Melody Kilbank

Wondering how COVID19 has effected the residential real estate market in Edmonton? Here’s what happened in April 2020.

Average prices have gone down year over year by marginal amounts. But month over month prices have increased. The inventory numbers are causing a strong buyers market which we anticipated.

All residential average price has decreased by only .8% year over year but increased 4.6% month over month. There is 10.1 months of inventory currently.

Single Family average price has decreased 2.7% Y/Y but increased 2.1% M/M. There is 8 months of inventory.

Condo average price decreased 1.2% Y/Y but increased M/M by 1.9%. There is 15 months of inventory.

Duplex/Rowhouse average price increased Y/Y by 2.1% and 5.5% M/M. There is 10.3 months of inventory.

So it appears that sellers weren’t willing to sacrifice price for COVID 19. Buyers were still willing to offer close to list prices.

As a real estate professional, I have access to the latest data and information, and can give you a clear picture of what’s going on in your specific neighborhood. I can offer you some clarity, which is so important in a time of so much uncertainty.

So, please, don’t hesitate to reach out to me. I’m here to help.

If you’re thinking of listing your property, one thing
that might be holding you back is concern about
preparing your home for sale. You may be wondering
how much work there will be. Is it going to take a
couple of months? A couple of weeks? A few days?

That, of course, depends on the state of your property.

However, regardless of how close your home is to
“show time” ready, there is plenty you can do to reduce
how long that preparation takes. Consider these ideas:

• Sell stuff online. The less cluttered your home
seems to buyers, the better it will show. So, make
a list of items you want to sell, and then list them
on one of the many local online market websites.
Price items fairly and, chances are, you’ll get rid of
everything in a day or two.

• Have a repair day. Go through your home and
make a list of everything that needs to be fixed.
Then, schedule repair people to all come on the
same day. Voila! In one day, all needed repairs (or,
at least, most of them) are done.

• Get staging advice. Instead of guessing at what
changes you need to make around your home to
make it look its best, get expert staging advice.
You’ll find out exactly what the experts suggest you
do, and you’ll save a lot of time and money. (By the
way, I can provide you with that advice too.)

• Ask before making big improvements. Are you
planning to convert a wood burning fireplace into a
gas unit to help sell your home? Before doing any
big improvements or renovations like that, talk to
me. You don’t want to spend thousands of dollars
on an unnecessary project.

• Hire help. You don’t have to do everything on
your own. Get the help you need. For example,
hire a painter, a cleaner, and/or a junk removal
service. Those will significantly shorten the time it
takes to prepare your home for sale and save you
a lot of work. Also, the costs of those
professionals may be off-set by the increase in
the sale price of your home.

Bottom-line: Preparing your home doesn’t need to
be overwhelming and time-consuming. Contact me
for more ideas to help get your home ready for
sale, quickly.

The COVID-19 outbreak has created a new reality for all of us, at least temporarily. Chances are you’re dealing with many new challenges, both personally and professionally. Remember, we’re all in this together. If there is anything I would be able to do for you, please give me a call. You might have immediate concerns about the real estate market. You might be wondering if you should put off moving. Or, you need to move but are worried about all this uncertainty.

Here are the latest City of Edmonton (ONLY) market information. All Residential average price is down 4.6% year over year and down 4.2% month over month. There is a 6.4 month buyer position. Single Family is up 5% Y/Y and down 7.5% M/M with 5.3 months of inventory, a balanced market position. Condos are down 4.3% Y/Y and .5% M/M and has 8.3 months of inventory, a buyers position. Duplex/Rowhouses are down 3.7% Y/Y and up .3% with 6.7 months of inventory, a buyers market. It is anticipated that for the month of April numbers will decline further, as these stats could reflect the transactions of people who having sold their home, needed to purchase in order to have a place to live. Time will tell.

Good information and advice are often the antidote to stress, especially during challenging times. So, please, don’t hesitate to reach out to me at melody@melodykilbank.com or call/text 780-893-9987. Virtual appointments are available.

Take care and know that I’m thinking of you and wish you well.

February brought us some pretty cold temperatures which is seasonally predictable for Edmonton. The residential real estate market was also seasonably predictable. Overall we saw an uptick in all categories for inventory numbers. This brings about more competition for sellers and puts buyers in a more favourable market to purchase.

Average prices also were up year over year marginally for all product types by .3%. Condos and duplex/row houses took a downward hit of 6.2% and 3%. The better news is that all residential average prices were up by 1.5% month over month. As well, houses and condos were up 4.7% and 2.3% respectively. The duplex/row house products suffered a down swing at 7.5%. This was the category which was predicted to have the most activity and increase for 2020.

We are still in a buyer’s market position in each product category with the exception of houses. There has been some absorption and they are sitting in a balanced market position with 5.5 months of inventory.

Anecdotally, buyers looking for houses in specific neighbourhoods may have to wait for their “pick” to come on the market. There is not a lot of inventory from which to choose.

As always, if you or someone you know could use the services of a professional REALTOR(R), please give me a call at 780-893-9987.

Imagine you’re looking for a new home. You have a
list of all the features you want, just like you would
have a grocery shopping list. However, when you
explore the homes currently on the market, none
meets all your criteria.

What do you do? You have a few good options.

