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.

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Edmonton Real Estate: How to Avoid Being Among the 35% of Unsold Homes.

As we approach the end of the year, I'd like to share some interesting statistics and insights that will help you navigate the Edmonton real estate market in 2024. According to the current data, over 35% of homes that came to the market in 2023 did not sell. Surprising, isn't it? But fear not, we have solutions! The Iconic Real Estate Team wants to ensure you're not among that statistic. The Edmonton real estate market forecast for 2024 is quite promising; however as a potential seller, it's crucial to understand how to avoid falling into the category of unsold homes.

Here at Iconic YEG, we have compiled important tips to help you navigate the 2024 Edmonton Real Estate market successfully.

Understanding the Importance of Timing

Did you know that May was the month with the most homes sold in 2023? This fact highlights the need for a strategic selling plan before the end of January. Most homeowners often wait until spring to consider selling, but in reality, plenty of buyers are out shopping during the colder months and there is less competition on the market.

GET A FREE HOME EVALUATION AND COMPLEMENTARY STRATEGIC PLAN NOW

Emphasizing Strategy

Edmonton, Alberta, is set to become a national destination for migration due to its strong economy. With an expected increase in housing demand, it's crucial to have a strategy to attract out-of-province buyers. Iconic YEG provides all our sellers with custom strategies relating to Buyer Demographics, Marketing Impact Initiatives, and more. What makes your home standout and how do you get that message to a high volume of buyers?  We have a plan for you, contact us to get started.

Preparation: The Key to Successful Selling

Proper preparation can significantly enhance your home's appeal. Iconic YEG guides you through each step of the preparation process, ensuring your home is primed for the market.  Click here for more tips on preparing your home for sale.

The Value of Marketing with the Right Realtor

At ICONIC YEG, we understand the importance of marketing your home effectively. We invest heavily in top Real Estate photographers, stagers, and more to ensure maximum traffic on your listing, both on the internet and local community fronts.

Understanding Pricing and Competition

Pricing your home correctly is often the make-or-break moment of the selling process. We use up-to-date data and in-depth knowledge of the Edmonton market to ensure your property is priced accurately. This way, you can confidently negotiate with buyers and get the price you deserve.

About ICONIC YEG

Iconic YEG isn't your average real estate team. We're a collective of professionals who share the same values and are driven by a common purpose - to enhance the expectations of the clients we serve. We're not salespeople; we're professionals who strive to learn more each day, so we can help our clients make informed and favorable real estate decisions.

Our Services

Whether you're looking to buy or sell, need assistance with new developments or rental services, our team of experts is here to help. We ensure a personalized, dedicated service ensuring your real estate journey is successful

Let's Move Forward Together

If you are considering selling your home in 2024, your home selling journey starts here. Let's make it a successful one. Book a consultation with ICONIC YEG before the end of January and get started on your successful home selling journey.

SCHEDULE NOW

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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!

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Landscaping: The Power of First Impressions

If you're looking to sell your home quickly in Edmonton, landscaping isn't the first thing that comes to mind and yet it can play a key role in how fast your property sells because of its effect on curb appeal. By dedicating some time and effort into starting or ramping up your outdoor decorating—whether by adding unique touches of personality with potted plants or simply mowing the lawn regularly—you'll be sure to attract potential buyers who will make an offer they can’t refuse. In this blog post, we'll break down why having a well-manicured garden is essential and give you practical tips for landscaping that will help you get top dollar for your house.

A Well-Manicured Lawn Makes a Good First Impression

When potential buyers drive up to your home, the first thing they're going to see is your lawn. If it's overgrown, full of weeds, and generally unkempt, it's going to give them a bad impression of your home before they even step foot inside. On the other hand, if your lawn is well-manicured and looks inviting, it's going to make a good first impression and set the tone for the rest of the showing.

Landscaping Can Add Value to Your Home

In addition to making a good first impression, landscaping can actually add value to your home. According to the National Association of Realtors, homes with professionally landscaped yards sell for an average of 6% more than homes without landscaping. If you're looking to get top dollar for your home, investing in some landscaping can help you do just that.

Landscaping Can Help You Stand Out from the Competition

If you're selling your home in a buyer's market, it's important to do whatever you can to make your home stand out from the competition. One way to do this is with landscaping. By taking the time and effort to make your yard look its best, you'll make your home more appealing than other homes on the market that haven't been as well-maintained.

Landscaping Can Help You Save Money on Energy Bills

In addition to increasing the value of your home and helping you stand out from the competition, landscaping can also help you save money on your energy bills. Trees and shrubs planted strategically around your home can provide natural shade that will keep your home cooler in the summer months and reduce your reliance on air conditioning. In the winter months, evergreens can provide windbreaks that will help keep heat from escaping from your home.

Landscaping Can Be a Fun and Rewarding Project

Finally, it's important to remember that landscaping can be a fun and rewarding project in its own right. Whether you enjoy working outside or are simply looking for a way to improve the appearance of your home, landscaping can be a great way to do it. And, when done right, it can provide you with years of enjoyment.

From the humble front yard rose garden to a grand outdoor kitchen, landscaping is essential when preparing your home for sale. Not only will it create a great first impression with prospective buyers, but it can also adds value and energy efficiency to your home. Finally, proper landscaping can help you stand out from your competition. As with any project around the house, properly planning for a landscaping project helps ensure a successful outcome in both presentation and financial success. If you’re looking to increase the value of your Edmonton home in preparation for sale, contact Caitlin Heine for more expert tips and advice on how to get your home ready. Now let’s dig into that landscaping project!

