Overview of market trends in Edmonton:
Spring: March-May. Not many houses on the market yet, but many buyers = high selling prices.
Early Summer: May-July. Many more houses come on the market, as a result house prices drop slightly, though buyership remains strong and many properties have multiple offers, giving sellers their asking price. Not much negotiation room. Days on Market still competitive: 10-30 days.
Fall/Early Winter: November- December. Few buyers, though the buyers out there are usually serious. House prices dropped $10-$20k from Early Summer prices. Days on market seem like infinity.
*These trends are per my experience as an active buyer in the market from March-July, and as a seller in the fall/winter. Individual experiences may vary.
Tips:
If you're in the market for buying a house to renovate and resell, don't buy in late summer! Turn around time should be 3 months or less, so the perfect time to buy is in the winter when house prices are low, and competition is low so you have more ability to negotiate your terms. Also, buying in the winter should put you ready to sell at the best possible time: Spring!
-buy in the winter, sell early spring
Buyers Market: Fall and Winter. Sellers are a bit more desperate, though your choice of homes will be fewer.
Sellers Market: Spring and Summer. Lots of buyers keep prices competitive.
Multiple Offers: this is the best thing for a seller, and the worst thing for a buyer.
No comments:
Post a Comment