There’s no doubt that it’s buyer’s market in Edmonton right now. All the signs are present: inventory is high, home builder ads are getting bigger (with more attractive offers!), and mortgage rates are low. Here is how to make the most of this market if you’re on the hunt for a new home, and if you’re selling – well, be sure to keep these seller’s tips in mind.
Buying a Home
Take the time to do your research on what you want in a home. Think about all the features you’re missing in your current home and the details you’d hope to include in your new place. Do your research on which areas of the city you are interested in, which neighbourhoods you prefer, and which amenities you would like to be near. Because there is more supply than demand at the moment, you have the time to make an effective evaluation of your options.
We’re seeing a healthy supply of homes in a variety of styles and price ranges, and because sellers are more anxious to make a deal in this market, purchasers are getting the upper hand in negotiations. Your realtor will have the negotiation skills that will help get you the best deal for all the things you desire in your new home.
Get your finances in order. Talk with a mortgage provider and see what your options are. Not satisfied? Get another opinion! This is your chance to get the mortgage rate that best suits your needs. Once you’re happy with a lender, get pre-approved for a mortgage and be ready to make that offer on the home of your dreams.
Selling a Home
Make any minor repairs that may be an eyesore to potential buyers viewing your home. Some buyers will see a dated bathroom in a home and lose complete interest, so if there is an opportunity to freshen up a space, this is the time to do it. In most cases, buyers aren’t looking for a fixer-upper; they would rather just move in without any added hassle. Be sure to keep your home clean, make any minor repairs and, if possible, give your walls a fresh coat of paint. Keep in mind that investing in any major home renovations may not give you the best return at this time, and you could risk making an expensive change to your home that a buyer might not like.
Work with a realtor! A realtor’s expertise is always beneficial, especially in a buyer’s market where making a sale is even tougher than usual. There is a lot of competition, and not having your home professionally marketed is a big risk. Our team has the means to market your home and can work with our network of realtors to find the right buyer.
Prepare yourself for low-ball offers – and don’t get offended! Buyers are well aware of their advantage right now, so they are going to push to get themselves the best deal possible. The key is to know when to give in a little and where you can negotiate. A realtor will ensure you are getting the best offer for your home, so you won’t be concerned about selling it for less than what it is worth or below market value.
Our team can help you make the right decisions when it comes to buying and selling a home in any market condition. Give us a call or send us a message to learn how we can help you make the most of this market for you!
Ready to start the process? Don't hesitate to contact me HERE or call me, Chris Proctor, at 780-709-0811!