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




Darryl Locke
Real Estate Agent

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


 
Purchasing a rental property can be a wise investment decision but being a landlord isn’t for everyone.  This month's article outlines the various pros and cons of this real-life monopoly game.


There are also a few tips on how to take great photos with your smartphone as well as an amazing recipe for a ghoulish Halloween punch that your guests will never forget!

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...
Edmonton Real Estate Market Update 
Prices hold as market reflects interest rate adjustment.

September’s all residential average sale price in the Edmonton Census Metropolitan Area (CMA) showed month-over-month consistency and was comparable to September 2016.

The average sale price across all residential categories in September 2017 was $370,252.  This figure is 0.85% lower than August 2017 and 1.06% lower than September 2016.

The average condo sale price was $252,313.  This figure represents a month-over-month increase of 2.91% and a year-over-decrease of 0.31%.

For single family detached sales, the average price was $430,644.  This represents a month-over-month decrease of 1.75% but a year-over-year increase of 0.17%.  The average duplex / townhouse selling price fell by 3.52% month over month and 5.55% year over year.

"Once the distractions of summer are over, the market usually picks up with buyers looking to move in to a new home before the snow flies", says James Mabey, Chair of the REALTORS® Association of Edmonton.

"However, it is possible we didn't see a strong performance for unit sales this September because the Bank of Canada raised interest rates twice this summer, putting some downward pressure on buyer purchase intentions.  Despite this, consistent average sale prices last month throughout the Edmonton area (and across most property types) suggest the local market enjoys continued health."

The number of all residential units reported sold was 1,341.  This represents a month-over-month decrease of 13.04% and a year-over-year decrease of 6.35%.  The number of single family detached units sold was 812.  This represents a decrease of 12.69% compared to August 2017 and a decrease of 10.28% compared to September 2016.

There were 355 condominium sales reported in the Edmonton CMA in September 2017.  This figure represents a month-over-month decrease of 10.8% and a year-over-year increase of 1.43%.  Duplexes and townhouses numbered 159 unit sales in September 2017, down 13.59% month over month and up 11.19% year over year.

“Despite a slowdown in sales, it is encouraging to see duplexes, townhouses and condo sales rise compared to last September,” says Mabey.  “Traditionally, these are the properties that attract first-time buyers and a strong entry-level market is a good indicator of consumer confidence.  Inventory is strong for these types of buyers to make their move, especially for condos.”

Average days on market across all categories of residential properties in the Edmonton CMA was 58 days.  This figure is one day longer than the preceding month and identical to September 2016.  On average, single family detached homes sold in 53 days, condominiums sold in an average 67 days and duplexes / townhouses sold in 62 days.

The Lowdown on Being a Landlord 
Rental properties can be appealing but they’re not for everyone.


Purchasing a rental property that you yourself can also live in is a great way to get your foot in the door, so to speak.

It's much easier to afford a property if you have someone paying rent and the best part is you don't even have to put up with a roommate!

It's also easier to maintain your investment property if you're on site to cut the grass and perform other general repairs.

Finally, you’ll be able to write off a portion of your mortgage interest, property taxes, insurance, utilities, maintenance, etc. come tax time.

There are however a few points you’ll want to take into consideration as being a landlord can sometimes be challenging and if you don’t treat it like a business, it won’t be a success.

For instance, having an emergency fund is essential as you’ll be responsible for immediate problems such as a broken furnace or leaky roof as well as overseeing ongoing maintenance.  It's also common to be in between tenants from time to time so you'll have to budget for lost rent.

Furthermore, even the most reliable tenants can be late with their rent which will turn you from investor to collector.  Dealing with disagreeable tenants can also be hard work.  If this is something you feel uncomfortable with, you may want to consider hiring a property manager.


As with any property purchase, it's important to seek professional advice from your real estate agent to ensure you buy the right property, at the right time, in the right location.  If you'd love to operate your own business and are able to plan for the unexpected, being a landlord might be a great fit for you!

Picture Perfect Smartphone Snaps 
Fancy filters aren’t the only way to make your photos pop!

Smartphones now have digital cameras that are capable of almost anything!  Here are a few simple tips on how to take fantastic photos:

  1. Avoid the Zoom - The quality of your photos will be much better if you crop instead of zoom.


  2. Clear View - Clean your lens as the grime that collects will cause your images to turn out dark and hazy.


  3. Rule of Thirds - Create natural looking photos by positioning the focal point a little to one side instead of in the middle.

  4. Add an App - Android and iPhone devices have various apps that are loaded with great features to help make your pictures pop!

  5. Play with Perspective - Take photos from unique angles such as kneeling or lying down.  If you’re taking a selfie or a portrait of another person, hold the phone a little higher.

These tips will help you take professional looking photos that you’ll be proud to show off!  Just be sure to keep an eye on your storage space as there’s nothing more frustrating than getting the “insufficient storage” message when you’re trying to take the perfect shot.

Worm Juice Anyone? 
Mix up a ghoulish drink that your Halloween guests won’t forget!

Send chills and thrills to your Halloween guests this year by brewing up a batch of scary punch!  All you need for this spooktacular blood red drink is:

  • 4 10-oz. pkgs. of frozen strawberries, defrosted
  • 2 6-oz. cans of lemonade concentrate, thawed
  • 1 bottle of lemon lime beverage
  • 1 bottle of cranberry or grape juice
  • ping pong eyeballs & plastic spiders
  • gummy worms & candy corn

Freeze some candy corn in ice cube trays.  Next, blend the lemonade concentrate and strawberries and transfer to a punch bowl with the lemon lime beverage, cranberry juice, candy corn ice and ping pong eyeballs.  Finally, garnish the punch bowl with gummy worms and plastic spiders.



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.