Edmonton Real Estate Blog

The more you know about the best way to reach a goal, the more
likely you are to get the result you want. So, whether you’re hunting
for a new job, assembling a backyard BBQ, or training for a 3 mile
run, you’ll want to use a proven process to help you get there.
That certainly holds true when shopping for a new home.
There is a proven process to getting the home you want, in the
neighborhood you want, at a price you can afford. Here are
the highlights:

1. Get Ready
There’s a lot you must do before you pack your energy snacks in the
car and go looking at homes. If you own your current home, you
must prepare that property for sale. You should also get financing
for a new home pre-approved, so you know exactly how much you
can afford.

2. Go shopping
Your next step is to view the right homes currently available on the
market. It’s a good idea to make a wish list of property and
neighborhood features you’re looking for in a new home. You may
not be able to get everything you want, but you can probably come
pretty close.

3. Make an offer
When you see a home you like, the first thing you’ll need to do is to
make an offer. This can be tricky especially if there are other
interested buyers.

4. Get an inspection
Always get the home checked out by a qualified home inspector. A
property may have issues, such as a foundation leak, that are not
obvious during a viewing.

5. Prepare for the move
Once you’ve made the purchase, you need to arrange for moving
and deal with other details, such as utilities, telephone, mail
forwarding and so forth.

Want a smooth home buying process? Call today at 780-634-8151 or visit us at www.findmyhouse.ca

Last week I was really excited to see the listing to sales ratio drop below the 4:1 ratio that we need for a neutral or balance market. I guess that was short lived because that ratio did not stay below the 4:1 ratio.

As of today there are 2,174 single family homes listed for sale on the Multiple Listing Service for sale in Edmonton proper. In the last 30 days there were 496 sales a slight drop from the previous week. This will give us a listing to sales ratio of 4.38:1 slightly higher than what we need for a balance or neutral market.

With the ratio bouncing just over and just under the benchmark ratio it is indicating to me that the market is not sure which directions it wants to go so we will probably see a fairly stable valuation of homes for the time being.

Once I see at least 3 consecutive weeks of the ratio being one direction of other we will not really know which way it is going.

**Just Listed!**

Welcome to your new home in the family-oriented community of Rock Glen. Watch your kids play with their friends on the playground located in the centre of the complex from your kitchen window. Plenty of room for family dinners in the formal dining area. The living room features large windows and a beautiful floor-to ceiling slate faced wood burning fireplace (non functioning). Sliding glass patio doors lead out to the fenced back yard with interlocking brick patio and small garden with shrubs.  The second storey features a 4 piece bathroom and 3 bedrooms with large closets.  The fully finished basement would be great as a media room. Upgrades include new paint and carpet. Two assigned parking stalls directly in front of unit.  Steps away from public and Catholic schools, shopping, LRT, and the Harisien community hall is next door with an ice rink. Welcome home! Buyer to verify all information and measurements.

1061 SqFt                 Townhome

3 Bedrooms           1.5 Bathrooms

$209,900          MLS: E3219126

If you have any questions please call Team Leading Edge at (780) 634-8151

**Reduced $10,000!**

 View the virtual tour here: http://www.youtube.com/watch?v=F8YrGcwqZ3o

Welcome home! This beautiful brightly lit 4 level split has been nicely upgraded and is perfect for your family’s next home.  This home features a NEW kitchen including new dishwasher, cabinets, countertops, fixtures, flooring, and breakfast nook.  Lots of natural light from the large windows in the living room.  The formal dining area is great for entertaining and has track lighting.  Renovated upstairs bathroom.  Fully finished basement with large family room and woodburning fireplace, full bathroom, and bedroom.  Large landscaped fenced pie lot with deck.  Located on a quiet cul-de-sac with other families.  New shingles and hot water tank.  Close to both public and Catholic schools, many parks, shopping, and more.  What else can you ask for? Pack your bags and welcome home!

1047 SqFt                 4 Level Split

4 Bedrooms           2 Bathrooms

$309,988          MLS: E3213579

If you have any questions please call Team Leading Edge at (780) 634-8151

ACT NOW! This won’t last!

