780-893-9987 RE/MAX Select

Edmonton Market Continues to Soften

Tue, 08 Oct by melodykilbank

City of Edmonton September statistics are in, and we are trending downward in every category.
Year over year, All Residential average prices are down 6.4%, Single Family 1.8%, Condos 11.9% and Duplex/Rowhouses .9%.
Month over month, All Residential average prices are down 4.6% Single Family 3.9%, Condos 6.8% and Duplex/Rowhouses 2.4%.
All Residential inventory is favoring buyers with 6.4 months of products. Single Family is in a balanced position at 5.8 months of inventory. Condos are in a buyer’s market at 7 months of product and Duplex/Rowhouse are balanced favoring neither buyers nor sellers at 5 months of inventory.
I want you to feel comfortable calling me whenever you have a question or concern regarding the housing market, buying or selling a home, or anything else that’s real estate related. Even if you have no plans to move in the foreseeable future, please consider me your source for real estate answers and advice.

How Much Should You Budget For Your Next Home?

Tue, 24 Sep by melodykilbank

If it’s been a while since you last moved, you might be wondering how much you’ll need to spend on your next home. That’s an important question to answer, even if you’re just at the “thinking about it” stage and haven’t decided whether or not you’ll look for a new property.

After all, knowing your budget might influence your decision.

How should you determine your budget?

The first step is to calculate the maximum you can spend. This involves adding the money you’ll get from the sale of your current property after repaying your outstanding mortgage, to any other funds you have available to invest plus the maximum amount of mortgage you qualify to receive.

Of course, just because you may qualify for a large mortgage doesn’t mean you want those bigger payments. So, the second step is to think about your needs. What features are a must in your next home? For example, you might want four bedrooms and anything less would be a deal-breaker.

Make a “must-have list”. That list can be used to find a baseline of properties on the market — and then find their average asking price. This will give you an idea of what it would cost to find a home that meets your must-have list.

The third step is to go beyond needs and consider the features you want. These might not be deal-breakers, but you’d sure love to have them in your next home. They could be a large deck, a location in a desirable neighbourhood, a big country kitchen, etc.

Ask yourself how much you would be willing to pay for those desirable features. $20,000? $50,000?

Once you’ve gone through these steps, you’ll have the information you need to match your needs and wants to what’s available on the market — and you’ll know how much you might expect to pay for your next home.

If you’re thinking of selling or buying, give me a call.

Everything is on the UP and UP!

Tue, 10 Sep by melodykilbank

August City of Edmonton only stats are providing some hope to home owners! Equity is on the rise.

If like me you have been seeing the value of your residential real estate decline over this past year, I have some good news. Stats in all categories are up year over year and month over month. There is one exception, which I’ll mention in a minute.

Year over year numbers for all products are up, all residential by .6%, single family by 2.7% and duplex rowhouse by 6.6%. Unfortunately for condo owners prices are down 6.4%.

Month over month the market has improved, all products are up 1.9%, single family up 2.5%, condos up 5.3% and duplex/rowhouse 5.8%

Single family and duplex/rowhouses are in a balanced position, while condos and all products averaged are still favoring buyers.

Whether this uptick in the market is a seasonal increase or if it is the turning of better things to come, only time will tell.

The Federal government launched a new first time home buyer initiative this past week. If you or someone you know is considering a first purchase, have them call me for details.

Market Continues To Soften

Tue, 13 Aug by melodykilbank

The City of Edmonton statistics are showing us it has been another month of softening prices. Inventory numbers are swaying us toward a balanced market.

All product categories were down from July 2018 averages; All Residential 3.2%, Single Family 3.1%, Condos 11.8% and Duplex Rowhouses down 2.5%.

June 2019 to July 2019 showed an average drop by 1.4% with All Residential sales. Single family was up on average of 1.2%, while condos took another hit of 8.1%, Duplex/Rowhouses stayed fairly flat at a decrease of .3%.

With the exception of condos, all other categories are showing a balanced market position, with months of inventory ranging from 4.6-5.5. Condos again are favoring buyers with 6.9 months of inventory.

Some pockets of the market are showing a more positive outlook. Call me for a free professional consultation, if you are thinking of buying or selling.

Finding A Great Home In A Hurry

Tue, 23 Jul by melodykilbank

Do you have only a few weeks to search for your next dream home? Don’t panic. There are things you can do to find the perfect (or, at least, almost perfect) property — without getting too stressed out!

Consider these tips:

• Pre-arrange your mortgage. You want to be able to make a good offer on a home right away, without worrying about financing. So, talk to your mortgage advisor or lender about getting a mortgage pre-approval. Sellers will take your offer more seriously if you have financing in hand.
• Decide what you want. What type of home are you looking for? What type of neighbourhood do you want to live in? The narrower your focus, the less time you’ll waste looking at properties that don’t fit your needs.
• Be open to possibilities. There are probably terrific homes on the market — right now — that are close to what you’re looking for. So be prepared to consider properties that are less-than-perfect. Remember, what a home lacks today may be remedied with a renovation later on.
• Be flexible with your schedule. When you see a home you like, schedule a viewing immediately, even if it’s at an inconvenient day/time, such as a weekday after work. Finding a great home, quickly, is worth some inconvenience.
• Get alerted to new listings. As they say, the early-bird gets the worm. So arrange to be alerted to new listings the moment they come on the market. That way, you can see these properties right away.

