There is no doubt times are strange. But there is also no doubt that the world will keep spinning and our lives will continue to move. Keep yours moving forward by taking advantage of the current market and sell your home. Change is challenging, but even in an uncertain world change is good! We’re filling you in on why you shouldn’t wait to sell in today’s Edmonton real estate market.
Current Edmonton Market
Despite the chaos in the world, there is promising data for home sellers. Based on year over year data between July 2019 vs July 2020, total residential unit sales in the Edmonton area increased by 13.58%. Homes are selling, and just from June 2020-July 2020, the percentage of residential sales rose by 5.61%. Specifically, single-family
home sales in July 2020 are up 9.53% from July 2019 and have a month-over-month increase of 3.91% from June 2020. The rising trend in home sales will likely continue until late fall.
The sale price of homes has also increased. In July 2020, single-family homes sold for an average of $436,142. This is 1.39% increase from the previous year, and over a 3% increase from June 2020. This means that as a seller, your home will be competitive at a slightly higher price point than normal.
The processes and protocols may look different, but real estate transactions are still happening. Particularly in Edmonton, the number of people searching for homes continues to increase, making now the perfect time to sell your home.
In general, even before social distancing and the economic impact of COVID-19, 2020 was set to see some of the lowest mortgage interest rates in years. This is very motivating data for first-time buyers who want to lock in a fixed mortgage rate at an affordable cost.
Based on data through July, the number of new home builds has decreased. This doesn’t mean people aren’t moving, as the previous data proves. It simply means people are choosing to find, buy, and move into homes that are already standing and available (AKA your home!).
Alberta has also seen an increase in net migration based on Q1 statistics. Comparing 2019 Q1 to 2020 Q1, 9,326 MORE people moved to the province. This trend is expected to continue throughout Q3. These new Albertans are here to stay, and will be in need of a place to live.
Risks of Holding on to Your Property
No real estate transaction comes without its risks. However, by continuing to hold onto your property and wait for the “right” time to sell, you put yourself and your family at risk.
- If you are planning to move but are relying on your home sale for a downpayment, obviously not selling your house means you won’t have those funds available. If your dream home comes on the market but you’re still waiting to sell your current house, chances are you’ll miss out.
- While technology and trends are good indicators, there is always the chance of a market swing taking a turn in favor of the buyer. That means there are more people selling their homes than are looking to buy. This causes a price drop in competitive housing, which is great for buyers but not-so-great if you are wanting to get full value for your home.
- We are nearing the end of the statistical high period for people searching for new homes. The warmer months are ideal for moving for a few reasons: Fewer chances at inclimate weather during a move, the ability to travel and get to know the surroundings, and school. Families prefer to move during the summer so their children’s education is not disrupted in the middle of a term. You don’t want your home to sit vacant over the winter months, so selling your home now is the best move to finding motivated buyers.
At Sweetly, our team firmly believes our clients deserve the best experience. That’s why our unique approach is perfect for those looking to sell their home right now: the Sweetly method allows you to sell your home in its current condition at market value, with no public showings.
By analyzing comparable property sales, appraisals, tax information, and market trends, Sweetly will put in an offer on your home and save you the trouble and headache of listing it. We then turn around and sell it for you. No waiting for buyers, no staging of your home for open houses. Accept our offer and your home is sold. Now is the time to sell, and Sweetly is ready to buy. Take the first step and reach out to us by phone (780.477.9338), email (firstname.lastname@example.org), or start the process on our sale page.