How to Accurately Price Your Edmonton Home

Not sure what to ask for your Edmonton (or surrounding area) home? First, you should know the numbers on your remaining mortgage balance, payout penalties, closing costs and real estate commissions and what you will need in your pocket to be able to sell your property.


Pricing any real estate accurately is based upon a few factors. One of the main factors right now in Edmonton and the rest of Alberta is the economic and political factors. If there is no consumer confidence, a few thousand dollars can make a big difference in today real estate market when buyers are contemplating between your home and the comparable one down the street. It doesn't matter if you have just renovated your bathroom. Pricing is a key factor in a "downturn", "soft", or "buyers market".


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When pricing your property - from the start - you need to take a step back and look at it through the eyes of a buyer and do some research. A few of the key components in choosing a realistic price when putting your home for sale include these tools which a real estate agent can provide you:


Your tax assessment is only a starting point:


Do not base pricing your home on this alone, Your tax assessment is a good starting point, but may have been over or under assessed depending on the real estate activity in your community over the last few years. Were there lots of homes foreclosed upon near you? Did you originally pay too much for your property when you purchased it? Were there several homes sales at the turn of the market? All of these factors are taken into consideration when the city does your property tax assessment.


Know your community absorption rate:


A real estate absorption rate is the number of months it would take to sell the current inventory in your community assuming no other homes are added to the market. An absorption rate is a great tool used by Edmonton Realtors to predict the rise and fall of real estate prices. Knowing the absorption rate of a community can give home sellers an advantage to pricing a property, knowing how many days they should expect their home to be on the market.


Is your home worth the asking price:


Does your home offer value: Foreseen residual or potential income can increase the value of your home. If you have a garden suite or a basement suite, ensure that you have the permit documentation. Value can be in others forms as well, such as living in a community which is undergoing a transformation. Items such as an oversized back yard or outdoor swimming pool do not necessarily add any value.


Is your property a money pit: Some homeowners think changing the flooring and adding a fresh coat of paint will increase the value of a property. This is only a quick fix and should be done will help and if there are any concerns during a property inspection, the buyer will no go forward without compensation or not at all. If you have an older home, there are several items which should be repaired, replaced or upgraded including the shingles, windows, exterior grading, furnace, electrical and plumbing. If you have not been diligent with home maintenance, price your home accordingly.


Location! Location! Location!


If you are situated along or near a busy road, train track, or a factory, your house price will be worth a bit less - no matter how pretty your home is and vice versa, if you are situated along a ravine, park or green space, in a community which is undergoing revitalization or has a positive economic factor, or feature a great view, your home will be worth more money. 


Comparative Market Analysis


A CMA or Comparative Market Analysis should not be confused with an appraisal. An appraisal is a price, usually completed by a financial institution and is based more upon what it cost to rebuild the current condition of the property. A Comparative market analysis is usually performed by an experienced Real Estate Professional, to determine a range of value for a Real Estate Subject Property.


It is the current value or price range of residential property in a community which has been compared to properties which would be your competition if you were selling in today's real estate market, properties nearby which have recently sold, and properties which were listed, but did not sell. Adjustments are made to these comparable properties to reflect the tangible and non-tangible differences in value between the comparable homes and the sellers' property.


Contact us today for an accurate Edmonton home selling price. 

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Home > Real Estate Tips for Sellers > Cost of Selling a House in Edmonton 

Can You Afford to Sell Your Edmonton Home in 2020?

Although the Edmonton real estate market is still soft with dormant house prices, buyers are starting to come out of hiding to look in anticipation of our economic optimism and 2020 looks to be a better year to sell your Edmonton house. 



If your planning on selling your Edmonton home this year, do your homework and estimate your closing costs to ensure you have enough money to make your move. There is nothing worse than sitting with your lawyer and not having enough funds to close your sale.


