    How many hits has your listing received in the MLS®?
    Do the marketing comments sell the benefits or features?
    How does the house show online; are there a lot of beautiful pictures?
    Is your signage in a prominent location, has phone numbers, plus Web site?
    Do you have a virtual tour published?
    What kind of feedback have you received from REALTORS® and buyers?
    Are you offering enough compensation to the buyer's REALTOR®?
    Have you had showings and how many?

    How many offers have you received?

    How many of your neighbours have reduced their asking prices to stay competitive?

    Has your home been on the market longer than the average Days on Market (DOM)?

Purchasing a home today in Edmonton's current Real Estate market is great. Low interest rates and plenty of inventory to choose from and if you want to sell your home, it may be time for a price adjustment.

Need a new home pricing evaluation, contact me today. I can help. 

Is the Edmonton Area Still a Buyer's Market?

The best way to know if Edmonton or any city is in a buyers market or a sellers market is to determine the current absorption rate.

An absorption rate is the rate at which homes sell in a given area during a given time period. Absorption rate is calculated by dividing the number of sales in a given month by the number of available homes for sale. It is the inverse of months of supply.

For example, if there are 20 properties listed for sale in a certain area, and 2 properties sold over the last month, the absorption rate is 10/100=10%. Which means, assuming no other homes put on the market, it would take 10 months for buyers to purchase enough properties to absorb the real estate demand. Very simple formula.

As a rule of thumb, an absorption rate of 20-25% or higher means that homes are selling quickly and the market favours sellers. Lower absorption rates mean that homes are not selling quickly and supply is much greater than demand, favouring buyers.

Saying all of this, as of this date, YES Edmonton & area is generally a buyers market but beware as some neighbourhoods are selling quickly if priced and presented correctly. If you would like more info, please comment below or reach out to me on my contact page.

Pricing Your Edmonton Home

When determining the value of your home, there are two main ways. Comparative Market Analysis (CMA) or an appraisal.

A written justification of the price for a property, primarily based on an analysis of comparable sales of similar homes nearby normally completed by an independent third party through a bank or financial institution. When an appraisal is lower than the agreed upon price of a property and it is a CHMC mortgage, the bank or financial institution may not agree to forward funds to complete a sale, there for Real Estate negotiations begin again.

A Comparative Market Analysis or home evaluation is an examination of prices at which similar properties in the same area recently sold, properties currently on the market and properties with offers on them (pending offers). We REALTORS® perform a Comparative Market Analysis for their clients to help them determine a list price when selling their home or a price to offer when buying a home.

The true value of a home is the value of what a seller wants, what a buyer is willing to pay and of course what the bank thinks!

What are think are the steps to price your home. Please comment below or thru my contact page.

Sold Bungalow in Baturyn

Beautiful 3 bedroom, 1274 sq ft family home with numerous quality upgrades. Entering the home, you're greeted by the front living room with huge window. Eat-in kitchen has newer dishwasher and stove and has plenty of cabinets and counter space. Sunken family room features sliding doors to back yard & cozy wood burning fireplace perfect for cool winter nights. Master bedroom is quite large and has a convenient 2 piece ensuite washroom while the other 2 bedrooms are a good size. Upgraded main bathroom finishes this level. Downstairs level is almost a clean canvas & ready for your development. A room is partly finished for a potential bedroom while there is plumbing rough-in for another bathroom just next to laundry area. Upgrades include high efficiency furnace and HWT 2018, house shingles 2018 & newer garage door. No winter scraping in the oversize double car garage with work bench, & storage shelves. Located on quiet street and close to schools & parks, this is a fantastic house for a family to call home.

If you would like more info about this Baturyn family bungalow, please comment below or thru my contact page.

