• Edmonton Home & Condo Specialist
    Edmonton Home & Condo Specialist

COVID-19 EDMONTON REAL ESTATE SERVICES

Edmonton Realtors are taking every precaution to minimize the risk of exposure as we continue to assist buyers and sellers. Here are some protocals and important information from Real Estate Council of Alberta (RECA) that  we have passed on to our clients to .help reduce the spread of illness.


We have noticed a slowdown in the market over the past month and a half, but we are still working with buyers and getting offers. It is our priority to get your home sold and although volume is down, sales are still happening. 

Showing Tips For Sellers and Buyers


1. Sellers and buyers are  requesting health and recent travel information from potential buyers and their professionals before any showing to give the seller an indication of any risk. Buyers and sellers are obligated to either be truthful or simply decline to answer. Seller that they have no duty to show the property if they are uncomfortable with any presented risk* (RECA).


2. If you have become ill or must self-quarantine please inform your agent as soon as possible. In this instance, the Realtors Association of Edmonton requires a temporary withdrawal of your listing from the MLS system. A typical withdrawal would last 10 days, but we are  allowing a longer temporary period. During a temporary withdrawal, the total “Days On Market” does not increase. The number of “Days On Market” will begin again once the listing is active again on the market. If you require a temporary withdrawal, please let your agent know so they can put together the necessary documents.  (RECA).


3. Set out obligations and procedures for viewings and home inspections in writing.


4. We create a marketing video showing a tour of the house to reduce the number of viewings.


5. We offering a virtual video tour so that you can consider only allowing viewings for serious buyers.


6. Making viewings conditional on buyer’s and their representatives wearing nitrile gloves, masks, or the use of anti-microbial, alcohol-based hand sterilizer, depending on the availability of these items. Remember the viewing terms may be subject to negotiation between the parties, and may be impacted by the availability of gloves, masks, etc.


7. Please leave all lights on, blinds and window coverings open, and interior doors left open before a showing.


8. Please do not be present for showings.


9. Remember to disinfect all door knobs, and switches after the showing.


10. If your home is being photographed for listing purposes, please note that photographers will not proceed if the home owner is present. They also will not switch on any lights, lamps or fireplaces, or pick up or move any miscellaneous items left out. Homes will be photographed as-is, so please take extra time to prepare. Our stagers can walk you through the items that need to be addressed.


11. Real estate professionals should not enter into new seller representation agreements that include hosting of open houses until the risk of COVID-19 spread is reduced and government lifts COVID-19 restrictions (virtual open houses are not impacted by this)  (RECA).


12. We use electronic signatures for signing documents.


13. You can conduct financial transactions and real estate closings electronically.


14. If in person meetings are required, maintain a safe distance of at least six feet (two meters) at all times for viewings and inspections:

a. take steps to limit the surfaces people will need to touch

b. require all visitors to wear gloves and masks, if available.


Please reach out if you’d like more information on how COVID-19 is affecting the Edmonton Real Estate Market. And please, stay strong and safe.


Alison Murray, B.Comm

Remax Real Estate

C. 780.619.9812

E. Alison@infoEdmonton.ca

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Edmonton Market Report Spring 2017, Edmonton Realtor, Edmonton Condos, Edmonton Real Estate

The new season is bringing signs of life in the outdoors as well as in the Edmonton real estate market for Edmonton realtors.  The Edmonton Real Estate Board released its quarterly report last week and things are looking promising.

“We generally see activity in the housing market start to increase at this time of year,” says James Mabey, REALTORS® Association of Edmonton Chair. “Buyers can look forward to more inventory to choose from and sellers can count on more buyers in the marketplace.”

“It is promising to see positive movement in the condo market. We have seen a large increase in both new and resale inventory, so it is good to see sales starting to follow suit,” says Mabey.

Edmonton Listings, Sales and Prices

  • There were 1,474 MLS listed properties sold in March which is an increase of 31.8 % from last month, February 2017, as well as an increase of 1.8% from March 2016. 
  • New listings in March reached 3,080 which was an increase of 26.7% compared to last month, February 2017, and an increase of 1.4% in March 2016.
  • Average prices are increasing in all categories compared to last month, February 2017.
  • The all residential average unit sale price was $371,680 which is an increase of 3.1% compared to last month, February 2017.

Edmonton Single Family Homes and Duplexes/Rowhouses

  • Single family homes averaged at $439,139 which is an increase of 3% compared to last month, February 2017.
  • Single family home average selling price increased 0.49% compared to March 2016.
  • The DOM for single family homes decreased from 58 days in February to 50 days in March.
  • Duplexes and rowhouses average price was $348,806 which is an increase of 0.41% compared to last month, February 2017.
  • The duplex/rowhouse average selling price increased 3.2% compared to March 2016.
  • The DOM for duplexes/rowhouses decreased from 80 days in February to 67 days in March.

