EDMONTON HOUSING MARKET OUTLOOK FOR 2021
Edmonton real estate is likely to continue as a balanced market in 2021, with demand being segmented. Buyers are looking for single-family homes and yards, which includes duplex and row-style townhomes. The average sales price in Edmonton increased by 1% to $364,820 in 2020 compared to $361,152 in 2019. The RE/MAX Outlook for Edmonton real estate in 2021 is an increase of 2% in average price to approximately $372,116.40.
Who’s Driving Demand for Edmonton Real Estate?
Move-up buyers are currently driving demand in the Edmonton real estate market, which is expected to continue into 2021. The most popular property type among move-up buyers in Edmonton is single-detached houses and townhouses.
First-time homebuyers in Edmonton are typically single homebuyers. These buyers are not looking at one property type specifically and are buying across all property types. The average price spent on a property by a first-time homebuyer is approximately $300,000.It is expected to be more difficult to enter the market as a first-time homebuyer in 2021, as there is expected to be less inventory, making it tough for buyers to find the right property.
Move-up buyers in the Edmonton housing market are typically young couples. There has been very little hesitation in move-up buyers when it comes to entering the market, as many are trying to take advantage of the low-interest rates and low property values. Move-up buyers in Edmonton have changed the criteria on what they look for in a home due to COVID-19. Many move-up buyers are looking for yards, more space, separate offices and finished basements.
The condominium market in Edmonton is most popular with single homebuyers and young couples. The average price for a condo in Edmonton is $222,181. Apartment-style condos are currently in oversupply, which means prices are likely to drop. Currently, in Edmonton, many examples of large assessments have been seen, mostly due to insurance costs escalating dramatically for condo corporations, which has resulted in higher condo-fees.
Edmonton’s luxury market is currently driven by move-up buyers with the average starting price for a luxury home in Edmonton being $1,000,000. At this price point, many buyers are getting great value, with the majority of the homes being newer infill or older beautifully renovated homes with large yards in mature areas, or huge lots, often with ravine or private nature backing, in new development areas.
Edmonton’s Hottest Neighbourhoods
Edmonton’s top-selling neighbourhoods in 2020 were Anthony Henday Zone (West), North Central Zone and Southwest Zone. These neighbourhoods are expected to continue as the most popular neighbourhoods moving into 2021.
Edmonton New-Home Construction
Edmonton’s new-home construction sales are strong for single-family in both the suburbs and infill. Apartment condos are in oversupply. Most buyers are looking for a new or “like new” home across all price ranges. Based on the current demand, single-family, duplex/rowhouse and townhomes with yards are a little undersupplied. One new-home construction trend that has emerged throughout 2020 has been the need for home office space options, which is directly related to COVID-19.
Canadian Housing Market in 2021
Canadians are on the move. RE/MAX isn’t calling this an “exodus,” but the re-location trend across the Canadian housing market is real, and it’s just one focus of the RE/MAX 2021 Housing Market Outlook Report. RE/MAX Canada anticipates healthy housing price growth at the national level, with move-up and move-over buyers continuing to drive activity in many regions across the Canadian housing market. An ongoing and widespread housing supply shortage is likely to continue, presenting challenges for homebuyers and putting upward pressure on prices.
Due to these factors, the 2021 RE/MAX 2021 outlook for average residential prices is an estimate of +4% to +6% nation-wide. Here’s the regional break-down:
Edmonton housing market to remain balanced in 2021 with house prices to increase 2%
THINKING ABOUT SELLING IN 2021?
NO ONE SELLS MORE HOMES THAN RE/MAX
ARTICLE PROVIDED BY REMAX.CA
6 Top Areas to Focus on When Staging Your Home
When selling your home, first impressions are everything and creating a relaxing ambience will lead to a higher selling price. Give your home advantage by taking the time to spruce it up before you list – and whatever you do, don’t forget about these 5 areas when home staging.