**Open House!**

562 Glenwright Cres

Saturday April 10

1pm – 4pm

Beautiful 2 storey custom built Landmark Home with walkout basement with views of the lake and fountain. As you walk in to this brightly lit, spectacularly clean, home you immediately realize its wonderful layout. Enjoy having company over while you entertain them in the living room with gas fireplace, or if you’d wrather have movie nights with friends there is a large bonus room with vaulted ceilings overtop of the double attached garage. The big bright kitchen boasts lots of maple cabinetry and counter space, a large centre island, and an eating nook overlooking your maintenance free deck with view of the lake. Main floor laundry gives you that extra convenience you’ve been looking for. Upstairs you will find 3 generously sized bedrooms, full bathroom, as well as the large bonus room. The spacious master bedroom features a 4 piece ensuite, complete with soaker tub and seperate glass-pane shower stall. Great quiet location close to Whitemud & the Anthony Henday. Buyer to verify all info and measurements.

1931 sq.ft.                           2 Storey 

3 Bedrooms                        2.5 Bathrooms

Price $474,900                    MLS#: E3214908

If you have any questions please call Team Leading Edge at (780) 634-8151

See you there!

As we enter our spring marketplace we are seeing the market continue to be strong.  As of this afternoon April 08, 2010 there are 2,348 single family homes listed in Edmonton proper.  That is up slightly from last week’s number of 2,240 available homes for sale.

In the past 30 days we have seen 749 single family homes sold.  That is up from last week’s number of 661 sales in the previous 30 days.  That is a significant increase for a one week period.

What is more important is the listings to sales ratios.  That ratio is now 3.13:1, lower than the 3.31:1 ratio that we had the previous week.  This indicates to me that we are still going to see continue upward pressure on valuations.

If you are thinking about buying this year you might want to consider buying right away.  You have two threats that you have to consider if you have been thinking of buying.  Firstly, we know that there is pressure for prices to continue to go up.  Waiting will mean you will have to pay more for that home you want.  Secondly, there is the expectation that interest rates will go up again this summer.  If this happens it will make your mortgage payments more expensive and will reduce the amount of a mortgage that you will be able to qualify for.  The new mortgage rule changes require that you be approved at the 5 year rate regardless which term you choose.

If you are thinking about moving up to a larger, more expensive home, again you want to make the move as soon as possible.  Yes, your home will go up in value, but your future home will have gone up more significantly that your current home.  The end result is that you will have to carry a larger mortgage by waiting for your home to get to a higher value.

This is my two cents for this month.  

If you have any questions please don’t hesitate to call.  I would love to help you. (780) 634-8151

Edmonton, April 6, 2010: Housing figures released by the REALTORS® Association of Edmonton for March and the first quarter of 2010 show that resale housing prices are up; listings and sales are up.

“There is consumer confidence in this market and both buyers and sellers appear eager to enter the housing market,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Prices are up about 10% from a year ago and sellers are eager to take advantage. Buyers are aware of higher mortgage rates ahead and are getting into the market before the rates rise.”

Single family residences in the Edmonton area sold on average* for $388,473 in March which is up 4.7% from February and 11% from a year ago. Condominium prices rose by 8.4% month-over-month and 10.5% year-over-year. The average condominium sold for $252,416 in March. Duplex and rowhouse prices (at $313,836) dropped a third of a percent in March but were up 10.4% from a year ago. The average residential price was $343,607 (up month-over-month by 8.5%).

Sales also demonstrated the optimism of the marketplace. 3,728 residential listings in March were up over 30% from a year ago and up 246% in the first quarter. Residential sales of 1,571 properties in March were up 15.1% from a year ago and 77.3% in the first quarter. Sales were up from 1,307 in February: a 20.2% increase. The March sales-to-listing ratio was 42%; down from 52% in February.

“Seller activity has boosted the inventory to 6,770 residential properties,” said Westergard. “I am less concerned about available inventory now than I was at the beginning of the year. I think the market has reached a balance between buyers and sellers.”

All major banks raised their fixed mortgage rates in late March and the Bank of Canada has warned that interest rates will rise again after the second quarter. Many buyers are hurrying to lock in rates and find a home before the more stringent qualification requirements for mortgages come into effect on April 19. Alberta will not be influenced by the GST harmonization taking place in Ontario and BC so we may not see the sales slump in the second quarter that is expected in those two provinces.

The average days-on-market in March was 41 as compared to 47 in February.

-30-

Highlights of MLS® activity

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual prices, which may vary.