When a home is sold, the seller incurs various closing costs in addition to paying out the remaining balance on their mortgage and payout penalties. Typical closing costs for a seller may include any property taxes which are in arrears, encumbrances, the cost of a real property report with compliance and/or title insurance, any permits which were not obtained earlier, real estate commissions, any provincial, GST revenue, agricultural or business taxes, liens and legal fees. If the property is a condominium, the seller may also have costs of condominium documents, unpaid condo fees, levies and the estoppel certificate. When selling a house in Edmonton, the seller's costs vary from a few hundred to several thousand.


Since our Edmonton economy is not in the best shape and buyers have become nervous about making large purchases, there are several ways to maximize the value in your home without major renovations including staging and a little bit of home maintenance. Pricing your home correctly in today's Edmonton Real estate market is crucial and timing is also a factor. Read more on your community absorption rate and find out how long it will take to sell your home in Edmonton.


If you are not sure if you have enough equity in your home, contact one of our real estate experts for a free home evaluation.

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Home > Real Estate Tips for Sellers > How to Hire a Great Realtor when Selling

How to Hire a Great Edmonton Realtor when Selling (& Buying)

Be cautious with any REALTORS who charge upfront fees! Most Real Estate Companies DO NOT charge up-front fees. All expenses should be paid by your Realtor from their own pocket. Once your home is SOLD, the Realtor will receive the remuneration you have agreed upon in your listing agreement. In the event your home does not sell during the term of the agreement - unless otherwise written - there is NO CHARGE.


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There are almost 4000 licensed REALTORS® to choose from to help you sell your Edmonton home. When a municipality is a hot market, anyone can sell a property, but great real estate agents are able to sell in any market.& In a soft market or "buyers market", it is crucial to choose a REALTOR® who knows how to sell houses or you can become an expired statistic. Currently (2019) in Edmonton about 40% of homes are selling.


There are a few questions to ask a listing real estate agent prior to having them in your home, which will eliminate inexperienced agents and save you time and money. When REALTORS® are on a "Listing Appointment", the intention of the agent is to get you to sign the agreement to put your home on the market. After an agent has completed their marketing plan, strong agents will ask for the business. A weaker agent will not.


The three biggest mistakes sellers make when selecting an agent is basing their decision solely on commission, price and the ability to market your home.


Lowest real estate commissions:


Agents in Edmonton have business expenses, which can run into the thousands every month. Part of these expenses is the cost to market your home. If an agent is listing your home for a lesser commission, don't expect them to pay money they don't have to market your property. A good agent will not ask for any money upfront. Why would you pay someone for a job which has not been done? There is always a reason why a broker or real estate agent would discount a real estate fee. Ask yourself why. Is the agent desperate for business or unqualified? Do you want to work with a desperate agent?


Highest Asking Price:


In the real estate industry, there is a term, called "Buying the Listing". This means, an agent has told you, your home is worth more than it really is, just to get you to sign the listing agreement. Expect to reduce or price once or twice during the agreement or worse, be added to the Expired list (Homes which do not sell). REALTORS® already have an idea of what your home is worth, even before stepping into your home. Beware of an agent who is trying to buy the listing.


Ability to Market Properties:


Today, almost every buyer and seller start the home buying and selling process online. You may want to use "Mom and Dads REALTOR®, but are they tech-savvy? There is so much more to marketing a home than putting it on Realtor.ca. Anyone with a real estate license in Alberta can do this, you don't even need to live in Edmonton. Finding a qualified buyer who is ready, willing and able to purchase your home is more valuable to you than generating leads.


If your home is not exposed on the internet, by a tech-savvy Agent, buyers will not find it. Online advertising and property websites are now a basic requirement in modern home buying and selling. REALTOR®’s success also depends on how well they can market homes. Google the agents' website, prior to inviting them into your home. Find out how many listings the agent is carrying. If the Real Estate Agent only has one or two listings, they may be part-time, maybe more comfortable working with buyers or may not know how to market your home. An agent who is carrying too many listings can be overwhelmed and you may end up becoming a number instead of a client. A good rule of thumb is, hire an agent who carries 10 - 20 listings at a time, this is usually an indication of an above-average real estate agent.