Don’t Neglect the Basement
A basement is full of your disorganized piles of junk and a big storage area is a major turnoff to potential buyers. Even if the basement is unfinished, it should be clean and bright. A quick coat of paint on a concrete floor can make the world of difference, as can neatly organized boxes. An empty basement is a million times better than a cluttered one. Rent a storage locker for the weekend and clear it out.
Rearrange the Living Room
If you have got all your furniture pushed up against the walls to make the most of the space, it is not doing much to help sell your home. Instead, try arranging the furniture in your living room in a fashion that encourages conversations rather than just as a place to store the kids’ toys or watch television. If you have a fireplace or a big window, make that the focal point and place the couch, a coffee table and a pair of chairs in an intimate setting. Add a few decorative pillows and drape a textured blanket to add some colour and warmth and keep the coffee and end tables free of clutter.
Declutter the Kitchen
It goes without saying that a kitchen can sell a home, but a messy, cluttered kitchen can also make your home much harder to sell. Emphasize the size of your kitchen by clearing the counters of any small appliances and personal items such as mail and phone chargers. This will make even the smallest countertops seem that much bigger.
Do, however, include colourful props that inspire healthy living, like a curated collection of interesting cookbooks, or a big bowl of lemons and limes. Help people envision their new lives in your home.
Create a Dining Experience
You may only use it once a year, but formal dining rooms should never be neglected. This space can be a great area to focus on when selling your Edmonton home. Start fresh by removing everything from the room except for the essential pieces of furniture like the dining table and chairs. Consider setting the table with complete flatware, napkins, glasses and a centrepiece of fresh flowers or a bowl of vibrant fruit.
Scrub the Bathroom
Sleek and modern bathrooms can help sell a home, but even a dated bathroom can show its best face with a little elbow grease. Get a big box and remove everything from the counters, shower and bathtub before scrubbing the bathroom from top to bottom. Only put back a few essential items like hand soap and some fluffy towels. To help brighten the whole space.
The number one area to focus on when staging your Edmonton home is your entrance and foyer. Buyers usually decide whether or not your home will be in their top choices within& 2 seconds from stepping into your house. Keep this area as decluttered as possible. Put away un-seasonal items and add a decorative mirror and a beautiful house plant.
Getting the Highest Price for Your Edmonton Home
For most Edmonton home sellers, the goal is to sell their property for the highest possible price and in the shortest amount of time. Two ways to achieve this is with the right asking price, and by staging the property. So, do staged homes really sell faster, and for a higher price? The short answer is yes, and here’s why.
Do staged homes sell faster?
According to the Real Estate Staging Association, staged homes spend 73 per cent less time on the market than their un-staged counterparts. Truthfully speaking, even an un-staged home can sell under the right market conditions. An Edmonton seller's market, characterized by high demand and low inventory, generally means buyers are likely to scoop up what they can get. In a buyers market, there are more homes for sale than there are buyers, which means competition is greater among sellers and buyers have the upper hand. Under these circumstances, staging your property could tip the scales in your favour.
Is it worth the price to stage an Edmonton Home?
The answer to this question is not as cut-and-dry, since the final selling price of a home depends on a number of factors. Is there a buyer demand? Are there many other listings on the market competing against yours? And what about the home itself – is it well maintained, cared-for and clean? With all other things equal, a staged home is likely to leave buyers with a better impression than one that has not been staged, with the potential to fetch a higher selling price.
What is home staging?
Home staging is the process of preparing a home for sale by increasing its appeal to a wide range of homebuyers. Home staging is not as involved as a renovation, and can involve decluttering, depersonalizing and deep-cleaning; painting the walls in a fresh, neutral hue; updating hardware and lighting; rearranging existing furniture or renting some new pieces to help show the home in the best possible light. When a buyer can see your home as their home, they are more likely to make a competitive offer.
Since the majority of home buyers start their home hunt online, it’s important to make a good impression through your digital listing photos. Buyers will weed out the homes that don’t meet their criteria and then proceed to an in-person or virtual showing of the homes that they are seriously considering.
