On the Pulse of the Edmonton Real Estate Market

ICONIC YEG

Welcome to the ICONIC YEG Real Estate Blog, where our mission is to demystify the Edmonton real estate market for buyers, sellers, and enthusiasts alike. We aim to provide a gateway to a wealth of insider knowledge, essential market trends, and unbeatable strategies tailored specifically for the Edmonton community.

We hope to not only to inform but also to empower you with the industry's best-kept secrets and proven tactics, helping you make informed decisions in this dynamic market. Whether you're eyeing your first home purchase, planning to sell a property, or simply staying on top of the latest real estate trends, ICONIC YEG is your ultimate guide to navigating Edmonton's real estate landscape.

RSS

To Sell or Wait: The Winter Edmonton Real Estate Market | ICONIC YEG

Are you considering selling your Edmonton home this winter? Many prospective sellers hesitate due to misconceptions about seasonal real estate trends. With the right preparation, understanding of market forces, and insight — even in colder months — homeowners can still achieve a successful sale! Read on to learn how you can enter the winter Edmonton real estate market with confidence and find success as a seller.

Debunking Winter Real Estate Myths

Myth #1: Nobody Buys During the Winter

Contrary to popular belief, plenty of buyers are out shopping during the colder months. In fact, Iconic YEG's busiest month for Edmonton real estate sales is February as there is little competition with other homes as most sellers decide to list in May causing a major influx in available homes and increasing sellers competition for a buyer. People who are looking for a home during the winter may be more motivated, ensuring that you have a strong pool of interested parties.

Myth #2: Houses Don't Show Well in Winter

Winter may not be the most picturesque season, but some homes shine even more in the winter months. With the right staging, lighting, and a cozy atmosphere, potential buyers can easily envision themselves living in your warm, inviting home. The key is to make sure your property is well-maintained, cleaned, and bright to attract potential buyers.

The Benefits of Selling in Winter

  • Less Competition: With fewer homes on the market, buyers may be more likely to consider your property. This competition can potentially result in a quicker sale or even multiple offers.

  • Serious Buyers: Winter homebuyers tend to be more serious about making a purchase, as they're likely facing some sort of deadline (e.g., job relocation, family growth, etc.).

  • More Real Estate Attention: Your Realtor may have more time to dedicate to your sale, as the market typically slows down during the winter months.

Tips for Selling Your Home During Winter

  1. Maintain Curb Appeal: Keep walkways and driveways clear of snow and ice. Ensure your home is well-lit, both inside and out, to impress potential buyers. Remember, first impressions count!

  2. Stage for Winter: Create a cozy atmosphere with warm, inviting decor. Use soft lighting, blankets, and candles to showcase your home's comfort during winter.

  3. Ensure Home Performance: Before listing your home, make sure that it is energy-efficient and performs well during the winter months. This will be highly appealing to potential buyers who want to keep heating costs down.

  4. Highlight Winter Features: If your home has features that are especially appealing during the winter, such as a fireplace or hot tub, make sure they are clean and well-maintained to show buyers.

  5. Work with an Experienced Realtor: Choose ICONIC YEG who has experience in the winter Edmonton market to provide valuable guidance and insight on making the most of a winter home sale.

Don't let the winter months dissuade you from selling your Edmonton home. By debunking common myths, understanding the benefits, and implementing the right strategies, homeowners can successfully navigate the winter real estate market. So, bundle up, and get ready to make that sale!

Read

Q3 Edmonton Real Estate Market Update

Edmonton Real Estate Market Report: Quarter Three, 2022


2022 has been a wild ride with extreme changes, not unlike the weather in Edmonton.  Unprecedented amount of factors including the pandemic, rising interest rates, gas prices, inflation, and the war in Ukraine all contributed to an everchanging and quick adjustments in the Real Estate market.

The first quarter offered sellers an incredible opportunity as interest rates remained low, buyers were highly active, and inventory was sparse.  With lineups out front doors, multiple offers, and quick sales - buyers were at an incredible disadvantage and some were left with nothing to buy. While sellers who acted fast and listed their homes early in the year, enjoyed the quick sales and opportunity to move.

The second quarter of the year brought many more sellers to the market as they were catching wind of how much and how fast properties were trading for at the start of the year and buyers began to get a reprive from the agressive market; however homes in the SW of Edmonton continued to prevail as the hottest and most in demand homes.

This past quarter has been much slower than the previous two, ending with lots of available inventory that does not quite match the current needs of buyers.  A shocking 70% of all Single Family Homes that sold during Q3 in Edmonton were under $500,000; while currently only 60% of available invertory is priced at that level.

Fewer homes sold in Q3 of 2022 than they did in Q3 of 2021:

What is more interesting, is the value of the homes that sold in Q3 of 2022.  Over 70% of all Single Family homes sold, in Edmonton, were under $500,000:

The current available inventory of homes for sale in Edmonton does not match the previous wants of buyers, with a higher level of inventory in the luxury market then is actually selling.

