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EDMONTON HOUSE HUNTING

 EDMONTON'S ADVANCED MARKETING REALTORS®

 

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

Dealing With Multiple Offers on Your Edmonton Property

Multiple offers on your Edmonton home with Canadian money You may think that having to deal with multiple offers on your home is a wonderful problem. After all, there are so many buyers clamouring to purchase your Edmonton property!
The challenge, however, is picking the best offer – and that isn't always the one with the highest price. Most offers come with conditions, such as "conditional on securing  financing",  "conditional on the sale of our current property" (not a very good one) and others.
You have to consider both the price and the conditions when choosing which offer to accept. There are other considerations, too. What if someone makes a great offer on your home, but they don't have a pre-approved mortgage and they haven’t put their current home on the market? YIKES! Not good! That kind of offer is risky because it is more likely than an unconditional offer to fall through. So there's a lot to think about when you're in the seemingly enviable position of dealing with multiple offers. How do you select the right one? The answer is to have good experienced REALTOR® team (like Audrey Abuan and Mike Muranetz) by your side to help you make the right decision for you & your family!
Want more tips on how to get multiple offers for your home? Call Audrey and Mike today & they will show you how to make it happen on your home, even in today's market!

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Don't Overprice Your Edmonton Home!

Usually, four common strategies are used to price a home. Understanding these techniques can help you get a better deal on your home, while matching your needs.


Over priced Edmonton home for sale sign image

1. Greatly overpriced

Every seller wants to get the best price for their home. In a hot seller's market you need to careful with multiple offers, the battle may be won by inflating the price, anywhere from 5-10% of its true market value. Determine a fair offering price range with your Edmonton REALTORs® (us please) before getting into a bidding war with multiple offers.  Too high a price could leave the home on the market for months (not good). The home could be great, just offered at the wrong price. If it does not sell, it could be considered a problem. The price may have to be reduced to sell it and typically you get less for the home in comparison to pricing it correctly from the start.


2. Somewhat overpriced

Homes in this category also tend to sit longer on the market. The reasons: there may be room for negotiation in the price, or the seller is emotionally attached to the home (not good). Once it's on the market, sellers need to let go that attachment.

Edmonton Seller wanting more money & buyer offering less money image

3. Priced at fair market value

These homes tend to sell within a reasonable time usually within the average Days on Market (DOM), at close to the asking price. Competitively priced, their price represents a thorough analysis of other neighbourhood homes on the market.

4. Priced below fair market value

For various reasons (including health, relocation, condition of the home, divorce, etc), a seller may want to sell a home quickly. This type of sale often results in multiple buyers, with the home being sold quickly. The stress is over quicker BUT you may not the best price for your home. Every Real Estate sale is different and you may have your reasons.


We can provide you with a thorough analysis of any home you are considering to sell. This price will be based on market conditions (time of year), similar homes in the neighbourhood and condition of the home. At the same time, as your REALTOR® team,  we'll work with you to find a new home which meets your needs in a fantastic neighbourhood. Call either Audrey 780-910-5179 or Mike 780-242-5229 or go to our contact page.

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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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