Edmonton Condos

  • 389 condos were sold in March compared to last month, February 2017 when 357 units were sold.
  • In March 2017, Edmonton condos averaged at $242,632, which is an increase of 3.86% compared to last month, February 2017.
  • Edmonton condos are selling faster – the DOM decreased from 74 days in February to 67 days in March.

 

Avg. Selling Price

March 2017

M/M % Change

Y/Y% Change

SFDs

$439,139

3.04%

0.49%

Duplexes/rowhouses

$348,806

0.41%

3.20%

Condo

$242,632

3.86%

-3.11%

 

Days On Market

March 2017

February 2017

March 2016

SFDs

50 days

58 days

49 days

Duplexes/rowhouses

67 days

80 days

62 days

Condo

67 days

74 days

58 days

Average

57 days

65 days

53 days

Thinking of selling this spring? 

Be sure to contact an agent who knows your market so that you are priced right. Find someone who can help prepare your home for sale and who will professionally market your home until it is sold.

Call or email me if you need any help!

Alison Murray
780-619-9812

Alison@InfoEdmonton.ca

www.InfoEdmonton.ca

 

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The Real Estate Council of Alberta (RECA) is arranging to implement a rule change that will make written service agreements mandatory between brokerages and clients.  What this means is that all Edmonton Realtors will have to enter into a written service agreement when working with buyers.   A mandatory service agreement is already required when selling Edmonton Real Estate.

When using a Realtor to help you with your biggest investment of a lifetime the key professional services that you receive are, the nuances of the process (specific to the market you are in) and advice on features and faults that you may miss.  I have worked within BUYER AGENCY SERVICE AGREEMENTS for over 9 years and have found that there are many benefits to having a service agreement that assure a professional service for buyers, sellers and Realtors: 

Improving Education & Professionalism:  A Realtor is a professional who is hired to help people with their largest financial investment and should carry out their business in a professional matter. By outlining exactly what each other’s roles are and responsibilities, a buyer will have a better understanding of the process and services involved.  This education creates a dialogue about how a Realtor would be getting paid which is also very important. 

This is all good news for buyers when purchasing real estate in Edmonton, and other Alberta cities.  Things have not changes with respect to the market norm - the seller still pays for the buyer’s real estate fees.  The buyer’s fees still normally come out of the transaction and are paid by the seller upon closing. In my opinion this just makes sense….. it is very diffucult for a buyer having to come up with cash for a down payment on a property, and to come up with cash for real estate services.  Since most buyers use a Realtor to help them with the buying process, as a seller, it would be in my best interest to market my home with a buyer’s agent fee to assure that I don’t illiminate this huge pool of qualified buyers.  Read more detail by visiting... Buying Edmonton Real Estate

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The Office of the Superintendent of Financial Institutions is currently reviewing how Mortgages are approved for Canadians. Over the last few months we have seen some changes to the way self-employed individuals are assessed as well as a change in how investor mortgages are considered. In the upcoming weeks the following issues are on the table for Edmonton real estate:

 

1)      Currently mortgages are simply renewed at maturity with most lenders. There is discussion of having Canadians requalify or at the very least, be assessed for risk at time of renewal. This could affect renewal rates and terms.

 

2)      The viability of future income is being considered as a factor in debt ratios. This could affect your older clients nearing retirement. Currently mortgage are approved based on current income. The consideration of future income is now on the table.

 

3)      A discussion of reducing LTV to 65% for non-conforming mortgages is in play. There is also a discussion for further increasing the rates for these types of clients. This will affect your self employed clients even further should this be implemented.

 

4)      Clients can currently take a cash back or borrow the down payment to purchase their home in limited circumstances. This may end quickly as a trade-off to retain the ability to have a 5% down payment. There is discussion to increasing this to 10%. This will significantly affect all first time buyers.

 

5)      Heloc’s (or lines of credit) are under review. The OSFI would like to see the maximum LTV reduced from 80% to 65%. In addition to this proposed change, the OSFI would like to see Helocs amortized like a mortgage which means the interest only payment option is now under scrutiny.

 

Our world is ever changing. Your clients need to be well informed and prepared for the future. Having a professional with a pulse on the industry is critical. These are not scare tactics but possible realities down the road. This is just a glimpse into 5 key areas but there are several more in the pipeline. Have your clients aware and please have them call or email me with any question. www.InfoEdmonton.ca
 
 

Mary Poburan

Sr. Mortgage Consultant

INVIS

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Alberta Real Estate Association has recieved more reports of a scam that is being perpetrated in Alberta that not ony takes advantages of consumer, but implicates our members without their knowledge.

