The springtime is approaching, which means the snow will soon be melting, the flowers will be blooming, and numerous homes will be available for purchase all throughout the province. Spring and summer months are said to be the peak season for home buying. Few sales are made throughout the winter and most seller’s wait to put their homes for sale until April – June.
Therefore, if you are interested in becoming a homeowner, then now is the time to start getting your finances in order and schedule an appointment with your Edmonton mortgage broker today. That way you will be prepared before you start viewing different homes on the market.
So, to help you get started, your local broker, Vaugh Leroux with Dominion Lending Centres, has listed the most recent market update for the Edmonton region.
Edmonton Market Update
Zolo.ca is one of the top real estate marketing websites and has some of the most reliable data. According to their statistics, the current average sold price for all property types in Edmonton is $353,000. This is a 0.1% increase over the past 30 days, but it is a 4.9% decrease in price since this time last year.
With the Edmonton mortgage rates currently lower now than they have been in the past, there is no better time to lock in a rate than now. Real estate experts are predicting that the housing market is going to increase over the next few months, which means housing prices will be more expensive and rates will go up. Therefore, lock in a rate now to take advantage of these recent low prices.
In reference to the housing inventory in Edmonton, there have been 1,329 new listings posted in the past month and during that time, 596 homes have sold. Properties also spend an average of 46 days on the market and the selling to listing ratio is at 97%.
Edmonton has a very healthy residential market and would be an excellent investment for your future, as well as a great place to settle down in.
If you would like to receive more information on the current market update or if you are ready to begin your application for an Edmonton mortgage, please contact Vaughn Leroux with Dominion Lending Centres at 780-431-5600.