First, you can take a second look at your list. Does
your new home need every single feature on it? Are
there one or two features you can do without? For
example, can you settle for a smaller kitchen
assuming the property has everything else you want?

Often, buying a home that’s close to perfect is
perfect enough.

Second, consider what features you might be able to
add to a home later, by way of a renovation or other
improvement. If a property doesn’t have a finished
basement, for example, you might be able to get that
done down the road. Indeed, there are probably
many features you can add later to an otherwise
desirable property.

Finally, consider the current level of activity in the
local real estate market. Is it likely that a lot of new
homes will be coming on the market soon? If so, your
perfect home may come up on the market within the
next few weeks.

Maybe even tomorrow!

In that situation, make sure you arrange to get
immediate alerts for newly listed homes that meet
your criteria. You’ll want to jump on each new
opportunity before other buyers learn of the listing.

The good news is, in most cases you should be able
to find and buy a great home, with most — if not all
— of the features you want.

By now you should have received a letter in the mail from me outlining the past year’s sales in your neighborhood or complex. If you haven’t received this “value added” service I provide to all my clients, please let me know and I’d be happy to send you a summary.

January has shown some improvement in the average sale price in the City of Edmonton market. It seems our days of extreme cold didn’t deter all buyers! However, once again our condos are taking a hit. Here’s our breakdown for January 2020.

Year over year, average prices for each product is up with the exception of condos. All residential sales are up 5.5%, Single family 4.6% and Duplex row houses 4.4%. Condo prices are down 5.3%.

Month over month Duplex row houses are the most improved at 4.8%, and Single family 1.9%. However condos are down 10.9% . Seems like what we gained in December, we lost in January.

Each category is still favoring buyers with 6 months plus inventory. Condos topping 10.4 months.

If you are thinking of downsizing now is a great time to take advantage of the market position.

No matter, either buying or selling, I’m here to help you with solid facts, experience and knowledge to make your transition smooth. Call/text to 780-893-9987 or email melody@melodykilbank.com for help.

BTW I was 8th out of 130+ agents for sales in January 2020! Also looking forward to receiving the Re/Max 100% Club award for 2020.

When buyers come to see your home, the first thing they
notice is how your property looks from the curb. That
first impression is powerful and lingering. If buyers don’t
like what they see, it can influence how they judge the
rest of your property, regardless of how great it looks on
the inside.

You definitely want to do whatever you can to boost
curb appeal. Here are six affordable ideas to consider:

1. Driveway sealing. This makes the pavement look
darker and less faded. It also helps cover up some of
the cracks. Sealing won’t give you the “brand new”
look of repaving, but it’s close — and significantly
less expensive.

2. Exterior window washing. Washing the front
windows makes them look clean and bright. In fact,
the effect can be stunning. There are window
washing products that connect to your hose to
make this job easier. Check your home
improvement retailer.

3. Maintaining shrubs, hedges and flower beds.
Trimming the hedges, shrubs and other evergreens
can make a big difference in how your property looks
from the street. It’s like giving them all a haircut!
Flowering plants can also brighten up the look.

4. Front door painting. From the curb, a buyer’s eye is
naturally drawn to your front door. If your entry system
looks old and worn, consider a fresh coat of paint. It
can make the entrance look almost new.

5. Garage door painting. This is a bigger project that
can take a day or two, but the effort might be worth it.
For many homes, the garage door is the biggest item
in the curb appeal panorama. Making it look better will
have a big impact.

6. Removing unsightly items. Look at your home from
the street. Are there items in your field of vision that
take away from the curb appeal? For example, are
there garbage cans and other items stowed along the
side of the property and visible from the road? If so,
move them.

If you’re selling your home, making the best first
impression is crucial. You don’t want buyers to drive by
simply because they don’t like what they see from the
outside. Use these tips to boost your home’s curb appeal.

Looking at December 2019 City of Edmonton residential real estate stats, it appears most people were celebrating Christmas and other holidays! However there is one bright spot. Condo sellers will be delighted to know the average condo price went up 10% YEAR over YEAR in December. Here is to hoping this is a sign of the future trends for 2020.

Here’s a rundown on the market for last month. All residential sales were down 3.9% year over year, but up a slim .9% month over month. There is 7.1 months of inventory in the City. Single family homes were down 5.5% y/y and down 1.9% m/m with a balanced position of 5.8 months of inventory. Condo prices rose 10% y/y on average but stayed quite flat m/m at a .4% drop. There are 9.6 months of inventory now. Duplex/Rowhouses are down 7.5% y/y and up 2.1% m/m with 7.5 months of inventory putting them in a buyers position currently.

With all the news about interest rates, housing sales, and forecasts, you might think that the real estate market is a bewildering place. In some ways, you’d be right! The market is certainly active. There’s a lot going on. But, it would be a mistake to let all that noise discourage you from making a move. If the timing is right, and you’re ready to upsize or downsize – or simply move to a neighbourhood that better suits the lifestyle you want – you should at least get the information you need to make the best decision.

As your real estate professional, I’m always available to help. I can fill you in on what’s happening in the local market, help you determine what kind of new home you are qualified to purchase, and give you a clear idea of the properties currently available. Even if you’re just at the “thinking about it” stage, I recommend getting the information you need now. That way, you’ll be prepared to make the best decision when you’re ready. Call me for a personal appointment.

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!