Hello and Happy Fall All!
Ok so Edmonton is a Buyer’s Market – What does that mean exactly?
Definition: A buyer’s market is a situation in which supply exceeds demand, giving purchasers an advantage over sellers in price negotiations.
Where we are now is at a RECORD LEVEL of INVENTORY in Edmonton. Meaning there has never at any point in time been MORE Properties on the Market than there is at this time – as a result – Buyers have TONS to choose from.
What does this mean for Sellers?
Sellers now more than ever need to price their home very, very competitively or offer significant value.
How Buyers Shop: Buyer’s typically will look in their price range – usually within a range of $25 000 – $50 000 and will compare properties in that range. What I always tell sellers: “We need your house to look like a fruit loop in a bowl full of cheerios” Your house truly does need to stand out in your price range in order to attract any interest at all – let alone an offer!