Melody Kilbank

If you have a home that is overdue for a renovation, you might be worried that it will be difficult to sell as a “fixer-upper”. In fact, you might delay listing your property for that reason.

The good news is, you don’t need to fix up everything in your home to prepare it for sale. You can be selective and choose only those projects that are most likely to help your home show well and sell quickly.

Here are some projects to consider:

• Repairs. Few things stand out more during a viewing than something in obvious need of repair. That includes minor issues, like a dripping bathroom faucet, as well as major concerns, such as the central air conditioning unit not working. Get these repairs done.

• Painting. Painting is one of the easiest and most affordable DIY projects you can do. Yet the impact it can have on your home is stunning. Some rooms are completely transformed by a fresh coat of paint.

• Kitchens & Bathrooms. Buyers love to see great looking kitchens and bathrooms. In fact, there are even magazines devoted just to those rooms! You don’t necessarily need to do a major renovation of these spaces, but a makeover can be a good idea. Consider replacing sinks, countertops, and/or cabinet hardware.

• Floors. If the floors in any of your rooms have become worn and unsightly, look at options for refreshing them. Consider replacing carpeting, refinishing hardwood, and/or getting tiles professionally cleaned and polished.

• Outdoors. Sometimes you can compensate (a little) for a less-than-ideal interior by sprucing up the outdoor space. Explore ways to improve your deck or patio, walkways, and landscaping.

Even if your home is older, you can make it more attractive to buyers with any one of these projects.

Want more ideas for finding eager buyers for your home? Give me a call.

At the risk of sounding like Ebeneezer Scrooge, the stats for November are BAH HUMBUG! Every product in every category is down, EXCEPT condos…..can you believe it??

All residential average price is down 2.8% year over year and down 1.1% month over month. There is a strong buyer’s market with 7.2 months of inventory. Single family is down 1.4% Y/Y and 1.6% M/M with 5.8 months of inventory being a balanced position. Condos average price is UP, 4.5% Y/Y and 1.4% M/M however they are in a strong buyers market still at 7.5 months of inventory. Duplex and Rowhouses had a weak month as well, with a drop in average price of 8.9% Y/Y and 4.9% M/M and are sitting in a buyers market at 6.9 months of inventory.

Properties are still moving and it is the best time of the year to buy, as sellers are motivated and there is still sufficient inventory to choose from.

At this time of year, my thoughts go to those who have throughout the years supported my business by trusting me with their residential real estate transactions. Also the many who trust me with their friends and family through referrals. I appreciate ALL of you.

May you have a blessed Christmas and a successful, prosperous next year. Happy New Decade!

Seasonal softening is the best way to describe October’s activity for the City of Edmonton.

All Residential inventory numbers are down and average pricing is down 1.6% year over year and .7% month over month. We are just tipping into the buyer’s market with 6.1 months of inventory.

Single Family inventory is also down from September. Average pricing is as well, 2.1% year over year and .2% month over month. However we are in a balanced market at 5.5 months of inventory.

Condominium inventory is down slightly from last month as well. Average pricing year over year is up 3.6% and up 4.1% month over month. The pace at which condos are being purchase lags behind other products and we are in a strong buyers market of 7.2 months of inventory.

Lastly, Duplex/Rowhouse inventory is down slightly and average prices as well. Year over year is 1.3% and month over month is 4.1%. But this product is sitting in a balance market position of 4.6 months.

There are still buyers waiting to purchase the right property, so if you have a good product you need to sell, give me a call. As for buyers, there is still a good amount of inventory to choose from, and I can get you in to most places before Christmas!

City of Edmonton September statistics are in, and we are trending downward in every category.
Year over year, All Residential average prices are down 6.4%, Single Family 1.8%, Condos 11.9% and Duplex/Rowhouses .9%.
Month over month, All Residential average prices are down 4.6% Single Family 3.9%, Condos 6.8% and Duplex/Rowhouses 2.4%.
All Residential inventory is favoring buyers with 6.4 months of products. Single Family is in a balanced position at 5.8 months of inventory. Condos are in a buyer’s market at 7 months of product and Duplex/Rowhouse are balanced favoring neither buyers nor sellers at 5 months of inventory.
I want you to feel comfortable calling me whenever you have a question or concern regarding the housing market, buying or selling a home, or anything else that’s real estate related. Even if you have no plans to move in the foreseeable future, please consider me your source for real estate answers and advice.

If it’s been a while since you last moved, you might be wondering how much you’ll need to spend on your next home. That’s an important question to answer, even if you’re just at the “thinking about it” stage and haven’t decided whether or not you’ll look for a new property.

After all, knowing your budget might influence your decision.

How should you determine your budget?

The first step is to calculate the maximum you can spend. This involves adding the money you’ll get from the sale of your current property after repaying your outstanding mortgage, to any other funds you have available to invest plus the maximum amount of mortgage you qualify to receive.

Of course, just because you may qualify for a large mortgage doesn’t mean you want those bigger payments. So, the second step is to think about your needs. What features are a must in your next home? For example, you might want four bedrooms and anything less would be a deal-breaker.

Make a “must-have list”. That list can be used to find a baseline of properties on the market — and then find their average asking price. This will give you an idea of what it would cost to find a home that meets your must-have list.