The bare minimum marketing you should expect from your agent is:

  • Professional yard signage.
  • Lockbox with electronic monitoring
  • Follow-up reports on buyer showings with feedback to the seller
  • Staging advice to make your home more attractive to potential buyers.
  • Digital targeted marketing.
  • MLS exposure with a minimum of 30 professional photographs
  • Virtual tour.
  • Distribution to major websites.
  • Updated CMAs after 30 days including the recent sales
  • The ability to track online buyers

During the listing appointment, there are a few things that need to be noted which include how long was the agent in your home. Eliminate agents who view your home and arrive at a "listing price" within a short period of time. Although their price may be accurate, they haven't taken the time to show you how they arrived at the price or what they do and how they get homes sold. A good listing agent will show you comparable sales, pending sales, actives, educate you on the current market and show you their marketing plan. If the agent has no statistics, home sales are located in a different community or are not prepared, could be a red flag.


A great Edmonton Real Estate Agent will have spent time prior to meeting you, completing research on your home. They will have all the necessary information to price your home accurately. (highest possible asking price to attract reasonable offers) The agent will be prepared for anything including objections or concerns you may have. They will take the time to complete an accurate CMA, community absorption rate, thoroughly go over their marketing plan and address any unforeseen concerns they may have prior to asking for the listing. This is a valuable asset to the hiring experience.


Were all of your concerns addressed: Pay close attention as the REALTORS® goes through their marketing plan. Many of your concerns will already be addressed by a good agent. Pay attention to what is said. If it is mostly about how many homes they personally sold and how quickly, expect them to suggest a lower selling price below the true market value. These agents want to get your home sold as quickly as possible and move on. If the agent has not addressed most of your concerns. This can be a red flag.


Hire a professional: A huge misconception is every agent deals with the same type of buyers and sellers. In fact, there are agents who only list and agents who only deal with buyers. Not all agents work all price ranges. In Edmonton, there are real estate agents who specialize in mobile parks. They know how important it is to have the "criminal check" completed prior to writing an offer. An agent who specializes in luxury homes should have the extra knowledge required for selling a home under a company name, know the differences between the brands and grades of hardwood.


If you are relocating, a relocation specialist is the best. They have contacts with other relocation REALTORS® who they have already done business with and can recommend a great agent for you at your destination which will make for a smoother move. Go with your instinct: Selling a home is a major decision. You need to like, trust and feel comfortable with the REALTOR® you choose. Personality and character traits are also extremely important but don't show on paper. Buying and selling homes in a soft market, can take time and choose the right agent will be a positive experience. Choosing the wrong agent can lead to months of frustration and an unsold house.


Contact us today for your FREE HOME EVALUATION

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Home > Real Estate Tips for Sellers > How to find a qualified buyer

How to find a QUALIFIED buyer

Finding a QUALIFIED buyer for your home is not easy. Everyone wants to own real estate, but not everyone can qualify. If you have been trying to sell your property and are finding it difficult to find a buyer for your home, there are some tricks to the real estate trade. Especially now with the government restrictions put upon us with qualify at 2% higher than your interest rate.


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Open Houses


Open Houses in Edmonton can be hit and miss. You can't put up signs and expect a buyer who is in a position to purchase, who thinks your home is perfect and is qualified to purchase to walk off the street and put an offer on your home. It is not that simple. Keep an open mind. Most buyers attending Open Houses are still in the "looking stage". Open Houses can receive constant foot traffic if done right. Read more on how to have a productive open house.


Adjust your expectations


Not everyone who inquires on your home is really interested. There is no such thing as a perfect home. You may love your home, but the reality is, your home is only a tangible commodity. Appraisers, inspectors, lawyers, financial institutions, and BUYERS can appreciate the effort of any upgrades, but it really comes down to money. Even if you find a buyer who is willing to pay more for your home because it staged, does not mean it will be appraised at the agreed-upon price, therefore cannot sell.


