Its a good time to buy a home in Edmonton, there is more inventory because more new houses are being built and more home owners are selling their houses in an attempt to take advantage of the housing boom. Currently, there is three times the number of houses on the market than there was this time of last year. Inventory has increased 7.4% since just August, so you have a better chance of finding the home that best suits your needs.
Not only are there more listings, but the average house price has declined by 0.15% since the end of August. Currently, the average price for a residential property is $344,286 and the average price for condominiums is $270,745. Overall, homes are becoming more affordable.
Another benefit to buyers right now is that the housing market generally slows in winter (and we all know that’s coming up soon). This means more listings that aren’t selling because fewer people look for homes during the winter. You can utilize the sellers’ inclination to make a quick sale (and not necessarily at a profit) because sellers are more inclined to negotiate just to make the sale, especially since the average time of listings remaining on the market has increased.
The question is, where can First Foundation help you with your house hunting endeavors? We can get you a pre-approval before you start house hunting (if you don’t already have one) so that you know what size of mortgage you can qualify for, and so that it’s easier to stick in your price range. We can also arrange 100% financing options for you and/or a mortgage with a longer amortization that makes payments more affordable in the long run. For example, you could purchase a $350,000 home with 3+ bedrooms, and your mortgage payments would be about $1,800 (amortized over 40 years with no down payment). Normally, a property like this would rent out in excess of $2,000…those are savings of at least $200 a month!
We are also very happy to refer our clients to outstanding Realtors that can help you find the right place and pay just the right amount.
The odds are in the buyers’ favor right now, so please contact First Foundation and get a pre-approval so that you can start house hunting today!