Sold Townhouse Condo in Bannerman

99% Renovated! At 1083 sq ft, this beautiful 3 bedroom 1.5 bath townhouse has been renovated from top to bottom. Main floor has oversized living room, newer kitchen, generous size dining area & convenient 2 piece washroom. Upstairs is huge master bedroom with wide closet, 2 good size bedrooms & family bathroom which completes this level. Basement has huge family room with dry bar while laundry area has room for craft/sewing area & extra storage. New upgrades include BRAND NEW FURNACE, fresh paint through out, light fixtures, electrical switches & plugs, all flooring, toilets, refinished tub, HWT & more. Latest complex upgrades are newer windows, shingles & covered eavestroughs w/elongated downspouts. Private fully fenced back yard is great for kids & pets. Bonus is 2 parking stalls both numbered #82. This family complex includes fenced playground with kiddie swing set. With great location & super quick possession, this home is perfect for a young family to begin their journey of home ownership.

If you like more info on this sold 2 storey townhouse in the Bannerman Edmonton, please comment below or contact me.

Sold Apartment Condo in Pembina

Here is the BEST deal this side of the River! Welcome home to luxury living in Palisades Park Villas! Coming in at just under 1000 square feet of living space, this is one of the largest floor plans here and to sweeten the deal: it's priced well below the City Tax Assessment! This stylish condo has so much to offer its next owner! You'll love the open-concept floor plan, and a stylish kitchen offers plenty of room to get your gourmet on and you'll have plenty of storage in the abundant cabinets, plus a ton of counter space! It's open to your massive living room where you'll enjoy plush carpeting and a patio door that leads out to your balcony which makes a perfect place to sip that morning cup of coffee! You'll also have 2 of everything!! 2 Bedrooms, 2 full bathrooms, and 2 titled parking stalls! Yep, life's better in 2! So why not double up on the finer things?! Finally, the cherry tops this cake with A/C, a BBQ gas line, and the super quick access to every major amenity you could want or need!

If you want further infomation about this sold Pembina apartment condo, please comment below or thru my contact page.

Sold Half Duplex in Westpark Fort Saskatchewan

Beautiful 3 bedroom, 2.5 bath, 1530 sq ft half duplex in the family community of Westpark. Large entry leads to modern open floor plan & convenient 2 piece washroom. Living room offers laminate flooring, large window & cozy natural gas fireplace for those cold winter nights. Kitchen features centre island with breakfast bar and plenty of cabinetry & counter space and includes all appliances. Upstairs, master bedroom has double entry doors with walk-thru closet leading to main bathroom while other 2 bedrooms are also a good size. Unusual for this style of home is a huge bonus room, perfect for the family's TV/play room. Fully finished basement has large rec room and 3 piece bathroom. Completely fenced backyard with 2 tiered deck & firepit area is great to entertain friends. Short distance to parks & walking trails but still close to transit routes to the big city, this would be a great house for a young family to call home.

For more info about this Westpark neighbourhood half duuplex in Fort Saksatchewan, please comment below or contact me.

Sold Morinville Half Duplex 2 Storey

THIS GORGEOUS HALF DUPLEX IS READY TO BE YOUR HOME! Highlights include; ceramic flooring, wide plank laminate, granite countertops, custom made window coverings, neutral color tones that making accessorizing easy & an open floor plan that’s perfect for entertaining. The floor to ceiling tiled gas FP will capture your attention in the living rm, while the kitchen offers a great color scheme w/classic espresso cabinets & crisp white tile backsplash, S.S appliances & large center island. A dining nook offers easy access to the backyard & a 2pc bath is tucked away from the living rm & kitchen. Upstairs you have 3 nice-sized bdrms, including a master w/walk-in closet & full ensuite. PLUS, the laundry rm is conveniently located on the upper level as well. The basement is partly finished & offers a 4th bdrm (needs flooring & ceiling), space for a family rm & is roughed in for a bathroom. The backyard features a deck w/wooden louvers & gazebo for added privacy. Located close to walking trails, schools and parks!

If you have any questions about this sold half duplex in Morinville, please comment below or thru my contact page.