Decluttering and depersonalizing the home of family photos and other personal items can help. Also, consider that potential buyers need to think beyond what their eyes are showing them. Staging helps them to visualize themselves living in and using the space. Is the home an ideal place for a growing family, as a live-work space, for recreational pursuits or to enjoy retirement?
Virtual Home Staging
Virtual staging is an online way to stage a property which leverages technology to digitally enhance photos in order to demonstrate the possibilities. Virtual staging is ideal for vacant properties, which pose added challenges for sellers and the buyers who are trying to imagine it as their new home. Virtual home staging eliminates the need, effort and cost associated with renting or buying furniture and accessories. There are several Edmonton REALTORS® now using virtual staging on vacant homes.
Staging your Edmonton home does not need to be complicated. Evaluate every room and be objective because prospective buyers will be. Viewing your own home objectively can be difficult, especially for those who have lived in their home for a long time. A professional home stager and your real estate agent can give you an honest opinion as to what works in your home, what doesn’t, and what the seller might consider changing in order to appeal to homebuyers.
Tips for Buying During COVID-19
1. Check out virtual Open Houses
If you were planning on visiting an open house during this pandemic - sorry not allowed. There are however online virtual tours you can take advantage of. We know its not quite the same, so if you really want to view a property, contact us and we will ensure all precautions are in place while viewing.
2. It's a Blessing in Disguise
Timing is everything when it comes to money, this is a perfect time to be purchasing any real estate from single-family homes to rental investments to leasing commercial property. There are some sellers who need to sell their houses and are willing to take a loss. Plus interest rates right now in Canada are unbeatable.
Tips for Selling Edmonton During COVID-19
1. Don't Rely on Virtual Evaluations
Pricing is everything right now. Experienced Edmonton REALTORS®will still need to see your home in person to price it properly in today's market. Although the agent's presentation can be done via skype, on the phone and through email documentation, an accurate selling price can only be provided when the agent physical looks at your property. Once they have viewed your home, then the agent can provide professional advice for maximizing your sold price and tips on preparing your home for sale to ensure you receive a fair market sold price!
2. Pictures are worth a thousand dollars
Today, more than ever, having the right photography is so important. Our professional photographers respect the COVID- 19 rules and all have masks and gloves while photographing, creating floor plans, 3D tours, i-guides, and accurately measuring your home. Our agents will be there as well at this time to ensure all precautions are taken. Expect to leave your house for about an hour and a half while the photos are being taken.
3. Only Allow in the Qualified
As a homeowner, you need to decide which viewing requirements you prefer. Do you require the buyers to complete a questionnaire prior to viewing? Are the Buyers qualified to purchase in your price range? Will everyone with a financial investment be there together for the viewing? Will the buyer's children be staying at home?
4. Do your part (Before & After the showing)
- Turn on all lights to prevent anyone from touching the light switches.
- Open all window coverings to provide natural light.
- Provide hand sanitizer at the front entry
- Sanitize door handles and surfaces before and after showings
If you have questions about selling your Edmonton home during COVID-19, feel free to get in touch with us.
How to Hire a Great Edmonton REALTOR® when Selling
Be cautious with any REALTORS® who charge upfront fes! Most Real Estate Companies DO NOT charge up-front fees. All expense will be paid by your REALTORS® from their own pocket. Once your home is SOLD, the REALTOR® will receive the remuneration you have agreed upon in your listing agreement. In the event your home does not sell during the term of the agreement - unless otherwise written - there is NO CHARGE.
There are almost 4000 licensed REALTORS® to choose from to help you sell your Edmonton home. When a municipality is a hot market, anyone can sell a property, but great real estate agents are able to sell in any market.& In a soft market or "buyers market", it is crucial to choose a REALTOR® who knows how to sell houses or you can become an expired statistic. Currently (2018) in Edmonton about 40% of homes are selling.