 How it works is a rental property is advertised on sites like Craigslist or Kijiji and the used to describe the property and the name of the listing Realtor apprears to have been scraped from Realtor.ca or elsewhere.  The scammer impersonates the Realtor when responding to prospective renters.

 Alberta Real Estate Association anticipates that, as markets heat up and rental property becomes more scarce, this type of scam may be seen more frequently.  AREA is taking actions to protect both our members and the consumers they serve.

 In addition to alerting the real estate boards and you, AREA has drafted a media release that, in partnership with local boards, will be forwarded to the media so that consumers can be warned about this type of scam. AREA will aslo communicate with Kijiji so that this scam can be added to the list of common scams on their site.

 When the prospective renter posted an inquiry, here is the response they received:

 Thanks for your interest in my Duplex. My name is (AREA: name of listing REALTOR® inserted here) I am a construction Engineer and I am the owner of the 3 bedroom Duplex . I have been transferred to one of our branches in West Africa and that is why I am putting up the Duplex for rent. The Duplex vital informative documents and the entrance keys to my Duplex is with us, we try to look for dependable agent to handle the rent but could not find one due to the limited time we had before leaving the country. Mostly we do not want our property to be given to any sort of person to avoid damages and troubles.The Duplex is available for rent and is available for long term and short term lease. 


Duplex Address: XXXX XXX Ave Edmonton AB, Canada
 This unit is available for immediate move in. Modern 3 beds and 3 Full Bath Basement:Full Suite the Duplex is strategically located in a very cool and lovely environment with five (5) appliances including dish washer with in-suite laundry and plenty of storage space and parking space . Professional and mature neighbors ensure peaceful living arrangements. Freshly painted and immaculately clean with private bathroom.
 We are looking for a responsible person that can take very good care of it as we are not after the money for the rent but want the property to be kept clean all the time as it is our hard-earned property. If you are honestly interested and will absolutely maintain our property (Taking care of it like yours) as I hope I can put my trust and confidence in you presently, I earlier wanted to sell the Duplex but had a second thought to rather put it up for rent. The rent is ($900 )including utilities Damages Deposit Fee ($400) So I will like you to get back to me so that I can forward you the full interior pictures to you to have an idea how beautiful and spacious the inside looks and i will like you to fill out the rental application form below.......

Full Name :
Address :
Phone # :
Gender :
Work :
Are You Married:
Marital Status :
Do you Drink Alcohol :
Pets :
Do you smoke :
How Many People Will Be Living In The Duplex:
Your Move-in Date :
Your Move-Out Date :

Thanks for taking your time in writing me and hope to hear back from you.
Best Regards
(AREA: name of REALTOR®) And Family

 What to Do?

If you come across an instance where you name is being used in this type of scam, after taking the appropriate steps, please email specifics to AREA (communications@areahub.ca) so that we can track the extent of this problem. 

Alberta Real Estate Association

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Welcome to this Rare Gem in Riverbend!  Half duplex with 4 bedrooms and double garage is located in an ideal Southwest Edmonton location across the street from spectacular single family residences.  Open floor plan with over 1594 Sq.ft. of developed living space and soaring vaulted ceilings.  Dining room opens to your large living room with fireplace.  Upper level features 2 spacious bdrms with 1 and a half renovated baths.  Lower level has large windows with 2 more roomy bdrms with another full baths. Delightful kitchen with upgraded cabinets, Teak hardwood floors, subway backsplash, and granite kitchen island. Garden patio door looking over your deck and large mature trees for privacy. Recently painted, fixtures upgraded, and custom Hunter Douglas blinds. Shingles, eaves troughs, HWT, furnace and carpet replaced in 2010.  Steps from River Valley trails; walk to 5 schools, and Riverbend Club. 10 min to U of A. 20 min. to Downtown! NO CONDO FEES! 4511 Whitemud Road. $379,999

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Hi Alison, Helena and I would like to thank you for your proficiency and diligence in selling and buying our homes. I know at times we were not the easiest clients to work with, so we would also like to thank you for your patience.  Again thanks for everything and have a happy holiday.  Mauro Bagnariol and Helena Taveras

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Edmonton Realtor, Alison Murray has launched her new website, focusing on Edmonton Condos http://www.edmontoncondosinfo.comEdmontoncondosinfo.com will provide clients with a wealth of news, tips, advice and resources with buying or selling a condominium in Edmonton Alberta. From how to decorate and maximize your living area in a small space, to how to get top dollar for your property, this site promises to deliver.

Visit the today for a complementary home market evaluation; or for buyers,  fill out our search form and let Alison find the perfect condo to suit your needs.  http://www.edmontoncondosinfo.com Edmonton Condos

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