Talk to REALTORS


Expect calls from Edmonton Real Estate Agents. Listen carefully. You will know in the first few minutes if they are looking to help you sell (list) your home or have a qualified buyer who has inquired through them. Buyers who are working with real estate agents in Edmonton, are under a signed Buyers Brokerage Agreement and must fulfil their obligations if interested in your home. The real estate agent will be asking questions, lots of them. The agent is working in the best interest of their client buyer and is working in the best interest of their client.


The agent may be looking for more business and is calling to list your home. Take the time to talk. You may not want to list your home at this time, but if you are the one asking questions, you may learn something which will help you sell your home on your own. There are many real estate agents do not deal with buyers and specialize in listings only.


Marketing


There is more to marketing a home than putting your property on the MLS which impacts Realtor.ca, putting a sign in the front yard and adding a key box to your entrance. Advertising by word of mouth is a big advantage. There are almost 4000 Real Estate Agents associated with the Edmonton Real Estate Board who talk to each other. Tell your friends, family, co-workers, doctor, dentist and everyone you meet. Marketing your property to attract buyers who are qualified and in a position to purchase a property takes work and experienced, tech-savvy REALTORS have the know-how. This includes knowing the absorption rate in your community.


Find a great Edmonton Real Estate Agents who target markets homes to find the right buyers

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Home > Real Estate Tips for Sellers > Seller Realtor Interview Questions

Top 5 Interview Questions to Ask Edmonton Realtors when Selling

With so many types of residential real estate, Edmonton agents are beginning to specialize in a wide range of residential fields. Over the last decade, there have been ample changes in the real estate business and specializing has become the norm. These fields can range from buyer agency, infills and new builds, relocation, luxury homes, seniors, military, condominiums, foreclosures, etc. There are over 3500 real estate agents licensed with the Edmonton Real Estate Board, most actively practising, allowing homeowners several choices finding a Realtor who can properly target market their property. Below are the top 5 questions to ask any Edmonton Real Estate Agent.


Great Edmonton Realtor Questions Image




How long have you been in the business?


You may have found an agent online, because they are extremely tech-savvy, but may lack experience. An "old-time" REALTOR® may have several years of experience but lack the marketing knowledge they need to expose your property to qualified buyers. A long time in the real estate business is always a benefit because it creates the experience. Agents who have been in the real estate business for a few decades have experience in both good and bad markets and will know how to adjust. These real estate agents usually have larger databases, are the most creative and think outside the box.


Do you have another part-time job?


Listen carefully to the answer. REALTORS® who are not full time, may not be as motivated to get your home sold. Real Estate is an expensive business with company fees, licences, photographers, graphic designers, vehicle maintenance, office tools, conveyancing fees, signage, desk fees, websites, internet syndication systems, etc. and if an agent needs another part-time job to survive - that agent may not care whether your home sells or not. Every REALTOR® must be full-time to join our REMAX team to ensure our client's top-notch service.


How do you prefer to communicate and how often?


This is a two-way question. As licensed real estate agents in the province of Alberta, we are obligated to work in our clients best interest. Which means, if you prefer to be notified of showings via phone calls, emails or text messages, your agent will need to know this. Some agents will only send you a text and assume you received it. Ask how and how often you will be notified of feedback from other agents who have shown your home. Ask how they plan to stay in touch with you. You do not want an agent to list your home and you don't hear from them until either you receive an offer or your home is about to expire. Select an agent who communicates well to eliminate confusion.


Do you do Open Houses?


Not all real estate agents do open houses. If you live in an apartment condominium, it may also not be allowed. - Check your bylaws! Some REALTORS® love doing open houses because it gives them the opportunity to pick up more buyers and sellers. Some agents prefer not to due to the fact they are responsible for every person entering your home during the time allocated.