There are a few questions to ask a listing real estate agent prior to having them in your home, which will eliminate inexperienced agents and save you time and money. When REALTORS® are on a "Listing Appointment", the intention of the agent is to get you to sign the agreement to put your home on the market. After an agent has completed their marketing plan, strong agents will ask for the business. A weaker agent will not.
The three biggest mistakes sellers make when selecting an agent is basing their decision solely on commission, price and the ability to market your home.
Lowest real estate commissions:
Agents in Edmonton have business expenses, which can run into the thousands every month. Part of these expenses is the cost to market your home. If an agent is listing your home for a lesser commission, don't expect them to pay money they don't have to market your property. A good agent will not ask for any money upfront. Why would you pay someone for a job which has not been done? There is always a reason why a broker or real estate agent would discount a real estate fee. Ask yourself why. Is the agent desperate for business or unqualified? Do you want to work with a desperate agent?
Highest Asking Price:
In the real estate industry, there is a term, called "Buying the Listing". This means, an agent has told you, your home is worth more than it really is, just to get you to sign the listing agreement. Expect to reduce or price once or twice during the agreement or worse, be added to the Expired list (Homes which do not sell). REALTORS® already have an idea of what your home is worth, even before stepping into your home. Beware of an agent who is trying to buy the listing.
Ability to Market Properties:
Today, almost every buyer and seller start the home buying and selling process online. You may want to use "Mom and Dads REALTOR®, but are they tech-savvy? There is so much more to marketing a home than putting it on Realtor.ca. Anyone with a real estate license in Alberta can do this, you don't even need to live in Edmonton. Finding a qualified buyer who is ready, willing and able to purchase your home is more valuable to you than generating leads.
If your home is not exposed on the internet, by a tech-savvy Agent, buyers will not find it. Online advertising and property websites are now a basic requirement in modern home buying and selling. REALTOR®’s success also depends on how well they can market homes. Google the agents' website, prior to inviting them into your home. Find out how many listings the agent is carrying. If the Real Estate Agent only has one or two listings, they may be part-time, maybe more comfortable working with buyers or may not know how to market your home. An agent who is carrying too many listings can be overwhelmed and you may end up becoming a number instead of a client. A good rule of thumb is, hire an agent who carries 10 - 20 listings at a time, this is usually an indication of an above-average real estate agent.
The bare minimum marketing you should expect from your agent is:
- Professional yard signage.
- Lockbox with electronic monitoring
- Follow-up reports on buyer showings with feedback to the seller
- Staging advice to make your home more attractive to potential buyers.
- Digital targeted marketing.
- MLS exposure with a minimum of 30 professional photographs
- Virtual tour.
- Distribution to major websites.
- Updated CMAs after 30 days including the recent sales
- The ability to track online buyers
During the listing appointment, there are a few things that need to be noted.
How long was the agent in your home: Eliminate agents who view your home and arrive at a "listing price" within a short period of time. Although their price may be accurate, they haven't taken the time to show you how they arrived at the price or what they do and how they get homes sold. A good listing agent will show you comparable sales, pending sales, actives, educate you on the current market and show you their marketing plan. If the agent has no statistics, home sales are located in a different community or are not prepared, could be a red flag.
A great Edmonton Real Estate Agent will have spent time prior to meeting you, completing research on your home. They will have all the necessary information to price your home accurately. (highest possible asking price to attract reasonable offers) The agent will be prepared for anything including objections or concerns you may have. They will take the time to complete an accurate CMA, community absorption rate, thoroughly go over their marketing plan and address any unforeseen concerns they may have prior to asking for the listing. This is a valuable asset to the hiring experience.
Were all of your concerns addressed: Pay close attention as the REALTORS® goes through their marketing plan. Many of your concerns will already be addressed by a good agent. Pay attention to what is said. If it is mostly about how many homes they personally sold and how quickly, expect them to suggest a lower selling price below the true market value. These agents want to get your home sold as quickly as possible and move on. If the agent has not addressed most of your concerns. This can be a red flag.
