Buyers Market
There has been a lot of chatter recently about our current market in Edmonton trending towards being a “buyers market”. Although true in some sense of the term, I believe it needs a bit more clarification.
Yes – it is a great time to be a buyer. If you have been thinking about taking the next step and looking into home ownership, now would be a good time to do so for a number of reasons. Inventory is currently up, meaning you have a higher selection than previous years- about 16% year over year to be exact (compared to the number one year ago). The average days on market is up to 53 days as well, which is quite a bit higher than typical. Furthermore, analysts predict that we will see 2 additional interest rate hikes before the end of the year. Getting a preapproval locked in or getting a mortgage assigned to a house now before rates go up again could very well result in saving $10’s of thousands of dollars over the course of a mortgage.
However – if you are currently selling, dont be too alarmed. Although inventory is up, prices have yet to go down. The average single family home sale price is ~$442,000 – which is up 0.4% since this time last year. As well, there are plenty of buyers currently searching for their new home and when the right home comes up at the right price, it sells quick; sometimes with multiple offers.
