How to Accurately Price Your Edmonton Home

Not sure what to ask for your Edmonton (or surrounding area) home? First, you should know the numbers on your remaining mortgage balance, payout penalties, closing costs and real estate commissions and what you will need in your pocket to be able to sell your property.


Pricing any real estate accurately is based upon a few factors. One of the main factors right now in Edmonton and the rest of Alberta is the economic and political factors. If there is no consumer confidence, a few thousand dollars can make a big difference in today real estate market when buyers are contemplating between your home and the comparable one down the street. It doesn't matter if you have just renovated your bathroom. Pricing is a key factor in a "downturn", "soft", or "buyers market".


When pricing your property - from the start - you need to take a step back and look at it through the eyes of a buyer and do some research. A few of the key components in choosing a realistic price when putting your home for sale include these tools which a real estate agent can provide you:

Your tax assessment is only a starting point:

Do not base pricing your home on this alone, Your tax assessment is a good starting point, but may have been over or under assessed depending on the real estate activity in your community over the last few years. Were there lots of homes foreclosed upon near you? Did you originally pay too much for your property when you purchased it? Were there several homes sales at the turn of the market? All of these factors are taken into consideration when the city does your property tax assessment.

Know your community absorption rate:

A real estate absorption rate is the number of months it would take to sell the current inventory in your community assuming no other homes are added to the market. An absorption rate is a great tool used by Edmonton Realtors to predict the rise and fall of real estate prices. Knowing the absorption rate of a community can give home sellers an advantage to pricing a property, knowing how many days they should expect their home to be on the market.

Is your home worth the asking price:

Does your home offer value: Foreseen residual or potential income can increase the value of your home. If you have a garden suite or basement suite, ensure that you have the permit documentation. Value can be in others forms as well, such as living in a community which is undergoing a transformation. Items such as an oversized back yard or outdoor swimming pool do not necessarily add any value.


Is your property a money pit: Some homeowners think changing the flooring and adding a fresh coat of paint will increase the value of a property. This is only a quick fix and should be done will help and if there are any concerns during a property inspection, the buyer will no go forward without compensation or not at all. If you have an older home, there are several items which should be repaired, replaced or upgraded including the shingles, windows, exterior grading, furnace, electrical and plumbing. If you have not been diligent with home maintenance, price your home accordingly.

Location! Location! Location!

If you are situated along or near a busy road, train track, or a factory, your house price will be worth less - no matter how pretty your home is and vice versa, if you are situated along a ravine, park or green space, in a community which is undergoing revitalization or has a positive economic factor, or feature a great view, your home will be worth more money. 

Comparative Market Analysis

A CMA or Comparative Market Analysis should not be confused with an appraisal. An appraisal is a price, usually completed by a financial institution and is based more upon what it cost to rebuild the current condition of the property. A Comparative market analysis is usually performed by an experienced Real Estate Professional, to determine a range of value for a Real Estate Subject Property.


It is the current value or price range of residential property in a community which has been compared to properties which would be your competition if you were selling in today's real estate market, properties nearby which have recently sold, and properties which were listed, but did not sell. Adjustments are made to these comparable properties to reflect the tangible and non-tangible differences in value between the comparable homes and the sellers' property.

Edmonton Homes for Sale
Contact: 780-910-5179


If you are not familiar with Edmonton, it is hard to know which neighbourhood is the best for you. Unlike most cities, income demographic communities are sparatic here. It is common to have house prices range by over a million dollars throughout several of our neighbourhoods. It is also common to have a high crime rate only a few blocks away from a low crime rate community. To learn more about each community, feel free to browse each community content.



If you are a nature lover, Edmonton offers several low crime, river valley communities filled with walking trails and bike paths in the southwest enjoy spending time outdoors observing wild animals and plants. If you prefer to be beachfront, go fishing, take out the boat, or be near the water on a daily basis, view homes for sale in Parkland County and Summerside.


For those who enjoy more of a metropolitan lifestyle, homes near the downtown core in Oliver and near Mill Creek are a must to check out. These diverse neighbourhoods are extremely...

Read full post

Residential home sales in Edmonton are up according to the Realtor Association of Edmonton who is awesome at keeping track of residential property sales for Edmonton real estate companies including Remax, who sells 33% of the properties in our municipality and 79% in Sherwood Park, Alberta.



For the month of May, house sales were up 60.08% and condominiums sales increased by 28.14% from April 2020. However, there was a decrease of 4.04% in these home prices compared to last year. With the low-interest rates, recent qualifying changes in CHMC and the re-opening of open houses, Edmonton is sure to have a busy summer holding Edmonton house prices steady.


Edmonton House Prices 2020



Taking into consideration what is happening economically in Canada, this is also a fantastic time to invest in commercial real estate with a surplus of vacant buildings. View more Edmonton house price statistics.

Read full post

The Magrath Mansion is a two and one half-storey historical building situated on a large Highlands city lot overlooking the North Saskatchewan River providing amazing views year-round. It was built between 1912 and 1913 with a stately design strongly influenced by the Georgian Revival and Neoclassical architectural styles. The heritage value of the Magrath Mansion lies in its association with Edmonton's pre-World War One building boom.



Prominent features of the Magrath Mansion include the symmetrical front facade, two-storey colonnade supported by robust classical columns, hipped roof with gable dormers, and wraparound porch and balcony that expresses in its lavishness and scale the ebullient optimism.


In the years between the creation of the Province of Alberta in 1905 and the outbreak of World War One in 1914, Edmonton experienced substantial real estate, commercial and economic growth. Among the most significant figures during this time period were Bidwell Holgate and William J. Magrath,...

Read full post

YES! Edmonton properties are still being sold! While the real estate market has slowed down, people are still buying and selling homes in Edmonton.

Buying & Selling in Edmonton during COVID-19



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. An experienced Realtor...

Read full post
Beds (Min)
Any
1
2
3
4
5
Baths (Min)
Any
1
2
3
4
5
Priced between $ & $
Copyright 2020 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.