The Latest in Edmonton Real Estate Style

In traditional real estate, the demand is for “more” – more acreage in the lot size, more square footage in the home, more bathrooms, bedrooms, etc. And this demand for more has also added to average real estate prices. This has made home ownership an unrealistic prospect for many interested buyers.

With all this push for an increase in space, however, a new trend has been quickly emerging across Edmonton and beyond – the micro living revolution.

Micro condos (those smaller spaces typically between 225 and 400 square feet) are quickly becoming an in-demand trend within real estate. And as Edmonton quickly catches up to the trend, smart buyers and sellers are taking advantage of this new phenomenon right now.

Getting to Know Micro Living

Micro living is shifting the real estate dynamic toward buyers who are willing to compromise some of their square footage space for a great location. These tiny units give young professionals everything they need to live comfortably (albeit a bit less roomy than normal). And they give these buyers the benefit of real estate that they can actually afford to buy.

There are all sorts of incentives for buyers to invest in micro condo living:

• Trendy, Space Saving Designs

Funky and quirky designs within these small spaces are designed to utilise every last inch of the space – maximising the value and utility of these smaller units.

• More Affordable for First-Time Buyers

Lower prices for smaller condos are a much more appealing prospect for new buyers. This adds to the pool of available buyers – making the market red-hot here in Edmonton.

• More Accessibility to Desired Locations

Micro condos give buyers affordable access to higher demand areas such as downtown. This is always a great incentive to scale down and go with a micro-sized living space.

Great Market for Sellers, Too!

Are you a seller looking to capitalise on this growing trend? Micro condos and other smaller-scale properties are becoming a high demand area within Edmonton real estate. Now is the time to list your properties and find a buyer quickly, and take advantage of this trend.

Have a Look at the Latest Properties Today

As you can see, micro condos showcase the latest in style and function with form-factor living for on-the-go professionals. And with the rising demand for this type of real estate, your own micro condo living is here for the taking!

To learn more about available Edmonton properties – or to list your own home or condo for sale in this high demand market – contact Corinne O’Neil today. Whether buying or selling, she’ll help you get the results you demand for your property sale.

Home staging is important at any time of the year to show your house at its best for potential buyers. However, there are special days in the calendar that give you an opportunity to add a few extra personal touches in your presentation.

One of these is Valentine’s Day.

With a little creativity and imagination, you can take advantage of this affectionate time to make your home look even more desirable. Adding a little romance and elegance will make your home attractive, inviting and comfortable, helping to influence potential buyers.

Here’s a few suggestions to give your house a little Valentine’s Day makeover.

Front door/Entrance and hallway

The front door, porch and hallway are your chance to make a positive first impression on people looking to buy. Add some romance by putting a small heart-shaped wreath on the door and a vase of Valentine’s Day roses and a scented candle on the hallway table.

Dining table and kitchen

Setting the table for a dinner for two is an excellent idea to make potential purchasers feel welcome on Valentine’s Day. Use quality cutlery, dinner plates (white), candles and a white or red tablecloth to add to the mood. Include a bottle of champagne and glasses for authenticity and dim the lights as if for a romantic evening dinner. Why not add a bowl or two of fresh strawberries?

Don’t forget the kitchen! Design ideas such as chalkboards with an affectionate message and a fresh cake displayed on a cake stand on the kitchen counter will give a welcoming feel.

Bathroom

The addition of flowers, candles and fragrant bath salts in a displayed glass canister can give the bathroom an elegant, beautiful look that will complement the Valentine’s Day theme in the rest of the house.

Bedroom

Give the bedroom a luxury hotel ambience by adding extra cushions and a throw rug at the end of the bed. Don’t forget the roses! For that final romantic touch, sprinkle a handful of petals on the throw rug.

Show off your home to prospective buyers by indulging in creative ideas for a Valentine’s Day theme. This is a special day for lovers and partners however it can also be used to good effect to make your home shine for potential buyers. Use your creativity to show them what a great place your home would be to live.

Contact us for more information on home evaluation and advice on how to display your home for the market.

Another good outlook for the Edmonton and area housing market.

I like what I heard this morning.  Of course, there are always outside influences that may have contributing factors but overall we are in a stable and balanced housing market .  We will see steady growth in price and sales volume .  Alberta’s and Greater Edmonton’s future looks good with slow and steady growth as well. 