Other Questions you may also want to ask include


  • Education. Ask about degrees and certifications.
  • How many transactions have you been involved with in your entire career?
  • How many transactions have you handled year-to-date?
  • Have you ever been subject to disciplinary action?
  • Are you a listing agent or a buyer's agent?
  • What price range do you generally work in?
  • Do you have a network of other productive agents which you work with?
  • What would you say are your strongest attributes as an agent?

If you have a selling question, feel free to ask. We are here to help.

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Home > Real Estate Tips for Sellers > Stigmatized Properties

Did your Home Get Stigmatized?

In real estate, a stigmatized property is a property which buyers may shun for various reasons other than its physical condition or features. These reasons can include the death of someone who was occupying the home to a murder which has taken place inside the property. Some buyers believe the house may now be haunted.

When a death occurs inside a home, it may not always be disclosed to a buyer. Although when there has been a murder, it is usually public information and can be found on the net. According to the Real Estate Council of Alberta, a murder on the property does not need to be disclosed.

Many jurisdictions recognize several forms of stigmatized property and have passed resolutions or statutes to deal with them. One issue that separates them is disclosure. Depending on the jurisdiction of the house, the seller may not be required to disclose the full facts.

When a home is considered a stigmatized property, the selling value may be decreased to attract more buyers. These houses are priced accordingly and purchasing one for a lesser real estate cost, financially benefit the buyers.

Types of stigma may include houses formally used in a crime, such as a drug house or brothel. Foreclosures where debt collectors are unaware that a debtor has moved out of a residence and may continue their pursuit at the same location

The wrong starting price can also stigmatize a property when selling your Edmonton home. When a residential dwelling sits on the market for long periods of time, buyers assume there is something wrong with it. Learn how to price your Edmonton home properly from the start. Contact us today to receive a free in-home pricing evaluation.
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Home > Real Estate Tips for Sellers > How to Prep Your Home for Sale

How to Get Top Dollar for your Edmonton Home

Edmonton is a large municipality which means you will have plenty of nearby competition and making your home the prettiest will bring the highest offers, especially in a slower or buyers real estate market and an undesirable location, it is very important to show your Edmonton home at it's very best to maximize its value. Below are the top 5 actions you can take.



Disassociate Yourself With Your Property


No matter how long you have lived at or how much love you put into your home, look at your home as a real estate commodity and decorate as though, you are giving it away to your favourite member of your family. Make your home appeal to as many buyers as possible by neutralizing every room of the house.


Declutter as much as possible


Declutter as much as you can including your kitchen cabinets, linen and coat closets and your garage. As a rule of thumb, if you won't use it in the next three months, pack it away. Yes, this includes those boxes in your basement which have not been opened since your last move. This is also a great time to donate everything you haven't actually used in the last ten years or have a "priced to sell" garage sale.


Go on a shopping trip


Your home deserves a little freshening up and a shopping trip to spruce up your homes is also on your selling checklist. Purchase colour coordinated linen for your bedrooms and bathrooms. This will add both a warm ambience and a fresh, clean feel to your rooms. If your furniture is dirty - clean it or replace it. Don't get carried away by all of the available staging items. Keep it simple.


Clean everything inside and outside


Serious buyers will be snooping in your home. They will be looking in your oven, fridge, cabinets, and closets. Make sure these are clean, neat and tidy. You don't want buyers to think there is a shortage of storage space, or think your home is not taken care of. A dirty house will be reflected in a buyers offer to purchase. Don't neglect the backyard, garage, and storage sheds. Make your home sparkle!


Have a Pre-sold dinner party


Celebrate your hard work of getting your Edmonton home ready to sell and invite over your closest friends and open the wine. Ask them to walk around your home, point out any imperfections and for their honest opinions. Bring a notebook. You will be amazed by the feedback. If you have any questions about getting your home ready to sell, contact us.

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.