First, let us define a Sellers Market. According to Investopedia, a sellers market is “A market condition characterized by a shortage of goods available for sale. “
In Edmonton real estate, this means home buyers out numbering home sellers, so the home sellers, in this instance, control price on how much they are willing to sell.
This kind of market condition is not suitable for all new home buyers for the simple fact that there are a myriad of things to consider when purchasing an Edmonton property.
If you’re the kind of person who’s ready to take the plunge, we at Team Leading Edge have gathered a few things that you need to consider to stay on track for this new endeavor.
Note: For a complete list of Homes For Sale In Edmonton, visit our Edmonton MLS Listings page.
AVAILABLE LISTINGS. As we have mentioned earlier, Edmonton homes for sale in this kind of market would be limited (very limited) so if you have a strict set of criteria for the home that you’re looking to buy, this market would not be the most viable.
MORTGAGE RATES. This is the main indicator for you to buy or bail. The mortgage rate in Edmonton as of the moment is very attractive. As we have discussed in our previous posts Financial Reason To Own An Edmonton Home Now, mortgage rates play a crucial role in determining the outcome of this endeavor. We listed it as the first factor to consider.
View the current Mortgage Rates in Edmonton here: 2015 Edmonton Mortgage Rates: Low 2.20%, It's Time To Buy!
LISTING PRICE. One thing for you remember is that in this kind of market, you cannot, yes, “cannot” buy on discount. You’ll have to pay the full selling price.
Now, we go to the juicy part.
FINANCING. Whether or not you’re in a sellers market, you should consider getting pre-approved by a bank or mortgage company, before ever looking for a home. This activity will help you determine the price-range that you can afford.
CHOSING A RELIABLE REALTOR®. The agent you work with is the final piece of the puzzle that you need in order to succeed in buying the best Edmonton home in a sellers market. He or she should be able to assist and help schedule the best date and time for you to view the properties. He or she should also be at the top of his or her game when it comes to negotiations on your behalf. The years of experience and accolades can and will help you determine the best agent to work with.
For the city of Edmonton, Team Leading Edge is one of the most reliable real estate agents available. Just recognized by RE/MAX Western Canada as the Top 100 Real Estate Teams for the month of February 2015.
Call them any time at 780-634-8151.
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