Edmonton home sellers usually wonder that elements or factors affect the sale price of their Edmonton property. If you’ve wondered or asked this yourself, then it’s your lucky day! Today at Team Leading Edge, we briefly layout the 3 key elements that will affect how much money you will have in your bank account after the sale.
Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
Take note people.
- The first thing that affects the price is the EDMONTON REAL ESTATE MARKET ENVIRONMENT.
The real estate market environment in Edmonton can be classified into two things; Edmonton Sellers Market & Edmonton Buyers Market.
In simple terms, a “Sellers Market” is the type of market where Sellers dictate the price of the homes. There are less inventory or supply of homes so the sellers is in control of the market value.
“Buyers Market” is quite the opposite, in this market environment, there is ample or over supply of homes so buyers are the ones dictating the market values of home. They are the ones with the upper hand since they can shop around for similar homes on the market. Typically, buyers on this market try to do lowball offers to sellers until they cave.
Here’s a good resource for you to get in the head of buyers in a Sellers Market: Edmonton Home Buyers Tip: How To Buy In A Sellers Market
- The second element that affects the price are the REAL ESTATE SPECIALISTS.
In Edmonton, there can hundreds of so called real estate specialists. What differentiates the best from the rest their ability to know and be a true expert in home selling.
FUN FACT: Being able to sell one or two homes doesn’t mean your agent is an expert on the matter!
The experience of the real estate specialist will have a GREAT impact in the overall price so extra careful in hiring.
Knowing the accomplishments, awards and recognitions of your chosen Edmonton real estate specialists is a good start in determining their competency.
- RESALE PRICE OF SIMILAR HOMES. This is the third element that greatly affects the final price.
Edmonton real estate specialists usually use the Comparable Market Analysis or CMA to evaluate the average price of similar homes sold within the past 6-months. For example, if a 3 bedrooms, 2.5 bathrooms townhome in Lake Summerside, like this one (Home For Sale in Summerside Edmonton), you can bet that other similar Edmonton properties will have more or less the same price.
There are tons of other elements that might affect the sale value of your Edmonton home but the elements that we mentioned here are the ones that provide foundation.
Knowing these key elements will provide you with a better understanding of how things work and so you can best position yourself in this tough economic environment that we are experiencing.
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