If you are a seller in this market, there are a few tips to stay competitive to get your house sold before winter takes hold:

For Sellers:

  • PRICE: Currently, buyers tend to be pickier about the price they’re willing to pay due to rising interest rates and a lower affordability threshhold. Really hone in on the listing price you’re comfortable with — if you want to sell quickly, consider listing it on the lower side.
  • CURB APPEAL: Never underestimate the power of a well-manicured lawn and pretty flower boxes to grab the attention of potential buyers. Make sure the front of your house is looking its best — you never get a second chance to make a first impression. Buyers often drive around their preferred neighbourhoods window shopping, so give them show-stopping curb appeal they can’t ignore.
  • KNOW YOUR WEAKNESSES: While hiring a house inspector is usually done by buyers making an offer, get ahead of the game and hire one as a seller. Having that report available for potential purchasers takes one task off their plate and that might swing the scales.
  • SHOW THE BEST: Nothing puts off potential buyers like a home they can’t even see thanks to stacks of papers, overflowing cupboards and messy countertops. Go through each room and pack up 50 per cent of the “stuff” — then store, donate or trash it. When people walk into their potential dream home, they want to see large, airy rooms not shelves packed with personal knickknacks.
  • APPEAL TO THE MASSES: Millennials make up the largest cohort of buyers in Canada right now so consider adding features that appeal to this generation. Consider upgrading lighting, hardware or even appliances - $2000 upfront could mean the difference of a sale.
  • STAND OUT:  it’s all about making your property stand out in a sea of comparable properties. Offering something more creative than just your regular financial incentives, such as prepaying taxes or a year’s worth of landscaping services or paying homeowners’ association dues are just two examples of outside-the-box incentives.

 

If you are a buyer in this market - you may be able to secure that high value home at a much lower price; however read below for tips on maximizing the value in this current market:

For Buyers:

  1. Get Pre-Approved: There is nothing more defeating then looking at a home you come to learn, you can not afford.  It also gives you the opportunity to shop around for the best deal and the best interest rates. 
  2. Work with an Agent: Even before you start looking, even before you attend an open house.  A professional can and will give you more options and ensure you stay on the competitive track when negotiating for your dream home.
  3. Have a Buget and a Plan:  Of course, you won’t be able to afford everything on your wish list. So, make two lists: everything you want in a home and everything you can’t live without.   
  4. Do Not Get Dstracted by the Pretty Things.  Houses are an investment, they cost money.  Shocker right?  When you have the pick of available homes you should put higher value in the mechanical and structural integrity of the home.  Roof! Furnace! Windows! Plumbing! Electrical! Foundation!  These are the BIG TICKET items that should be the highest priority - not the wallpaper in the bathroom.
  5. Consider Future Revenue: With so much uncertainty about the economic future, you might want to consider purchasing a home that could or does have a secondary suite (ie. basement suite).  While you never have to rent it, having the option in the future could offset some expences if jobs, economy, or life took an unexpected turn.
  6. Location is Everything.  A home can be renovated, the location cant.
  7. Put Together an ICONIC Home Buying Dream Team: including an experienced  real estate agent, professional home inspector and mortgage lender; if you’re buying investment property, add a tax expert and a real estate attorney. All of these professionals should willingly and kindly share their knowledge and expertise. If not, find someone else.

Everyone needs a plan, and we can help.

 If you are a buyer or a seller looking to make a move in Edmonton - contact us for more information on how to be the most competitive and ensure you are getting the highest level of value.


 
Read
Categories:   14810 | 2024 Edmonton Real Estate | 2024 Home Buyer | age in place | Alberta Avenue | apartment | arthouse | assumable mortgage | boom and bust | boss | brewerydistrict | builder | business | Buyer Guide | buyertips | Buying | Caitlin Heine | Calgary | Coming Soon | Crestwood | culture | custom homes | decor | developers | developments | East Junction | East Village | edmontn | edmonton | Edmonton Communities | Edmonton Community | Edmonton Real Estate | el-mirador | embraceequity | for sale | forest heights | furniture | Historical Homes | history | Holyrood, Edmonton Real Estate | Home Staging | homes | Homes for Sale | ICONIC | Iconic Results | lakefront | landscaping | leasing | lifestyle | Living Here | marketupdate | moving | movingtoedmonton | multipleoffers | Neighbourhood | Parkdale | Pet Friendly | projects | property owners | purpose built rental | relocating | REMAX | renovations | rent | rental | rental culture | riverdale | Rural Parkland County, Rural Parkland County Real Estate | sales managment | sebabeach | sellertips | selling | selling tips | services | Sherwood Park, Sherwood Park Real Estate | Spruce Grove, Spruce Grove Real Estate | St. Albert, St. Albert Real Estate | Stony Plain, Stony Plain Real Estate | strategy | Team | the galleria | Top 10 | ukraine | Westmount | Winter Market | woman | womansday | Yeg | Zone 02, Edmonton Real Estate | Zone 05, Edmonton Real Estate | Zone 06, Edmonton Real Estate | Zone 07, Edmonton Real Estate | Zone 08, Edmonton Real Estate | Zone 10, Edmonton Real Estate | Zone 12, Edmonton Real Estate | Zone 13, Edmonton Real Estate | Zone 14, Edmonton Real Estate | Zone 15, Edmonton Real Estate | Zone 16, Edmonton Real Estate | Zone 18, Edmonton Real Estate | Zone 19, Edmonton Real Estate | Zone 28, Edmonton Real Estate | Zone 29, Edmonton Real Estate | Zone 30, Edmonton Real Estate | Zone 56, Edmonton Real Estate
Copyright 2024 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed 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. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.