Hello Spring! Or Should I say Hello Summer! We been having such beautiful and hot spring here. May is the month for the unpredictable! That’s why it’s call month of May
It May rain,
It May be Hot,
It May be cold,
It May snow…
Anyhow, time to enjoy this lovely time of year.
Our Real Estate Market – Up and Down! It is interesting to note in one news feed I checked, first article said the market is going up while the next said it was going down. So who is right?
They both are, but it depends on what they are focusing on. Is it prices, sales or number of listings, and are they referring to new builds or re-sale homes, are they looking at one market segment such as single-family homes, or are they lumping in together everything from condos, townhouses, duplexes as well as single family. Are they comparing to last month or last year, and are they even talking about my city or is it generic averages for the whole country.
In summary, the below graph is just for the City of Edmonton. It is focusing on sales because sales are an important indicator of what is currently happening and useful in predicting what is going to happen. And it is covering all property types.
So you can see the number of sales is increasing (this is what happens in spring which is why owners want to sell in the spring) but if you compare to the previous years the numbers are way down. OMG chicken little, the sky is falling.
Moving on to the next graph, this one focuses on price because people love price and when you are selling that is how much money you put in your pocket. So prices are up and back on par with previous crazy pandemic times. Why? Because the number of listings is way down. For the full monthly report on market trends simply click graph.
Next Bank of Canada meeting June 7th. Based on what is happening elsewhere (primarily US) the Bank of Canada may raise interest rate again. That gives you a month to go get pre-approved and lock in your interest rate while you shop for a new home. As a buyer, you want a home that looks great and is well priced. For sellers, Homes that are lacking curb appeal or are asking too much just sit there while homes that are presentable and listed at right price are getting multiple offers on day one. If you are buying you need to be ready to act quick and have early condition removal if you want to win in multiple offer.
For home owners or Real Estate investors – Now is the time to do spring clean up!
Some of the routine maintenance you should do to maintain your home and keep its value include gutter cleaning, back yard reseeding , servicing the furnace plus clean the ducting. There are many more on the list but all these little things will keep your home nice and add value.
I just celebrated my 25++ birthday this April.
A simple event just spending time with family and enjoy a nice meal. Thanks to my hubby for booking one of my favourite restaurants in Edmonton- XIX – Nineteen Restaurant. They have such a wonderful menu selection and their service is superior to most so it is the ideal venue to celebrate special occasions. I’m grateful life is back to normal now and we can go to restaurants and enjoy the better things in life. Covid was only a couple of years but it had a big impact on the way we live and changed many peoples attitudes and life style. So glad it is over now. I would like to think I am getting wiser as I age as I see the importance of appreciating the simple things in life. I would also like to think I’m getting better looking each day along with smarter, richer and more modest and incredibly humble.
For some time now, we have been asking Fionna to copy a couple of pages from a book each day to help improve her hand writing. Fionna was very happy to show us the comment from her english teacher last week. It said “Nice Hand Writing”. All that hard work and practice is paying off. There has also been another benefit too. The books we ask her to copy from are some of our self development books and we have noticed an improvement in her ability to interact with others. Win win situation.
This article contains the opinions of Andrew Barrett and Selena Cheung. Licensed Realtors® with COLDWELL BANKER Venture Realty.
The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Service®, and the associated logos are controlled by
The Canadian Real Estate Association (CREA) and identify real estate professionals
who are members of CREA or identify the quality of
services provided by Real Estate professionals who are members of CREA
Copyright © 2022 Wealthyhome. All rights reserved.