Edmonton Real Estate News from Darryl Locke August 2017   
  Real Estate News




Darryl Locke
Real Estate Agent

Noralta Real Estate
3018 Calgary Trail NW
Edmonton, Alberta
780-297-1515
www.darryllocke.ca


 
Selling a home can often trigger a wide range of emotions.  This month’s article discusses how to keep your emotions in check so that your real estate roller coaster ride will be a smooth and enjoyable experience.

There are also some tips to help ease your family back into the school routine as well as a couple of apps to help you with those do-it-yourself projects.

Thanks so much for checking out this month's newsletter.  Please get in touch if you have any questions or comments regarding the articles, or real estate in general -- it'd be great to hear from you!

Take care,
Darryl

In this issue...
The Edmonton Real Estate Market Report 
Year-over-year prices in Edmonton remain stable.

In the Edmonton Census Metropolitan Area (CMA), all-residential unit average prices for July 2017 are down 2.44% compared to June 2017, but only down 0.11% relative to July 2016.

Average sale prices for single family homes decreased both month-over-month and year-over-year, decreasing to $446,892, down 1.51% compared to June 2017 and down 0.44% relative to July 2016.

Average prices for duplexes/rowhouses and condominiums were stable in June.  Average prices for condominiums rose in July 2017 to $261,861.  This represents a 0.68% increase compared to June 2017, and a 2.18% increase compared to July 2016.  Duplexes and rowhouses average price decreased to $343,883.  This represents a 1.87% decrease from June 2017, and a 2.48% decrease from July 2016.

The number of all residential units reported sold was 1,622.  Although this represents a month-over-month decrease of 13.12%, it also reflects a year-over-year increase of 0.37%.  Single family unit sales were 1,003 units, representing a decrease of 15.86% compared to June 2017 and an increase of 0.60% compared to July 2016.

Reported condominium sales were 415, which is down 9.98% month-over-month and down 3.04% year-over-year.  There were 181 duplex/rowhouse unit sales in July 2017, which is down 41.04% compared to June 2017 but is up 9.70 compared to July 2016.

“It’s typical for unit sales to slow in July, which is shown in the year-over-year comparison,” says James Mabey, REALTORS® Association of Edmonton Chair.  “Inventory is still strong for buyers, and marginal adjustments in year-over-year prices indicate a stable market for sellers.”

In July, inventory was 8,756, which was an increase of 2.04% compared to June 2017, and an increase of 10.70% compared to July 2016.  Total new residential listings in June were 3,114, down 9.13% from June 2017 and up 8.43% from June 2016.

“Sellers must remain patient but mindful of their positioning in the market with many options for buyers to consider, so consulting with their REALTOR® to remain competitive is essential,” says Mabey.

The all-residential average days-on-market was 53 days, holding steady from June 2017 and three days shorter than July 2016.  On average, single family detached homes sold in 48 days, condominiums sold in an average 60 days and duplex/rowhouses sold in 55 days.

Preparing for the Real Estate Roller Coaster Ride 
Never wear your emotions on your sleeve during the real estate ride.

Selling your home is a huge financial transaction that can trigger a roller coaster of emotions.  When you're being tossed around at every turn, you need to hang on and stay on track.

Although you’ll likely have a strong connection to your home, try not to get offended if a potential buyer wants to rip up your kitchen or paint over the wood trim.

Also, never take comments personally.  It’s natural for people to complain when they're interested in something so while criticisms may seem negative, they’re actually a sign that the buyer’s interested in your home.

If you receive a “low ball” offer, remember that it’s often just a starting point but be aware of tactics such as “low balling” where an attractive price is initially offered only to be adjusted at a later point on the basis that circumstances have changed.  Recognizing these strategies will help you keep a balanced perspective.

If you’re able to generate multiple offers, make sure you consider more than just the price.  There’s nothing worse than accepting a conditional offer just because it's over the asking price only to have it fall apart a month later when you could have accepted a firm cash offer that was almost as good.

It’s completely natural for both buyers and sellers to experience a wide range of intense emotions as they navigate through the complex real estate process.  However, if you hop on the real estate roller coaster with a competent agent by your side, you’ll not only enjoy the ride but you'll look forward to doing it again!

Getting Ready for School Daze 
Going back to school can be tough after the lazy days of summer.

Getting back into the school routine can sometimes be a little hectic.  Here are a few tips that will help make it a little bit less stressful on everyone:

  1. Shop Early - The first few weeks of school are very busy and unpredictable so be sure to purchase your back to school items as early as possible.

  2. Sleep Easy - Ease back into the school routine by gradually adjusting bedtimes (and wake up times) a week or so before to help everyone get back into the routine.

  3. After School Plans - Start discussing extra-curricular activities and homework routines so you can organize your Fall schedule.

  4. Have a Hub - Hang a calendar in a central spot where everyone can write down their activities and attach a folder for notices and permission slips so that everything's in one place.

  5. Be Positive - If your child is anxious, listen to their worries but also pay attention to how you’re feeling as sometimes the parent’s anxiety can rub off onto their kids.

Going back to school is a very exciting time (for you and the kids) but it’s also a period of emotional adjustment so try and make yourself available as much as possible during the first few weeks.  With just a little planning, getting back into the school routine can be a nice, smooth transition.

Do-It-Yourself Apps 
Your smartphone should be an essential part of your DIY toolkit!

If you're constantly procrastinating over household projects, you should check out a few home improvement apps for some inspiration!

You’ll soon become a DIY master with the thousands of how-to guides at WikiHow complete with illustrations and videos on every imaginable topic.

There’s also iHandy Level which will help keep you on the level if you’re hanging a picture or if you need to measure a precise angle.

These are just a few examples of the many apps that are available.  From picking paint shades to renovating your home, a smartphone will be the lightest and most versatile tool you’ll ever own!



PS Are you sick of scouring the paper and MLS sites looking for homes?  Tired of playing telephone tag with agents only to hear the home's already sold?  Sit back, relax and let me do the work for you!  Just visit my website and check off the features you're looking for.  Whenever a home matching your criteria hits the market, it'll be automatically flagged and emailed to you so you'll never have to worry about missing your dream home.


Not meant to solicit clients already under contract.