Selena’s 2023 June Newsletter

Andrew Barrett

1 year ago

Selena News 2023 June Edition

ISSUE: 163

Hello Summer

Like many places in Alberta, we recently had the worst air quality due to all the wild fires burning. The air quality index only goes up to 11 but for several days it was off the scale. We briefly got our beautiful blue skies back and fresh air along with it but it seems there are more fires burning out of control again as the weather heats up. Also heating up is our Real Estate market. It is to be expected at this time of year and so it was no surprise when the Bank of Canada raised interest rate June 7th. Only by quarter point but it may have impact.

Market Update

Prices have been going up here in Edmonton and once again the average price for a single-family home has topped $500,000. Toronto or Vancouver people will laugh at that number but I think Edmontonians get the last laugh because you can buy much more home here.

With the Bank of Canada raising interest by 1/4 point may slow down this increase but we still expect the summer months to be active. For presentable homes that are priced well, we are seeing multiple offers more often than not. That doesn’t mean that anything will sell or sellers can ask any number they want. It means, homes need to look their best and be accurately priced. Renovate if necessary, tidy up the yard, remove garbage and give the place a thorough clean. It’s common sense but there are still sellers and agents out there who overlook these simple things when selling a home.

Upgrades

Typically when you want to renovate and sell a home, you have a budget in mind for the construction with a targeted future value sale price so you know you are not spending too much on the renovations. Once again, its common sense. So what happens when you are buying a new home and the builder offers a few upgrades. I would assume as a buyer you would know if you have money to cover the upgrades but there is another side that buyers may not be aware of and perhaps even the buyer’s agent is unaware as many builders keep them out of the conversation once the purchase agreement is written up on the builders form. It is easy for a buyer to over spend and most lenders do not include upgrades in the mortgage, so the buyers end up covering the discrepancy in order to close the deal. Presale homes often take several months or even a year to build, and nobody know what the market will be by the time its ready and if the upgrades will have actually added to it’s value so you need to be careful when buying a new home.

Latest Sales Data

Every Month the Edmonton Real Estate Board gathers the latest sales figures sorted by property type, price ranges, listed and Sold. Click the above link to download a copy.

Do What you Love

And Love What You Do. I’m a big believer of doing what I love, this is how I am parenting my child Fionna. When Fionna was 3 years old, I enrolled her in a lot of activities and encouraged her to make decisions on what she likes best. Turns out our little one doesn’t like to learn Chinese, but fell in love with Chinese dance! We are so lucky to have found a great Chinese dance teacher Ms. Lisha Cao who has such skills in dancing and teaching for young children. Fionna has been practicing Chinese dance for over 6 years, with due diligence of practice on a weekly basis, she learned a lot of amazing skills, on top of that she’s confident on stage to perform. Recently she is also one of the MCs for the Chinese dancing performance, and she did a wonderful job.

Disclaimer: Not intended to solicit buyers or properties under contract.
This article contains the opinions of Andrew Barrett and Selena Cheung. Licensed Realtors® with COLDWELL BANKER Venture Realty.
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