Want more tips on finding a home, quickly? Give me a call.

A Broken Record??…June 2019 City of Edmonton Stats

Thu, 11 Jul by melodykilbank

No we aren’t breaking any records but I know I’m sounding a bit like a broken record! (Now there’s an expression out of my youth!) Not much has changed with respect to the residential market in Edmonton.

Price averages are down year over year in all categories with the exception of condos. But they are up only .3%. All residential sales are down only 2.5% year over year which is a better stat than May which was 4.1%.

As for month over month all product price average remained flat and an increase of .2%. Single family average decreased over May by 2.2%. Condos increased 2.2% over May as well. Duplex/Rowhouses stayed flat at .7% increase.

Again, and this is where I sound like a broken record…We are sitting in a balanced position in all categories except condos. They are sitting on 6.9 months of inventory which is the lowest we have seen in over a year OR more!

So the two bright spots in this month’s numbers are the condo market is shrinking. And balanced markets are a great time to buy or sell, as there is no volatility to be concerned about long term.

May Market Stats – Good New/Bad News

Fri, 07 Jun by melodykilbank

Good news, bad news. Which do you want first?

When it comes to the City of Edmonton market stats the good news is absorption rates are moving up. All products except for condos are in a balanced market position. Notably houses are at 4.4 months which is at the low end. Condos are at 6.1 months which is just tipping the balanced to buyer market at .1%.

The bad news is all product categories are down in average prices year over year. Interestingly very close ranging from 3.7% to 4.5%.

More good news is that all product categories are up month over month. All residential is up 2%, houses 2.2%, condos 4.1% and duplex row house 2.2%.

As for the pace at which properties are selling here is another indicator of our current reality. Based on total inventory 1 in 5 properties sold in May. For houses one in 4.5 properties sold. Condos is 1 in 6.25 properties and Duplex Rowhouses one in 4.7 sold.

When it comes to selling, you need to have your property sparkle in order to get it sold! If you want some pre-listing advise on what to do to prepare to sell, call me! I’d be happy to come and take a look and provide some helpful tips.

Whether buying or selling count on me for professional, experienced representation.

A shift to a balanced market in some product categories!

Wed, 08 May by melodykilbank

April 2019 market stats are in and we are looking a little more positive than the past months. Inventory levels are now in a balanced market position for 3 categories: All Residential, Single Family Dwellings and Duplex/Rowhouses.

So here is the run down. Average prices for all residential is down 2.6% year over year, but up 1.7% month over month. Single Family Dwellings are down 1.4% year over year but only a slight increase of .1% month over month. Condos are still struggling, but have a more promising outlook this past month. Their average price was down 10.1% year over year, but UP 7.2% month over month. This category is still favoring a buyers market at 7.4 months of inventory. Duplex/Rowhouses are up .4% year over year but down .9% month over month, so their prices have stayed pretty flat!

So although our spring has been delayed in coming, the market is showing signs of new growth!!

Win your mortgage payments for a year!

Tue, 30 Apr by melodykilbank

What would you do with the money if your mortgage payments were paid for a year?
• Pay off your home sooner
• Develop the basement
• Finish your landscaping
• Take a well deserved vacation
• Save for retirement
• Treat yourself to some new furniture
• Help your kids with their education
• Go to Disney World!
It’s innovative! It’s unique! Our brokerage is offering a special incentive for Buyers! They could enter to win their mortgage payments for a year!! It could be life changing for them! Do you know anyone who is thinking of buying a property in the next few months? Perhaps a colleague at work? A friend? A family member? Your next door neighbor?
We are also drawing once per month for a free home inspection! AND we are drawing at 3 month/6 months for 2 $1000.00 cash prizes. Call me for more details!
Thinking of selling? Want to attract more buyer’s to your property. Find out more how this contest can get you more for your home! Call me for details!

Spring Has Not Sprung In The Real Estate Market!

Thu, 11 Apr by melodykilbank

Anecdotally I’m busier this week than last month at this time, however prices don’t seem to reflect a spring market just yet.

City of Edmonton ONLY average price for all residential show a decline of 5.7% year over year and .5% month over month.

Average prices for houses have dropped by 5.8% year over year and 1.5% month over month. We are in a balanced market with 5.6 months of inventory.

As for condos the average price drop year over year is 11% and month over month is 5.9%. Buyers are able to dominate transactions with 8.5 months of inventory to choose from.

Duplex/Rowhouses also saw a drop of 3% year over year but a 1.7% increase month over month. They are also in a balanced position.

I have some exciting news to announce regarding a special offer for home buyers. Watch my FB page, email or mail within the next week or so! Learn how a buyer could win their mortgage payments for a year!

Call me for professional representation!

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.