Single-family detached homes demand will continue to drive the market with the average price expected to increase six per cent, year over year, to more than $500,000. By comparison, condominiums are forecast to rise about one per cent in average price to about $185,000.
But hey, there is a good news for for first-time and move-up buyers, single-family detached homes in Edmonton remain very reasonable, with only Regina and Winnipeg market’s being more affordable, the study shows.
With more interest from young Canadian professionals and families in British Columbia and Ontario looking to migrate to the city to purchase a home and with Bank of Canada signaling interest rates hike from record lows to combat inflation this spring, it is time to call a real estate specialist in your area to start your house hunting rolling!🏠🗝
I can help you in finding, comparing, and negotiating your next home!
And the best thing, if you are buying a home, it doesn’t cost you money to use a real estate agent!! 😉
Galina Mironova
REALTOR | LOCAL Real Estate🍏
780.504.4470
Galina@soldlocal.ca
What is a CMA🤔 and how do you get one?
Better known as a Comparative Market Analysis, a CMA helps determine what your home is worth compared to similar properties in the area that have sold in the last 4-6 months. In short, a CMA will help you understand how your home will fare against the competition. To determine the value of your home, a real estate agent will compare your home to homes with similar square footage, age, amenities, upgrades, condition, and those which are located in the same neighborhood or a similar area.
The more similar these comps, the better the price estimation. Keep in mind, CMA’s are very subjective because it may be hard to account for things such as the home’s curb appeal or what the home’s located near (ex. across from a railroad or power station). Finding a good agent that can help estimate the value of your home, based on these factors, is vital in determining the best list price.
Other factors an agent will look at when compiling a CMA include when a property sold and certain characteristics of the home. For example, when looking at the sold dates of other properties in fast moving markets, an agent will focus on sales from the last 2-3 months vs. longer. The characteristics of your home must closely match the characteristics of the comparable homes. For example, comparable homes should have the same number of bedrooms and bathrooms and a similar sized lot. Keeping comps as similar as possible give you the best footing for generating the best list price.
As you can see, a lot of value is derived from the compilation of a CMA by a real estate expert. The best way to get your home sold is to be in a competitive price range and a CMA will provide that.
Did you know that a Real Estate Agent could provide a CMA at no cost?!🤩
Contact me today for a complimentary consultation!
CORNER LOT in Malmo Plains! This beautiful, well-maintained property boasts unique features that make it a cut above the rest. To learn more…
Large main floor windows flood the home with morning light. One 2pce bath, kitchen and two living rooms make up the main floor area. Upstairs you will find 4 BEDROOMS with one 4 pce bath, and his/hers closets in the master bedroom. The basement provides for additional storage and living space and is equipped with 100 amp service. Outside you will find a small storage shed, garden and green space for hosting or lawn games. An OVERSIZE GARAGE is equipped with a SHOP in one bay and room for vehicles in the other. This is a rare gem, poised for the opportunity and creativity of the next generation! Fully fenced and minutes away from schools, parks, Southgate Shopping mall & LRT. Discover for yourself why so many residents of Malmo Plains wouldn’t want to live anywhere else!
No matter where you live, listings for homes in popular neighborhoods are often few and far between. When these homes do hit the market, they typically don’t remain on the market for very long. With that in mind, if you have your heart set on buying in a desired area, starting your house hunt early and having patience means that when the moment comes, you’ll need to act quickly.If you’re really interested in a home, get as much info as you can beforehand: property reports, disclosures and offer due dates. These can usually be requested through your buying agent. Very important is to keep your schedule open, because in hot markets, available properties wait for no one.
Have your proof of funds & pre-approval ready
If you’ve decided you want to throw your hat in the ring and make an offer, always assume that many others have as well. Anticipating a multiple offer situation can help you come out ahead. After you’ve seen a home, speed is often the key. For hot markets, you might only have a day or two to get your offer submitted after viewing the home. Double check with the seller’s agent regarding the offer deadline so that you can be sure yours is submitted on time. In order for you to be “offer ready” when you find the property you want, it’s crucial to have any supplemental paperwork, like your mortgage pre-approval and proof of funds for the down payment, ready to act quickly.
