I love selling homes and want to help! Thank you for reading my blog!
I have many clients that are not in a position to be able to follow these few rules perfectly, however here is what needs to happen in order to successfully sell you home in 2020.
This is all great information! At the bottom of the post I have included the Edmonton Real Estate Associations most recent market update. Have a great day! – Jarett
Some will think, “Jarett you missed a whole bunch?!” or “This is so basic and I can just do it myself” maybe “This is silly and it’s all about price and sign on the lawn”. Trust me when I say the below information are just starting points to a much larger conversation.
Step 1: Call Jarett Johnson
Step 1: Call me ASAP 780-777-9703. This will allow me to ensure the aspects I am going to talk about below are applied to your home/location/and specifications. Lots of areas in Edmonton and surrounding communities need to be treated differently. Knowing where to start is extremely important. Free Market Evaluation Link!
Step 2: Know Your Market
Step 2: Know your market. First thing we need to realize is how many homes are selling in a 60 to 90 day window in your area. This is extremely important to we can discuss the absorption rate of listings to sales. If we are in a market that is only selling 1 out of 10 versus a market where 4 out of 5 homes are selling. Strategies need to be adjusted. Let’s price and market the home so that we place our selves within the regular absorption rate in your area.
Step 3: Your Home + Honesty
Step 3: Honesty. We need to discuss the property in an objective and honest way. Knowing our strengths and weaknesses can not be over stressed. Most folks have something in common – they think their home is wonderful and perfect (to a certain degree). Which makes sense or why would they own it. We need to strip that away, while being sensitive and smart.
Step 4: Pricing
Step 4: Pricing. To be honest this is a sensitive subject for me. I absolutely love to achieve record breaking sales and do the best price for my buyers and top dollar for my sellers. The truth is we are in a market that has a level of uncertainty. Here is a quick thought. Would it not be smarter to be $10,000 lower now (30 day sale) or $20,000 lower later (60 day sale). Every situation is so delicate that this usually makes or breaks the future plans of most families. But the truth is staying ahead of a down swing can allow the opportunity cost of saving that money in the short term to benefit you quicker. Lot’s of people, my clients included, try for the top end of their price and I would say 10% get some degree of a win. Most end up staying on the market too long and losing out on a sale or selling for much less after being on the market for 100+ days. If our absorption rate is 25% of listings every 60 days and adjusted average sale price is $374,900. We should be priced at $369,900.
Step 5: Secret Spice (Marketing and Staging for Success!)
Step 5: Marketing and staging. This is my favourite part! In todays market everyone has access to the internet, social media, picture editing programs, videos, and so on. I remember when I was a young Realtor and was ahead of the curve on everything. Guess what I still am! We are going to go over the moon to ensure you are marketed property. I offer staging, pictures, and videos services to all my clients which is included on all levels of service. We need to do everything we can to ensure that our home is positioned on the market to achieve that magic word “SOLD“. I would talk more about this, but this is something that is personal to each of the above steps pertaining to each particular market and property.
Step 6: Offer, Negotiations, Sold
Step 6: SOLD! TRUST me when I say that no deal is as easy as it sounds. Anything you can take away from a good experience with a real estate agent is that we go the extra mile. I know lots of them out there. We live, sleep, eat, think, dream client care. We are a motivated group. Some times after a long day I laugh about all the things I did, for “free”, when it fact it was for a lot more. Ask every person I have sold a house to or for, rented a houses for or to, or provided some kind of real estate service for. Thousands of people, and trust me it is not perfect. I would say 1 in 100 and the bad ones hurt. This is all apart of why real estate is so wonderful to me. Helping people buy sell rent and invest in real estate makes me so happy. It is not only fun it is rewarding.
Residential Unit Sales Down 55% from this time last year. – RAE: May 4, 2020
Edmonton, May 4, 2020: Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for April 2020 decreased 55% compared to April 2019 and decreased 35.68% from March 2020. The number of new residential listings is down year over year, decreasing 46.37% from April 2019. New residential listings are down month over month, decreasing 30.66% from March 2020. Overall inventory in the Edmonton CMA fell 19.65% from April of last year and decreased 0.15% from March 2020.
For the month of April, single family home unit sales are down 55.39% from April 2019 and down 34.53% from March 2020. Condo unit sales decreased 58.77% from April 2019 and decreased 42.01% from March 2020.
All residential average prices are down to $353,577, a 3.29% decrease from April 2019, and up 2.80% from March 2020. Single family homes sold for an average of $410,200, a 4.14% year-over-year decrease from April 2019, and a 1.45% increase from March 2020. Condominiums sold for an average of $224,022, a 2.42% decrease year-over-year, and prices are up 2.47% compared to March 2020. Duplex prices dropped 0.30% from April 2019, selling at $329,806, which was a 5.22% increase from March 2020.
“The Edmonton market experienced a significant decrease in year-over-year unit sales, with some downward impact on pricing,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “Of course, with the outbreak of COVID-19 and the social distancing measures currently in place, this type of market decline is not surprising. There have been significantly fewer sales of single family homes, condos and duplexes than in April of last year. Single family home pricing decreased 4.14%, duplexes are down 0.30%, and condos are down 2.42% year-over-year.”
Single family homes averaged 58 days on the market, a three-day increase from last year. Condos stayed the same as last year at 71 days on the market while duplexes averaged 74 days on market, a seven-day increase compared to April 2019. Overall, all residential listings averaged 64 days on market, a 6.67% increase year-over-year, and increased by four days compared to the previous month.