The third step is to go beyond needs and consider the features you want. These might not be deal-breakers, but you’d sure love to have them in your next home. They could be a large deck, a location in a desirable neighbourhood, a big country kitchen, etc.

Ask yourself how much you would be willing to pay for those desirable features. $20,000? $50,000?

Once you’ve gone through these steps, you’ll have the information you need to match your needs and wants to what’s available on the market — and you’ll know how much you might expect to pay for your next home.

If you’re thinking of selling or buying, give me a call.

August City of Edmonton only stats are providing some hope to home owners! Equity is on the rise.

If like me you have been seeing the value of your residential real estate decline over this past year, I have some good news. Stats in all categories are up year over year and month over month. There is one exception, which I’ll mention in a minute.

Year over year numbers for all products are up, all residential by .6%, single family by 2.7% and duplex rowhouse by 6.6%. Unfortunately for condo owners prices are down 6.4%.

Month over month the market has improved, all products are up 1.9%, single family up 2.5%, condos up 5.3% and duplex/rowhouse 5.8%

Single family and duplex/rowhouses are in a balanced position, while condos and all products averaged are still favoring buyers.

Whether this uptick in the market is a seasonal increase or if it is the turning of better things to come, only time will tell.

The Federal government launched a new first time home buyer initiative this past week. If you or someone you know is considering a first purchase, have them call me for details.

The City of Edmonton statistics are showing us it has been another month of softening prices. Inventory numbers are swaying us toward a balanced market.

All product categories were down from July 2018 averages; All Residential 3.2%, Single Family 3.1%, Condos 11.8% and Duplex Rowhouses down 2.5%.

June 2019 to July 2019 showed an average drop by 1.4% with All Residential sales. Single family was up on average of 1.2%, while condos took another hit of 8.1%, Duplex/Rowhouses stayed fairly flat at a decrease of .3%.

With the exception of condos, all other categories are showing a balanced market position, with months of inventory ranging from 4.6-5.5. Condos again are favoring buyers with 6.9 months of inventory.

Some pockets of the market are showing a more positive outlook. Call me for a free professional consultation, if you are thinking of buying or selling.

Do you have only a few weeks to search for your next dream home? Don’t panic. There are things you can do to find the perfect (or, at least, almost perfect) property — without getting too stressed out!

Consider these tips:

• Pre-arrange your mortgage. You want to be able to make a good offer on a home right away, without worrying about financing. So, talk to your mortgage advisor or lender about getting a mortgage pre-approval. Sellers will take your offer more seriously if you have financing in hand.
• Decide what you want. What type of home are you looking for? What type of neighbourhood do you want to live in? The narrower your focus, the less time you’ll waste looking at properties that don’t fit your needs.
• Be open to possibilities. There are probably terrific homes on the market — right now — that are close to what you’re looking for. So be prepared to consider properties that are less-than-perfect. Remember, what a home lacks today may be remedied with a renovation later on.
• Be flexible with your schedule. When you see a home you like, schedule a viewing immediately, even if it’s at an inconvenient day/time, such as a weekday after work. Finding a great home, quickly, is worth some inconvenience.
• Get alerted to new listings. As they say, the early-bird gets the worm. So arrange to be alerted to new listings the moment they come on the market. That way, you can see these properties right away.

Want more tips on finding a home, quickly? Give me a call.

No we aren’t breaking any records but I know I’m sounding a bit like a broken record! (Now there’s an expression out of my youth!) Not much has changed with respect to the residential market in Edmonton.

Price averages are down year over year in all categories with the exception of condos. But they are up only .3%. All residential sales are down only 2.5% year over year which is a better stat than May which was 4.1%.

As for month over month all product price average remained flat and an increase of .2%. Single family average decreased over May by 2.2%. Condos increased 2.2% over May as well. Duplex/Rowhouses stayed flat at .7% increase.

Again, and this is where I sound like a broken record…We are sitting in a balanced position in all categories except condos. They are sitting on 6.9 months of inventory which is the lowest we have seen in over a year OR more!

So the two bright spots in this month’s numbers are the condo market is shrinking. And balanced markets are a great time to buy or sell, as there is no volatility to be concerned about long term.

Good news, bad news. Which do you want first?

When it comes to the City of Edmonton market stats the good news is absorption rates are moving up. All products except for condos are in a balanced market position. Notably houses are at 4.4 months which is at the low end. Condos are at 6.1 months which is just tipping the balanced to buyer market at .1%.

The bad news is all product categories are down in average prices year over year. Interestingly very close ranging from 3.7% to 4.5%.

More good news is that all product categories are up month over month. All residential is up 2%, houses 2.2%, condos 4.1% and duplex row house 2.2%.

As for the pace at which properties are selling here is another indicator of our current reality. Based on total inventory 1 in 5 properties sold in May. For houses one in 4.5 properties sold. Condos is 1 in 6.25 properties and Duplex Rowhouses one in 4.7 sold.

When it comes to selling, you need to have your property sparkle in order to get it sold! If you want some pre-listing advise on what to do to prepare to sell, call me! I’d be happy to come and take a look and provide some helpful tips.

Whether buying or selling count on me for professional, experienced representation.