Exploring Houses for Sale in Edmonton Alberta This Fall

As a homeowner or eager buyer in Edmonton, understanding the fall market conditions can be challenging. As the Bank of Canada (BoC) continues to lower its key lending rates, the market is undoubtedly shifting. Experts have informed the public that these rate cuts are likely to persist throughout the year.  As a result, those invested in real estate have raised questions about how this will affect their portfolios. If you are a buyer or seller looking to capitalize on the fall market buzz in Edmonton, it is important to understand the current climate. In this article, we will cover a brief overview of what you can expect based on your real estate goals. 

How to Sell Houses for Sale in Edmonton Alberta in the Months to Come?

With the rate at which interprovincial migration to Edmonton is going, the housing supply in Edmonton continues to be limited. A large majority of new Edmonton residents are coming from Ontario to escape sky-high prices. While Edmonton city planners are working hard to create more housing developments, demand is still outpacing inventory. Consequently, this has resulted in a market climate that overwhelmingly favours sellers. 

If you are a seller looking to capitalize on these conditions, there are a few things that you can do. The first is to find a way to set your property apart from the rest of the market listings. Even though demand is outpacing supply, it is still critical that you take the time to market your listing well. Before you put your home for sale, consider adding a fresh coat of paint, decluttering and hiring a landscaping company to refresh your home’s exterior. Another great way to make sure that your home stands out is by having a professional photographer take your listing photos. Photographing your listing by an expert will ensure that your home’s best features are displayed. 

Another important tidbit for sellers to remember is that older, low-end condos are selling very well in the current market. If you are an eager seller who has been sitting on an older property, it could be worth putting it up for sale this fall. Many properties that fit into this category are being snatched up by investors and first-time homebuyers looking to get their foot on the property ladder. If you’re still unsure about selling your home, chat with an experienced real estate professional to see what your options are! In many cases, several options are available to move up and cash in on lower-end properties. 

Buying During a Seller‘s Market

As a buyer looking to purchase a home in a seller’s market, there is a lot to keep in mind to make the best financial decisions. While the rate cuts are increasing consumer confidence, it’s still important to tread with caution. Even though interest rates are on their way down, the value of real estate in Edmonton is rising faster than the savings produced by the BoC’s cuts. As a result of this, experts are warning buyers not to wait until rates drop to enter the market. For those that wait too long, they may find themselves lowering their expectations about what they can purchase due to the jump in the value of houses for sale in Edmonton Alberta. 

Buyers waiting for more inventory to hit the market could be sidelined for a while longer. There is lots of inventory currently locked up, which real estate professionals are calling “shadow inventory”. The reason this real estate is unable to sell is because the homeowners of shadow inventory don’t want to list their property for sale until they line up a new home to buy. If this sounds like you or someone you know, it’s important to work with an expert. Navigating this issue can be done with the right help from a REALTOR® and mortgage broker. 

With all of this in mind, buyers looking to purchase a property 10 years or older in the $600,000 to $1 million range, finding a property is no problem at all. In fact, in this scenario the market is favouring buyers. The same rings true for those searching for a property in the luxury market ($1 million+). However, when you start getting into the $500,000 range and below, the market is increasingly competitive. 

Contact me About Houses for Sale in Edmonton Alberta!

Understanding the current market climate in Edmonton is critical as you look towards achieving your real estate goals. Contact me today to learn more about houses for sale in Edmonton Alberta. I’d be happy to answer any questions you have about how to achieve your fall 2024 real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future.