If you have plans to buy a home this year, I've got good news for you.
Whether you're a first time buyer or you're looking to upgrade into a larger home, the latest report from the Realtors Association of Edmonton has said that we are in a buyer's market. Overall sales have decreased by 9% when compared to 2014, but that has not affected the pricing of homes in the area. Contrary to what is to be expected, homes prices have actually increased year over year to about 1.9% overall from 2014. The economic decline has impacted the market, but it seems like Edmonton hasn't been hurt by these changes.
But the big news for buyers is the fact that there's a 66% increase in inventory in the market. With more selection, sellers will have to adjust the price of their homes accordingly. They'll also have to be conscious of how their homes will be compared to similar offers that are on the market.
"Buyers are taking advantage of low mortgage rates," said Realtors Association of Edmonton Chair Geneva Tetreault. "An influx of listings at the beginning of the year meant that buyers had a larger selection of homes and were able to take more time selecting properties than in previous years." Tetreault also said that the market should be relatively stable, but may fluctiate if more home owners decide to sell in 2016. With the rise of smaller, cheaper homes (sales of duplex and row-houses went up by 6%), buyers will have plenty of options to choose from when looking for a home.
If you have any other questions about the status of Edmonton's neighbourhoods, I would love to help you out! Feel free to give me a call at 780-438-2500; you can also contact me via email at email@example.com. If you would like to stay up to date with everything going on in the world of Edmonton real estate, then make sure you to follow both the Proctor Team Facebook page and my page on Twitter. Hope to speak with you soon!