Source: REALTORS® Association of Edmonton

**Reduced!**

 View the virtual tour here: http://www.youtube.com/watch?v=F8YrGcwqZ3o

Welcome home! This beautiful brightly lit 4 level split has been nicely upgraded and is perfect for your family’s next home.  This home features a NEW kitchen including new dishwasher, cabinets, countertops, fixtures, flooring, and breakfast nook.  Lots of natural light from the large windows in the living room.  The formal dining area is great for entertaining and has track lighting.  Renovated upstairs bathroom.  Fully finished basement with large family room and woodburning fireplace, full bathroom, and bedroom.  Large landscaped fenced pie lot with deck.  Located on a quiet cul-de-sac with other families.  New shingles and hot water tank.  Close to both public and Catholic schools, many parks, shopping, and more.  What else can you ask for? Pack your bags and welcome home!

1047 SqFt                 4 Level Split

4 Bedrooms           2 Bathrooms

$314,888          MLS: E3213579

If you have any questions please call Team Leading Edge at (780) 634-8151

To view more pictures click here

Well it is appearing that the Edmonton real estate market might be stabilizing.  As of this morning there were 2,240 single family homes for sale in Edmonton proper.  That is an increase of 113 homes over last week.

In the past 30 days there were 661 single family homes sold in Edmonton proper.  That is an increase of 42 homes sold over what sold in the previous 30 day period.  That will give us a listing to sales ratio of 3.39:1, which is slightly better than last week, but I would be cautious to think valuations are going to rise again.  I think we are going to see more stabilization at this time unless we start seeing the ratio drop further in the coming weeks.

Please call me if you have any questions about this, or anything else related to Real Estate.

I would love to help you out. (780) 634-8151 

Serge Bourgoin, Founding and Managing partner of Team Leading Edge at RE/MAX Elite 

Team Leading Edge… Leading the way with extraordinary service

WASHINGTON, March 10 – As spring approaches, many home owners grow eager to start remodelling projects to update and refresh their surroundings. Before getting started, it’s a good idea to hire a professional remodeler for a workable plan and better results, according to the National Association of Home Builders (NAHB).

“A professional remodeler knows how to translate a home owner’s dreams and budget into a beautiful reality,” said Donna Shirey, CGR, CAPS, CGP, President of Shirey Contracting in Issaquah, Wash. and 2010 chairman of NAHB Remodelers. “They have the expertise and skills to satisfy a customer while keeping the budget in check.”

 
Here are five tips for planning a successful home remodel that you can enjoy for many years to come:

1. Compile a list of home remodelling ideas and draft a budget for the work. You likely have some projects in mind, such as modernizing the bathroom, renovating the kitchen, replacing windows or repairing the roof. Prioritize your wish list: Maybe you don’t have the budget for your dream remodel, but professional remodelers can maximize your dollars by doing the work in phases, suggesting budget-friendly products and materials, and implementing creative design solutions.

2. Look for a professional remodeler to help plan the project. Start by searching NAHB’s Directory of Professional Remodelers at www.nahb.org/remodel. You’ll get a list of nearby remodelers to contact. Asking friends and neighbours for names of qualified remodelers will also help you find a match for your project.

3. Check the references and background of the remodeler. After you start speaking with remodelers and find one or two who match your project’s needs, be sure to conduct some background research by checking with the Better Business Bureau, talking to their references, and asking if they are a trade association member (such as NAHB Remodelers). Remodelers with these qualities tend to be more reliable, better educated, and more likely to stay on top of construction and design trends.

4. Agree on a contract. Talk over the details of the home remodelling project and begin reviewing the contract. You’ll want to check the remodelers’ insurance coverage, ask about any warranties on their work, know who is responsible for obtaining any building permits, and understand the process for making any change

5. Take advantage of the energy efficiency tax credits. If your remodel includes replacing windows or doors, adding insulation, installing new roofing, upgrading heating or air-conditioning units, updating the water heater, or installing energy generating products (such as solar panels, heat pumps, or wind turbines) then you can take advantage of federal energy efficiency tax credits through 2010 that will help defray costs and maximize your remodelling budget while reducing home energy bills. (Learn more at www.nahb.org/efficiencytaxcredit.)

For more tips on planning a home remodel or hiring a professional remodeler, visit www.nahb.org/remodel.

Source: HGTVPro.com