Hire a professional: A huge misconception is every agent deals with the same type of buyers and sellers. In fact, there are agents who only list and agents who only deal with buyers. Not all agents work all price ranges. In Edmonton, there are real estate agents who specialize in mobile parks. They know how important it is to have the "criminal check" completed prior to writing an offer. An agent who specializes in luxury homes should have the extra knowledge required for selling a home under a company name, know the differences between the brands and grades of hardwood. If you are relocating, a relocation specialist is the best. They have contacts with other relocation REALTORS® who they have already done business with and can recommend a great agent for you at your destination which will make for a smoother move.
Go with your instinct: Selling a home is a major decision. You need to like, trust and feel comfortable with the REALTOR® you choose. Personality and character traits are also extremely important but don't show on paper. Buying and selling homes in a soft market, can take time and choose the right agent will be a positive experience. Choosing the wrong agent can lead to months of frustration and an unsold house.
Contact us today for your FREE HOME EVALUATION
Did your Home Get Stigmatized?
In real estate, a stigmatized property is a property which buyers may shun for various reasons other than its physical condition or features. These reasons can include the death of someone who was occupying the home to a murder which has taken place inside the property. Some buyers believe the house may now be haunted.
- When a death occurs inside a home, it may not always be disclosed to a buyer. Although when there has been a murder, it is usually public information and can be found on the net. According to the Real Estate Council of Alberta, a murder on the property does not need to be disclosed.
- Many jurisdictions recognize several forms of stigmatized property and have passed resolutions or statutes to deal with them. One issue that separates them is disclosure. Depending on the jurisdiction of the house, the seller may not be required to disclose the full facts.
- When a home is considered a stigmatized property, the selling value may be decreased to attract more buyers. These houses are priced accordingly and purchasing one for a lesser real estate cost, financially benefit the buyers.
- Types of stigma may include houses formally used in a crime, such as a drug house or brothel. Foreclosures where debt collectors are unaware that a debtor has moved out of a residence and may continue their pursuit at the same location
- The wrong starting price can also stigmatize a property when selling your Edmonton home. When a residential dwelling sits on the market for long periods of time, buyers assume there is something wrong with it. Learn how to price your Edmonton home properly from the start.
CAN YOU AFFORD TO SELL YOUR HOME
The Edmonton real estate market is soft and house prices have been dormat for the last decade. Before you sell your home, do your homework and estimate your closing costs to ensure you have enough money to make your move. There is nothing worse than sitting with your lawyer and not having enough funds to close your sale.
When a home is sold, the seller incurs various closing costs in addition to paying out the remaining balance on their mortgage and payout penalties. Typical closing costs for a seller may include any property taxes which are in arrears, encumbrances, the cost of a real property report with compliance and/or title insurance, any permits which were not obtained earlier, real estate commissions, any provincial, GST revenue, agricultural or business taxes, liens and legal fees. If the property is a condominium, the seller may also have costs of condominium documents, unpaid condo fees, levies and the estoppel certificate. When selling a house, the seller's costs vary from a few thousand to several thousand.
Since our Edmonton economy is not in the best shape and buyers have become nervous about making large purchases, there are several ways to maximize the value in your home without major renovations including staging and a little bit of home maintance. Pricing your home correctly in todays Edmonton Real estate market is crucial and timing is also a factor. Read more on your community absorption rate.
If you are not sure if you have enough equity in your home, contact one of our real estate experts for a free home evaluation.
How to find a QUALIFIED buyer
Finding a QUALIFIED buyer for your home is not easy. Everyone wants to own real estate, but not everyone can qualify. If you have been trying to sell your property and are finding it difficult to find a buyer for your home, there are some tricks to the real estate trade. Especially now with the government restrictions put upon us with qualify at 2% higher than your interest rate.