Keep your offer simple
Most offers include conditions — things like completing inspections and receiving a mortgage approval — that need to happen for the transaction to move forward. When looking at offers, sellers tend to see conditions as potential opportunities for the deal to fall apart. As a result, they’re more likely to choose an offer that’s relatively “clean” or reduces their risk of potential hang-ups. In a competitive market, you might see other buyers removing or reducing their conditions periods to make their offer more competitive. However, it’s also crucial that you feel comfortable moving forward. For example, if you choose to waive an inspection condition, you’re agreeing to buy the home regardless of what problems may exist. As you put your offer together, consider the maximum amount you’re willing to pay, what compromises you’re willing to make and how flexible you can be on your closing schedule
Start with a strong sale price
Besides keeping your conditions in check, there is another component of the offer that will help set you apart from the crowd and it’s fairly obvious — the offer price. When you’re bidding for a home in a desirable neighborhood, you need to put your best foot forward.
As for how much you should offer, consider the asking price first. If it’s within your budget you may want to at least offer that amount if not a little more. Consider the amount listed on your pre-approval as your maximum, and work within those limits.
Write an offer letter
On the surface, all offers look the same. That is to say, they all generally include the same information about the buyer. In a situation where the seller is considering multiple offers, all that information can start to blend together. An offer letter, or a personal note you write to the seller explaining why you’re the perfect buyer for the home, might just be the thing that sets your offer apart from the others. Bear in mind that the ideal offer letter is short, sweet, and to the point. Your goal is to connect with the seller emotionally so that they’ll be more inclined to choose your offer. In a few paragraphs, you’ll want to tell the seller why you fell in love with their home and why they should sell to you.
Summary
It can feel overwhelming shopping for a home amongst crazy competition, but don’t be discouraged. With the right amount of preparation, you’ll be ready to make the necessary moves to secure the home of your dreams.
Thinking of buying a house and need help? Contact me at 780.504.4470 or galina@soldlocal.ca! I can help!
Former show home, corner unit with all the upgrades! In fact, it still presents new like a Showhome too!
One of the BEST benefits on this corner unit and where it is positioned in the complex is the all-day SUNSHINE, making this home cheerful and a happy place to dwell. Decked out in all the Showhome extras including upgraded appliances, stunning granite countertops, FULLY finished 9ft basement with full wet bar /serving counter large windows, storage-built in’s, walk in master bedroom shower, all window coverings and upscale lighting throughout. This unit does not back a busy road (Lessard) it backs west and enjoys beautiful sunsets on the private deck. Located right in the heart of west ends walking district – walk to everything from here and fabulous walking trails too!
Welcome to Secord! This stunning townhome with the total living space of over 1200 sq ft above grade and double detached garage has so much to offer! On the main floor you will find a gorgeous modern kitchen with stainless-steel appliances and walk-in pantry. A spacious dining and living room area offer a wonderful space for hosting or some quite family evenings. The thoughtful floor plan allowing plenty of natural light in and makes the home bright and warm all year round! A second floor is a home to the large main bedroom with 3pc ensuite bath & walk-in closet. Two more bedrooms and laundry complete this level. Downstairs, the unspoilt basement offers ample space for an additional rec room & bathroom. A recently designed deck is perfect for warm, summer days and outdoor gathering! The double car detached garage is perfect for cold winter days and additional storage. Close to schools, amenities, and easy access to main highways this home is a perfect match for all your needs! NO CONDO FEES!!
Contact Us Today to Book a Showing or if You Have Any Questions:
Mark Kennedy, REALTOR® | 780.932.3396 | mark@soldlocal.ca
Live the Prestigious Saskatchewan Drive Lifestyle in Lord Strathcona Manor!
Located only a few blocks from the University Campus and Hospital, its superb walk-able location makes for a winning investment! Now add nearby trendy restaurants and shopping PLUS river valley access so close its almost exclusive. Inside, experience spectacular 16th floor city and river views from two balconies.
Move in Ready
This air-conditioned 2 bedroom, 2 bathroom unit offers a spacious layout great for room-mates and comes fully updated with fresh paint, all new flooring, and brand new stainless steel appliances.
Enjoy the Convenience
Other valuable features include, in-suite laundry + storage room, exercise room, secured bike storage, great access to public transit and 2 titled underground parking stalls. This is a clean, non-smoking building, where your small pets are welcome with board approval. Run, don’t walk- this is the one you’ve been waiting for!
Professionals, Students, And River Valley Enthusiasts: This Is For You!
Edmonton Realtor and Mom of 10 year old hockey fanatic and new baby girl. I am a proud “west ender,” River Valley and everything Edmonton enthusiast. My favorite Edmonton properties are affordable, community forward and conducive to convenient and active lifestyles for busy Edmonton families just like my own. Lets chat about my favorite Edmonton neighborhoods!
Single-family detached homes demand will continue to drive the market with the average price expected to increase six per cent, year over year, to more than $500,000. By comparison, condominiums are forecast to rise about one per cent in average price to about $185,000.
