Researchers and trade groups have estimated that the median price of Single Family Homes in Edmonton will be up 3% to 5% this year. While we are still in the early months of 2017, this year is heading in the direction of becoming another seller’s market for Edmonton Real Estate. If you are thinking it’s too late to start your real estate journey for 2017 then you are mistaken. With the economy moving forward and the year just getting started, there is still enough time for you to kick your home search into high gear.
Here are some tips for buying Edmonton real estate in a Sellers' Market!
If you end up participating in a bidding war, you may end up overspending. Then in a market where prices stabilize or sink, paying an inflated price initially can make it hard to resell. Rather than winning a losing war, look at comparable homes in neighboring areas with similar schools and amenities. Set a bid limit and work to have other deals in the works so that you have other options to choose from.
Always Be Ready
Don’t wait until you find an Edmonton home to get a mortgage, keep yourself pre-approved. If you wait until you find an Edmonton property to get a mortgage, that Edmonton home you have your eye on might be snatched up long before you get approved.
Hire a Real Estate Agent to assist you with the buying process. Then after you put in an offer on an Edmonton house, hiring your own inspector to give you a thoroughly analysis of the property will give you a sense of security. Hiring a professional can save you time and money in the long run so consider them as a choice rather than doing everything yourself.
Seek Out Up-and-Coming Neighborhoods
When investing in the real estate market, look out for new or resurgent business centers, light-rail stations, new retailers, schools, restaurants and other commercial tenants. These are signs that prices of Edmonton homes in that area will increase when all the amenities are up and working.
Beware of Hidden Costs
There are hidden costs involved when buying an Edmonton property such as mortgage insurance (depends on your down payment and credit rating), property taxes and other pre-occupancy costs. Always prepare for surprises by having extra money in your bank account beyond the down payment.
Remember, it is never too late to invest in the real estate market. The time for you is now!!
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Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
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