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Preparation: The Art of Selling you Home

Selling your home can be both exciting and stressful. It is important to make sure that your home is in prime condition before you put it on the market. To make your home attractive to potential buyers, take some time to prepare it properly so that its value is maximized. Here are a few tips on how to get your house ready for sale:

  1. Make Necessary Repairs: Take care of any repairs or maintenance tasks that need to be done, such as fixing a broken window or patching up holes in the wall. This will help show buyers that they won’t have to do any major work when they move into the house.
  2. Clean and Declutter: A clean and clutter-free house will appear more inviting and spacious to potential buyers. Vacuum, mop floors, scrub bathrooms, dust surfaces, and organize closets so each room looks its best. Get rid of furniture and items you don't need anymore or consider renting a storage unit for those items until after your home is sold.
  3. Freshen Up Interiors: Give the walls a fresh coat of paint, replacing worn carpets with new ones if necessary and replacing outdated fixtures with modern ones--all of which can give the impression that everything in the home is still new and updated. When selecting colors for painting walls, choose neutral shades such as white or light gray so that buyers can better visualize themselves living in the space.
  4. Enhance Curb Appeal: The exterior of your home should look just as appealing as the inside if you want it to sell quickly! Paint railings and door frames if necessary; power wash siding; trim trees; edge lawns; and add colorful plants or flowers near entryways. Don’t forget about lighting either–make sure there are adequate lights around walkways, porches, garages, etc., so people feel safe coming at night to view your property.
  5. Consider Hiring a Professional Home Inspector: Before potential buyers come over, hire an experienced local inspector who can examine all aspects of the house from plumbing issues to heating systems ensuring there are no underlying issues with the property that could affect its value during negotiations later on down the line.

Last but not least, contact us at Iconic YEG - we can guide you through each step and what to do to prepare your home for sale and get the best returns. By taking these steps to prepare your home for sale ahead of time will save you time (and money!) throughout the process by maximizing how much interest buyers have in your property from start through close - resulting in potentially higher offers from more qualified buyers who are actually interested in moving forward with buying it!

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Top 10 Renovations to Immediately Increase the Value of your Home

If you are considering selling your home or want to ensure you are getting the highest rate of return on your renovations, we have outlined the best, most cost effective and rewarding renovations you can do to your home.

Best Renovations for Increasing the Value of Your Home 

If you plan to be in your home for the next five to ten years, the most rewarding upgrades you can do to your home would be to increase energy efficiency.  Not only will this protect your wallet in the long run, when you plan to sell your home in the future - these upgrades will last longer and hold their value better then the current trending wallpaper. The ways in which you increase or improve the energy efficiency of your home is:

Maintain or Replace your Furnace

New high-efficiency furnaces use the least amount of energy, but older models can also be made more efficient. Annual servicing by a professional is the first step. That will involve cleaning the parts you can’t see or reach and making sure it isn’t working harder than it has to. For your part, replacing filters every three months.

Replace Windows and Doors

Not only do new windows and doors work miricles for the curb appeal of your home, new windows have a high return rate when you eventually decide to sell. New windows will add big savings to you and your family in the monthly cost of utilities. Getting new ones in preparation for selling can not only add a another entry to the list of the home’s positive aspects, and they can bring in a roughly 73% ROI.

Best Small and Affordable Renovations for Increasing the Value of Your Home

Are you looking to sell soon? Now?  With more homes sitting longer on the market and selling for lower values, the best way to prepare for sale is to appeal to the highest volume of buyers.  Also, you need to stand out over the competiton.  We have outlined the best, and most cost efffective renovations you can make to improve the value, time, and return when you look to sell you home:

Upgrade Lighting

Tastes change quickly, and what was the latest in lighting design five years ago could now look horribly dated. Replacing fixtures modernizes a space for very little money. In rooms like the dining and living room, where a chandelier or pendant light can be quite prominent, consider how a different light fixture could improve the space. Check out the latest lighting trends of 2022 here

Fresh Paint

A fresh coat of paint instantly updates and transforms the entire interior of your home, and when you consider that the average price tag of a gallon of one-coat coverage paint is around $38, that’s about the biggest bang for your buck you can get. Check out the latest paint color trends of 2022 here

Hardware

Just like lighting, hardware styles change quickly.  Give your kitchen and bathrooms a cost effective face lift by painting the cabinets and adding some new and trendy hardware! These simple upgrades require only patience and a screwdriver to accomplish, but the results will be well worth the effort. In fact, you may even find that the hardest part is the shopping, since there are just so many choices out there to put your own stylish stamp on your home. Check out the latest trends in hardware here

Switch Plates and Covers

In most homes, the switch plates and outlet covers are a standard bit of cheap, white plastic. They don't look bad, but they're certainly nothing special. Try paintable covers to match your walls, or go for a natural wood look instead. You can also choose decorative bronze, nickel or brass plates for a luxe look, though you may want to add black switches for a better blend if you choose a dark finish. 

Never forget general house maintenance and how important it is when selling your home

Buyers pay attention to how well a homeowner cares for their property; poor home maintenance can keep buyers from ever committing to a sale, as it may send a message that the home was not well cared for. On the exterior of your property, clean gutters, trimmed lawns, and smart landscaping ups curb appeal and welcomes buyers. For interior maintenance, it is suggested to regularly inspect air filters, floors, walls, and the fireplace to eliminate buildup and replace any home system that isn't working properly.

Making the best home improvements before selling can increase buyer interest and ultimately secure sales. Generally, focus on cheap cosmetic changes that enhance curb appeal and update rooms that attract the most buyers. Keep aesthetics conservative as to not isolate buyers through bold choices. Also, avoid unnecessary structural repairs and any major renovations that would engulf a budget.

Have questions about what you should do to prepare for sale?  Get a free market evaluation by Iconic YEG and we can consult and advise what upgrades or renovations might be worth doing before selling.  

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