The Edmonton Real Estate market continues to be strong.
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
Tags: economy, edmonton real estate, edmonton real estate statistics, home sales, housing market, Real estate news