Sold Half Duplex In Fort Saskatchewan

This awesome, modern decor home is in mint condition with upgraded cabinets, walk-thru pantry, stainless steel appliances, a gorgeous elongated island with an extended eating bar, pot & pan drawers and granite counters. The beautiful dark hardwood flooring flows through the main level with ceramic tile by the spacious laundry room near the garage entrance. Upstairs offers three large bright bedrooms with the master having a walk-in closet & 4 piece ensuite. This two-storey home also comes equipped with central air conditioner & newer washer & dryer. Downstairs is fully finished with an open concept and soft step carpet, perfect for any great room activities. There is also a rough-in for another bathroom. Outside offers a place to get away from city life and enjoy lounging on your back deck with natural gas BBQ line & a scenic view of mother nature's natural landscape & with multiple walking trails. Fantastic location, amazing condition, perfect price

If you like more info on this sold Fort Saskatchewan half duplex in the neighbourhood of South Fort, please comment below or contact me. 

Sold Condo in Crystallina Nera West

Beautiful top floor 2 bedroom, 2 full bath, 876 sq foot apartment condo in the community of Crystallina Nera West. Kitchen has granite counter tops, modern back splash and stainless appliances including microwave hood fan. Master bedroom has walk-thru closet and 3 piece ensuite while the second bedroom is a good size with the main bathroom just across the way. Insuite laundry with full size washer & dryer plus storage completes the home. Balcony has scenic view of the downtown Edmonton and the local community. This home also comes with 1 underground heated parking and 1 outside energized stall parking stall for your second vehicle. With an excellent location just a bike ride to CFB Edmonton, this will make a perfect home for those beginning their journey onto home ownership. Act now as this home won't last!

If you woud like more info on this sold Crystallina Nera West 2 bedroom apartment condo, please comment below or contact me.

Sold in Fort Saskatchewan

Home ownership with NO CONDO FEES! Located close to recreational facilities, shopping and minutes to Highway 21 in South Pointe, this 1,282 sq. ft. open concept 2 storey features 3 bedrooms and 2.5 bathrooms. The living room features large front window, then dark charcoal hardwood flooring flowing throughout the main floor. The kitchen has timeless cabinetry, stainless steel appliances, corner pantry then there is a convenient 2 piece washroom just off the back door. Upstairs is a large master bedroom with full four-piece ensuite, 2 more bedrooms of good size & your main bathroom. Basement boasts large windows, oversized hot-water tank, high-efficiency furnace, front loading washer & dryer and awaits your final finishing. Out back is a two-tiered deck with planting boxes and BBQ natural gas line. Parking is provided with an energized concrete parking pad just off the rear asphalt lane. Located in a family neighbourhood with parks & walking trails, this well cared home shows great and is priced perfect.

If you woud like more info on this sold Fort Saskatchwan attached 2 storey, please comment below or contact me.

Sold 2 Storey in Erin Ridge St. Albert

AWESOME RENOVATIONS! This 1700 sqft 3 + 1 bedroom 2 Storey with fully finished basement features approx 2300 sq ft of family living space. Main Floor features include fresh paint & new flooring throughout the main, gorgeous slate flooring in the foyer, BEAUTIFUL NEW GRANITE KITCHEN with huge breakfast bar island, S/S appliances, an abundance of cupboards & cabinetry, corner pantry & large eating nook, family room with feature wall tile fireplace & flex room/dining room. The 2nd floor offers 3 large bedrooms including the master with renovated 5 pc spa inspired ensuite and walk in closet, 4 pc bath & convenient laundry room. The professionally finished basement includes large recreation/games room area, 4th bedroom, 4 pc bath & large storage area. Additional features include newer paint throughout, bright double attached garage with additional storage racking, Central A/C, newer deck & landscaped yard backing onto a walking path. Close to schools, parks, walking trails, all amenities & 15 mins to the CFB.

If you would like more information on this 2 storey in Erin Ridge St. Albert, please comment below or thru my contact page.