The following summarizes what was brought to us from the various speakers’ presentations this morning.  The excerpt is from RAE.

Edmonton, January 9, 2013: The REALTORS® Association of Edmonton released their annual housing forecast today at a seminar at the Northlands Expo Centre attended by 700 REALTORS® and business people. President Darrell Cook forecast that the value of MLS® sales in 2013 will increase by about 3% for the year after sales of $7 billion in 2012. This is based on a three percent increase in the number of homes sold and increased prices. Cook expects that single family homes, duplexes and rowhouses will increase on average by 2% while the average price for condos will increase by one percent next year.

“We are positioned in the best economy in Canada and perhaps the world,” said Cook. “It is hard to make a restrained forecast when we have job growth, in-migration, low vacancy rates and continuing low interest rates.”

His remarks echoed the predictions of five other speakers at the seminar including Premier Alison Redford who highlighted the value of the housing industry to the Alberta economy. Also presenting at the event were John Rose, Chief Economist for the City of Edmonton; Angus Watt from National Bank of Canada; Brad Ferguson, the President and CEO of Edmonton Economic Development Corporation; and David Lan, Senior Market Analyst from CMHC.

Cook forecast that the year-long average selling price for a single family home, sold through the Multiple Listing Service® in 2013 will increase from $382 thousand to $390 thousand. The average price for a condominium property will increase from $235,500 to $237,800. Although the inventory of available housing is low at this time of year, Cook suggested that increasing prices in the first six months will convince owners to begin listing their property and increased choice for buyers will result.

Cook suggested that, because of our solid economy, the strong interest in acreage properties will continue in 2013 and sales of recreational and vacant properties will also increase as the prices of properties in sun-belt destinations recover and local recreational properties become more comparable in price.

Commercial and industrial sales through the MLS® were up 25% in 2012 and REALTORS® expect the trend to continue next year with an increase in total value from $310 million to $320 million. There will be demand for small office/warehouse lease properties as our strong economy spawns new and expanding businesses.

Forecast summary

For accurate and updated information on our housing market don’t hesitate to contact me.

What do you think about our housing market and what the forecast had to say?

REALTORS® anticipate stable real estate market in 2012

Doug Singleton, President of the REALTORS® Association of Edmonton announced the real estate industry housing forecast for 2012 at an industry seminar on Wednesday. He expects that the current stable market will continue through 2012 with prices and unit sales increasing slightly year-over-year and real estate transactions to follow typical month-to-month trends.

“I do not see any external forces that will influence the normal operation of the real estate market locally in the year ahead,” said  Singleton. “Mortgage interest rates are expected to remain stable through 2012 and there will be balanced demand on both the buyer and seller sides of the market.”

The REALTORS® Association is forecasting that the all residential price for housing in the Edmonton area will increase about 2% over the year ahead. Single family detached home prices will increase on average by 2% over the year and condominiums, which are oversupplied in the market, will have their prices increase just one percent. A single family detached home that sold for $372,000 in December 2011 will be priced at $380,500 at the same time this year. Condos are currently selling on average for $230,000 and will increase to $237,000 by next December.

Singleton expects that residential unit sales will increase slightly in 2012 as compared to similar unit sales in 2011.  “This is a balanced market with great opportunities for both buyers and seller,” he said. “Inventory levels will be sufficient to provide choice to buyers and yet the rate of sales measured by Days-on-Market and sales-to-listing ratios will be sufficient to satisfy most ellers.” He pointed out that sellers can increase their chances of a successful sale by ensuring that their property presents well and is priced realistically for the neighbourhood and time of year.

The continued growth of Edmonton and surrounding communities will also result in higher commercial real estate activity in 2012 as more small and medium businesses start-up and industrial development creates the demand for warehouse condo construction and business offices. In 2012 there was $240 million worth of commercial sales transacted through the local MLS® System.

As usual REALTORS® expect real estate activity to pick up in the spring and gradually fall off as the year progresses. However the industry is optimistic about the year ahead and expects good results for the industry, the members and the consumer. “I’m glad to be selling real estate in Edmonton,” concluded Singleton.

News Release –  REALTORS® Association Edmonton January 2012

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