The start of the New Year always brings about new resolutions, goals, and optimism about the coming twelve months. This year, I imagine, is no exception for any of us. The Edmonton real estate market seems to have taken on this positive attitude itself!
The balmy weather, lack of snow and "blue-skied, sun-shiny" days is certainly having its impact on the real estate market. Warmer temperature kept buyers in the marketplace right up to Christmas and through New Year's. That, coupled with few sellers who listed their homes in December, assuming that there would be few buyers shopping for anything other than Christmas gifts, resulted in a steadily depleting inventory. Buyers under the crunch to purchase due to a personal deadline found themselves frustrated over lack of quality selection and often in competing offers - especially in entry level price ranges.
If you are currently shopping for a home, what this means is that you'll now need to work extra closely with you REALTOR to jump into new listings as they come onto the market. Hiring a REALTOR to represent you in your purchase means you'll have a jump start on buyers just entering the marketplace who are relying on ads, signs and the internet to find the perfect home. If inventory levels remain as they are, these buyers will find themselves constantly chasing the market and always just a little too late to get in on that beautiful new listing. Have your REALTOR work with you to contact you with new listings as they hit the market and make sure that you always have time available to jump in to view these homes as they come up.
As a seller, now might be the best time to list. While conventionally, most buyers enter the marketplace in March and April and many sellers wait until the "spring market" to list their homes, this healthy supply of existing buyers means you'll have more demand and less competition listing now, rather than waiting. Additionally, the listings that are "first out of the gate" in the new year enjoy the luxury of setting a slightly higher price point that their winter comparables and with lack of competition are able to realize better value than during pre-Christmas sales. Naturally, you'll need to work closely with your REALTOR to determine the ideal price point - one that garners buyer's attention quickly.
For more information on the overall Edmonton real estate market and what is currently available for sale and the feasibility of an early New Year sale, give me a call anytime. Let's all look forward to a great year!