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EDMONTON HOUSE HUNTING

 EDMONTON'S ADVANCED MARKETING REALTORS®

 

Edmonton Real Estate Blog, Market Information & Well-Balanced Advise

There are Advantages to Buying a Home in Edmonton's Winter

Here’s some advantages to buying a home during the off season in Edmonton, which means that you’ll be buying from November to February.


1.  Less competition …. There is less Edmonton winter home for sale giving buyers a great advantage picturecompetition from other buyers.   Many buyers don’t want to brave the cold and icy roads by driving the neighbourhoods and looking for properties during this time of the year.  This can translate into lower prices and better deals for the buyer.


2.  Prices decline …. Prices are typically less this time of the year, proven by the statistics from the REALTORS® Association of Edmonton (RAE) and from Realtor.ca.


3.  More time from your REALTOR®…..  Your real estate agent isn’t as busy this time of the year, you may get more of their time and expertise (so true compared to the busy spring rush).


4.  Not as many properties are receiving multiple offers …. We can remember during the summer season of 2012, many houses in Edmonton that were priced correctly had multiple offers on them, which translated into higher prices for the seller. All great news for sellers, not such great news for buyers. There is an emotional trigger than happens in multiple offers, and buyers can sometime offer more for the house than they had originally planned on.


5.  Ugly Ducklings….. Some houses that are still on the market in December and January may have been on the market for a long, long time. This could be for a variety of reason, including the home has been overpriced.  Or it could just be that the property doesn’t show well, it’s an ugly duckling.  Maybe it’s too crowded with personal belongings, maybe the interior paint colour is horrible, maybe the lighting is bad, or maybe the home is dirty.  All of these are easy things to fix once you own the property, and if you can look through these items, you may be able to get an ever better deal.


Now is a great time to buy. A few years ago, when Mike viewed the existing house he lives in a  between Christmas & New Years & had it pending by first week of January. He knows he saved money as they "had to sell" & there wasn't many qualified buyers looking in the cold winter. Good for Mike, the buyer &  bad for the sellers. There are many other great deals out there right now! If you are thinking about buying in the spring, why wait? Shop now & save. Contact Audrey and Mike thru our website or call Audrey direct 780-910-5179 or Mike 780-242-5229 & I'll show you some great Edmonton Real Estate deals.

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Edmonton Absorption Rates

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.

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

 

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