At the beginning of a new year, it’s always fun to play “what might happen in the 12 months ahead?” and then see, in time, if you were right.
But there are instances where correctly guessing trends is more than fun – it’s fantastic – and incorrectly guessing them is…well, not fantastic. In fact, it can be really lousy.
One such instance is trying to get a handle on the Edmonton real estate market. Frankly, when it comes to either buying or selling, you really don’t want to be on the wrong side of any trend – because it can cost you tens of thousands of dollars, not to mention add all kinds of stress to your life.
Fortunately, there are experts who have the knowledge, credentials and experience to help Edmonton home buyers and sellers prepare for – and get ahead of – what 2011 has in store. And one such expert is Chris Mooney, president of the REALTORS Association of Edmonton.
In his address to several hundred REALTORS at a conference on January 12, Mr. Mooney suggested that the Edmonton housing market will remain steady and stable throughout 2011.
“Consumers appeared wary in 2010 and after an initial surge of sales in the first quarter, stayed home and waited for the market to bottom out,” Mr. Mooney told the conference. “We expect the market to return to normal in 2011 and for sales to increase slightly.”
This advice aligns with my own expectations (which I’ve blogged about here) that the Edmonton housing market is returning to normal after staggering, rapid growth in 2009 – when interest rates were at their lowest -- and then an expected drop through 2010.
Reflecting on 2010, Mr. Mooney told the conference: “The average price for single family detached homes over the entire year was up 2.5% in 2010 and we expect that the trend will continue. Prices in July were up over 7% year over year but by year end they were down 2.5% comparing December to December. A single family home priced at $377,000 right now will likely sell for $388,000 next year.”
Other experts at the conference agreed with Mr. Mooney that 2011 would not see any major destabilizing influences. That’s welcome news!
Create your Custom Home Buying or Home
Identifying and anticipating real estate market trends is important – because, we mentioned, you never want to be on the wrong side of one! – but just as important is creating a customized home buying or home selling plan.
That’s because, ultimately, it’s your plan that will determine whether you win or lose the real estate game. If it’s realistic, strategic and has a clear set of objectives that align with your needs, expectations and lifestyle, then you’re well on your way to a successful, smooth and stress-free transaction.
And really, what’s more important than that? Call me at 780-709-0811 to discuss your unique Edmonton home buying or selling needs, and together will build your custom plan – one that gets you on the RIGHT side of marketplace trends!
(With files from Edmonton Real Estate Weekly: http://www.rewedmonton.ca/content_view_rew?CONTENT_ID=3020)