STARKMAN REALTY MARKET UPDATE

(November 07, 2018 , posted in November 2018)

FINDING THE RIGHT REALTOR FOR YOU

At month end October 31, 2018 we were still experiencing very sluggish sales. Total residential sales dropped 13.6 percent since this time last year. Single family home sales are down 14.86 percent compared to October 2017. Edmonton recorded only 12 sales from the $550,000.00 to $575,000.00 range. Most of the October sales ranged from $250,000.00 to $387,000.00. Condominium sales are averaging at $218,000.00 with a total of 265 condos selling in the month of October 2018.

On a more positive note, inventory levels, although still too high, decreased from 5536 single family dwellings available in October 2018 to 4008 available at the beginning of November 2018. This reduced inventory provides an opportunity that will help adjust "the lowest price will sell mentality" and contribute to less of a perceived "buyers only" market.

The reality of our political and economic environment in Edmonton is that you and your REALTOR® together should expect a longer listing period which will likely lead to a longer realtor/client relationship. The REALTOR® you choose should know about the community in which your property is located, the community league, the schools, daycares, playgrounds, trails, places of worship etc. Be aware as well, that Realty fees may be negotiable but are only part of the closing costs. In addition to legal fees and disbursements you may require a real property report and of course, current interest rate hikes may impact on sales. Remember you owe it to yourself to shop around for a REALTOR®. Treat your interview with REALTORS® much like a job application for employment. You need to make an intelligent choice on the basis of who will work hardest for you to achieve your objectives. Mostly, you need to be comfortable with the REALTOR® you ultimately choose. Choosing the right REALTOR® for you matters. Treat the process with care especially during our challenging economic times.