According to the Edmonton Real Estate Board, ” Stability in Edmonton housing market continues in February. Prices for residential property sold through the Edmonton Multiple Listing Service® changed marginally through February. Sales activity, however, was up dramatically when compared to last month or the same month last year.

The average* single family dwelling price was $369,573 for February up just 1.4% from January; 5.6% from a year ago. Condominium prices dipped 3.8% in the month from $240,686 to $231,530. Duplex and rowhouse prices were up 3.3% to $315,390.”

Perhaps saying that the Edmonton Real Estate market is “stable”,  is a little conservative! The Terry Paranych team personally had record sales for the month of February, the market was really terrific and we felt it was definitely more than stable.  Well priced homes are receiving multiple offers. We are seeing new inventory selling at a rapid speed and are looking forward to the booming spring market for Edmonton Homes and Condos.

Things are great for Edmonton and the real estate market!

Highlights of MLS® activity:

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual prices, which may vary.

To read the Edmonton Real Estate Boards full report, visit: www.ereb.com

Knowing how to preserve a historical home and to make it comfortable yet functional for your life today can sometimes be challenging. If you currently own a heritage home or are looking to buy or sell your Edmonton heritage home, it is important to not  ”renovate to the point that they won’t be [considered] heritage homes [anymore]“.

Through the city of Edmonton and the city’s heritage planner, David Holdsworth, the city will be hosting a series of seminars on “This Old Edmonton House”. These seminars will continue to run every Wednesday night until April 19, 2010 with sessions focused on “how to renovate without damaging historical features”.

To learn more about these informative sessions, contact David Holdsworth at 780-496-5281 or go to www.edmonton.ca and type in “This Old Edmonton House”

Enjoy!

Quotes from The Examinar, February 24, 2010 - “Home Sweet Heritage”

What does your kitchen say to a prospective buyer?

For many homebuyers, the kitchen is the central hub in which family time and social gatherings occur. As such, the look, feel and functionality of the kitchen are of utmost importance.

Prior to putting your home on the market, some kitchen renovations may be worthwhile to do in terms of yielding a higher return on your sale.

Minor Improvements for resale could consist of:

• Tidying the kitchen of all unnecessary clutter
• Cleaning the fridge, stove, dishwasher and any other appliance
• Replacing old hardware
• Fixing any leaking faucets
• Replacing any broken or cracked tiles
• Fresh coat of paint

By focusing on these minor improvements, you will help the space look both fresh and clean.

Major Improvements for resale may include:

• Replacing Kitchen Cabinets
• Installing New Counter-Tops
• Re-Tiling The Floor or Back splashes
• Opening up the space if closed off

Typically, kitchens (older then 10 years old) can earn an ROI of approx. 50-70 percent upon resale of the home. Before  you embark on a major renovation, make sure to do your homework on the cost of materials and labor. Once ready to sell, remember that The Terry Paranych Team is here to get you top dollar for your home.

Question: Terry, why isn’t that home selling? It seems it has been on the market for over 5 months?

This is a question that I get asked quite often, especially when the Edmonton home market is doing well. The truth is, while the Edmonton market may be hot, that home could still ultimately be priced too high. When placing your home on the market, it is important to price your home correctly in order to obtain the best possible market value. For more tips and insight on this topic, check out my video!

According to The Edmonton Journal, February 9, 2010:

“Canadian real estate sales and prices are poised to set records this year, according to a new forecast that’s bound to reignite calls in some quarters for tighter lending rules.
The Canadian Real Estate Association, which represents 100 boards across the country, said Monday it expects existing home sales to reach 527,300, a 13.3 per-cent increase from a year ago and 1.2 per-cent increase from the record set in 2007.
Bank of Canada Governor Mark Carney has warned about rising household debt, which is reaching record levels. Finance Minister Jim Flaherty has suggested he’s prepared to tighten mortgage requirements and continues to monitor the market.
“One of the legitimate concerns of the finance minister might be if you make qualifying for mortgage default insurance prematurely restrictive that it will quell housing activity even as erosion in affordability continues,” said Gregory Klump, chief economist with CREA.
There have been rumblings that the government is considering rules that would require buyers who need mortgage insurance to have at least 10 per cent down over 25 years instead of the current 35 years. Buyer’s with less than 20-per-cent downpayment must get mortgage insurance, if they’re borrowing from a financial institution governed by the Bank Act.
Klump’s group believes the market is going to correct on its own in the second half of 2010. CREA has called for sales to drop by 7.1 per cent in 2011. The group says that while prices will rise by 5.4 per cent in 2010, to an all time high of $337,500, they will drop by 1.5 per-cent in 2011.
Some economists agree price increases will shrink once interest rates rise and inventory levels increase.”

In my opinion, this is a very exciting time again for the Edmonton real estate market. I am seeing multiple offers due to the edmonton’s home inventory being so low. I personally was not expecting to see these market trends until very early or late spring.

One comment I typically hear from potential clients is “Should I wait until the Spring to put my house on the market?”. In most cases the spring market is considered the ideal time to list your house, but not now. If your planning on selling, do not wait! Putting your house on the market sooner rather than later is the best decision that you can make. To find out what your home is worth, give me a call today at 780-457-4777 or fill out our online form at: www.paranych.com

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Question: Terry, can I really shop for a home online?

On February 2, 2010, the Edmonton Real Estate Board released their latest market analysis. According to the Edmonton Real Estate Board:

“Single family homes sold through the Edmonton Multiple Listing Service® System sold on average for the same amount in January as at year-end while condominium prices dipped 2%. Month-to-month sales slowed by 6.8% as compared to December but the number of new listings in January doubled the December numbers.”

I believe that the Edmonton Real Estate Market has been booming and will continue through out 2010. There is low inventory and multiple offer scenarios. It is truly a great time to sell your home!

Highlights of Edmonton’s MLS® activity

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, contact the Terry Paranych Team at 780-457-4777.

To read the full market analysis, please visit the Edmonton Real Estate Board’s website at: www.ereb.com

Paranych Group of Companies are proud to announce that we are the official sponsors of the Edmonton Rush Lacrosse Club for 2010.

The Edmonton Rush Lacrosse Club plays in the National Lacrosse League, consisting of teams from across North America. The Rush will host eight home games at Rexall Place during the months of January through April. For more information or to purchase tickets check out www.edmontonrush.com or call 732-RUSH.

Alternatively, stay tuned for upcoming giveaways to one of these exciting games.