Open Houses in Edmonton can be hit and miss. You can't put up signs and expect a buyer who is in a position to purchase, who thinks your home is perfect and is qualified to purchase to walk off the street and put an offer on your home. It is not that simple. Keep an open mind. Most buyers attending Open Houses are still in the "looking stage". Open Houses can receive constant foot traffic if done right. Read more on how to have a productive open house.
Adjust your expectations
Not everyone who inquires on your home is really interested. There is no such thing as a perfect home. You may love your home, but the reality is, your home is only a tangible commodity. Appraisers, inspectors, lawyers, financial institutions, and BUYERS can appreciate the effort of any upgrades, but it really comes down to money. Even if you find a buyer who is willing to pay more for your home because it staged, does not mean it will be appraised at the agreed-upon price, therefore cannot sell.
Talk to REALTORS®
Expect calls from Edmonton Real Estate Agents. Listen carefully. You will know in the first few minutes if they are looking to help you sell (list) your home or have a qualified buyer who has inquired through them. Buyers who are working with real estate agents in Edmonton, are under a signed Buyers Brokerage Agreement and must fulfil their obligations if interested in your home. The real estate agent will be asking questions, lots of them. The agent is working in the best interest of their client buyer and is working in the best interest of their client.
The agent may be looking for more business and is calling to list your home. Take the time to talk. You may not want to list your home at this time, but if you are the one asking questions, you may learn something which will help you sell your home on your own. There are many real estate agents do not deal with buyers and specialize in listings only.
There is more to marketing a home than putting your property on the MLS which impacts Realtor.ca, putting a sign in the front yard and adding a key box to your entrance. Advertising by word of mouth is a big advantage. There are almost 4000 Real Estate Agents associated with the Edmonton Real Estate Board who talk to each other. Tell your friends, family, co-workers, doctor, dentist and everyone you meet. Marketing your property to attract buyers who are qualified and in a position to purchase a property takes work and experienced, tech-savvy REALTORS have the know-how. This includes knowing the absorption rate in your community.
How to Get Top Dollar for your Edmonton Home
Edmonton is a large municipality which means you will have plenty of nearby competition and making your home the prettiest will bring the highest offers, especially in a slower or buyers real estate market and an undesirable location, it is very important to show your Edmonton home at it's very best to maximize its value. Below are the top 5 actions you can take.
Disassociate Yourself With Your Property
No matter how long you have lived at or how much love you put into your home, look at your home as a real estate commodity and decorate as though, you are giving it away to your favourite member of your family. Make your home appeal to as many buyers as possible by neutralizing every room of the house.
Declutter as much as possible
Declutter as much as you can including your kitchen cabinets, linen and coat closets and your garage. As a rule of thumb, if you won't use it in the next three months, pack it away. Yes, this includes those boxes in your basement which have not been opened since your last move. This is also a great time to donate everything you haven't actually used in the last ten years or have a "priced to sell" garage sale.
Go on a shopping trip
Your home deserves a little freshening up and a shopping trip to spruce up your homes is also on your selling checklist. Purchase colour coordinated linen for your bedrooms and bathrooms. This will add both a warm ambience and a fresh, clean feel to your rooms. If your furniture is dirty - clean it or replace it. Don't get carried away by all of the available staging items. Keep it simple.
Clean everything inside and outside
Serious buyers will be snooping in your home. They will be looking in your oven, fridge, cabinets, and closets. Make sure these are clean, neat and tidy. You don't want buyers to think there is a shortage of storage space, or think your home is not taken care of. A dirty house will be reflected in a buyers offer to purchase. Don't neglect the backyard, garage, and storage sheds. Make your home sparkle!
Have a Pre-sold dinner party
Celebrate your hard work of getting your Edmonton home ready to sell and invite over your closest friends and open the wine. Ask them to walk around your home, point out any imperfections and for their honest opinions. Bring a notebook. You will be amazed by the feedback. If you have any questions about getting your home ready to sell, contact us.
How to use a Comparative Market Analysis
Edmonton real estate agents can provide a comparative market analysis, also known as a CMA, for any property including properties subject to divorce, civil enforcement, foreclosures, estate sales, city tax purposes, etc. It takes time for real estate agents to complete an accurate home evaluation. Unless you have plenty of experience in buying and selling real estate, online home evaluations may be completely misleading and should never be used as a realistic asking price.
Seller Comparative Market Analysis
When working with sellers, a comparative market analysis is used to determine a realistic and accurate asking price. A Seller CMA is based on comparable properties which are currently active (homes for sale), recently sold homes (usually within the last six months), expired (homes which did not sell for various reasons) and the history of these homes. Other factors will include the current Edmonton real estate market, supply and demand, the condition of the property, the location, community absorption rate and many other factors. An experienced, professional Edmonton REALTOR® will take the time to go through all of this data with you, together determining a true asking price for your Edmonton Home.
Buyer Comparative Market Analysis
When working with buyers, a comparative market analysis is similar to a bank appraisal and is used to write a reasonable offer to purchase. A buyers CMA is based on both current homes for sale and recently sold home price in Edmonton taking into consideration all relevant factors including the condition, size and location. For new builds, this process is a bit different and is based more on the cost to build, economic factors, building quality, and the reputation of the builder.
Free Comparative Market Analysis
If you are thinking about selling your home or if your home did not sell due to other factors, feel free to contact us for a professional no-obligation Edmonton home evaluation. We also service Morinville, Bon Accord, Gibbons, St. Albert, Spruce Grove, Beaumont and Devon. Our Homes & Gardens Real Estate Agents will take the time to help, educate and inform you on all real estate aspects of your community to determine the right value for your home, ensuring you receive the highest possible price. Simply CLICK HERE to fill in the form and we will get in touch with you shortly.
Top 5 Interview Questions to Ask Edmonton REALTORS® when Selling
With so many types of residential real estate, Edmonton agents are beginning to specialize in a wide range of residential fields. Over the last decade, there have been ample changes in the real estate business and specializing has become the norm. These fields can range from buyer agency, infills and new builds, relocation, luxury homes, seniors, military, condominiums, foreclosures, etc. There are over 3500 real estate agents licensed with the Edmonton Real Estate Board, most actively practising, allowing homeowners several choices finding a REALTOR® who can properly target market their property. Below are the top 5 questions to ask any Edmonton Real Estate Agent.
How long have you been in the business?
You may have found an agent online, because they are extremely tech-savvy, but may lack experience. An "old-time" REALTOR® may have several years of experience but lack the marketing knowledge they need to expose your property to qualified buyers. A long time in the real estate business is always a benefit because it creates the experience. Agents who have been in the real estate business for a few decades have experience in both good and bad markets and will know how to adjust. These real estate agents usually have larger databases, are the most creative and think outside the box.
Do you have another part-time job?
Listen carefully to the answer. REALTORS® who are not full time, may not be as motivated to get your home sold. Real Estate is an expensive business with company fees, licences, photographers, graphic designers, vehicle maintenance, office tools, conveyancing fees, signage, desk fees, websites, internet syndication systems, etc. and if an agent needs another part-time job to survive - that agent may not care whether your home sells or not. Every REALTOR® must be full-time to join our Homes & Gardens team to ensure our client's top-notch service.
How do you prefer to communicate and how often?
This is a two-way question. As licensed real estate agents in the province of Alberta, we are obligated to work in our clients best interest. Which means, if you prefer to be notified of showings via phone calls, emails or text messages, your agent will need to know this. Some agents will only send you a text and assume you received it. Ask how and how often you will be notified of feedback from other agents who have shown your home. Ask how they plan to stay in touch with you. You do not want an agent to list your home and you don't hear from them until either you receive an offer or your home is about to expire. Select an agent who communicates well to eliminate confusion.
Do you do Open Houses?
Listen carefully to the answer. REALTORS® who are not full time, may not be as motivated to get your home sold. Real Estate is an expensive business with company fees, license, photographers, graphic designers, vehicle maintenance, office tools, conveyancing fees, signage, desk fees, websites, internet syndication systems, etc. and if an agent needs another part-time job to survive - that agent may not care whether your home sells or not. Every REALTOR® must be full-time to join our Homes & Gardens team to ensure our clients' top-notch service.
Other Questions you may also want to ask include
- Education. Ask about degrees and certifications.
- How many transactions have you been involved within your entire career?
- How many transactions have you handled year-to-date?
- Have you ever been subject to disciplinary action?
- Are you a listing agent or a buyer's agent?
- What price range do you generally work in?
- Do you have a network of other productive agents which you work with?
- What would you say are your strongest attributes as an agent?
What is a Real Estate Absorption Rate?
During listing appointment and the CMA process, sellers often ask "How long will it take to sell my house?" Although there is no magic way of knowing the answer, know what is currently happening economically and using a real estate absorption rate here in Edmonton will give us a good indication of how long a property will be on the market. An absorption rate will also tell us if it is a buyers market or a seller's market and is often used by real estate investors. It can also give a prediction on the demand of an Edmonton community.
Knowing how to use and calculate absorption rates using this real estate tool has several benefits. It's the best thing next to a crystal ball. An absorption rate It is a rate at which homes sell in a given area during a given time period. Absorption rate is calculated by dividing the number of sales in a given month by the number of available homes for sale. It is the inverse of months of supply.
For example, if there are 100 houses listed for sale in a certain area, and 10 houses sold over the last month, the absorption rate is 10/100=10%. Which means, assuming no other house listing are put on the market, it would take 10 months for buyers to purchase enough properties to absorb the real estate demand.
As a rule of thumb, an absorption rate of 20-25% or higher means that homes are selling quickly and the market favors sellers. Lower absorption rates mean that homes are not selling quickly and supply is much greater than demand, favoring buyers.
If you are thinking about selling in Edmonton or the surrounding area and would like to know the absorption rate in your community, contact us.
Let's get those buyers into your home!
When hosting open houses for your home, you will need to do more than a simple advertisement in the local paper, putting it on the Realtor.ca website and put out yard signs. There are several other real estate marketing tools you can use to attract people who may be looking to buy into your home.
Take the time to knock on your neighbours' doors and personally invite them. You never know if they have family or friends who may be looking to purchase a home in your community or maybe they want their family to move closer.
- Become tech-savvy - Put your Open House on as many websites as you can. If possible, search engine optimize all of your website traffic to ensure buyers who are looking online will be able to find your home.
- Blog it! Add a blog link to all of your traffic including Facebook and ask your friends to share it.
- Pictures say 1000 words. Make sure every photo you use on the internet is clear, in the right format and has the proper pixels. Do put on photos which are dark, have bad curb appeal, etc.
- Facebook Ads - Facebook ads are great! Just choose your search criteria, upload your photos, add the dialogue and input your payment. You may want to do this a week in advance. NOT the day before.
- Sell your community! Add information about your community to your feature sheets. Give the reasons why a buyer would want to live in your area. Do you have a dog park nearby? Community events? Ravine walking trails? Add some more photos.
- Build a website for your home and add it to your feature sheets for the buyers to look at your home at their convenience. Add as many links as you can. Don't forget to have them open in new windows. You will want to keep them on your page. Add a video: Videos are easy to make and can be uploaded online. Make them fun and entertaining (No more than 2 minutes)
- Flyer! Drop off flyers with your community. This is also a great way to meet your neighbours, find out more about your area and is great exercise. Ask them to drop in for coffee, the more strangers you have in your home, the safer you will be.
- Create a sign-in sheet! Have your Open House guests sign in once they arrive. You will be able to follow up with them later to see if there is any interest. It may seem like a lot of work, but holding an Open House in Edmonton takes time to make it effective.
Have fun and good luck with your Open House!