Courtesy of Ashley Tichkowsky
We made it through the brutal cold and here we are in February. I feel like my 2020 goals can start now. January was just a trial run. Believe it or not, the spring market is coming in hot. While our overall sales are not skyrocketing by any means, It is forecasted to be a similar year to last year with a modest growth of 1% ish. But with all time low interest rates (they have not been this low since 1951) and consumers adjusting to our new normal, the market is in spring mode. Sellers always believe that the best time to list their house is spring (April/May) but is this really the best time? My answer is…it depends. For example, do you have a house just like a number of other houses in your neighborhood? Does your neighborhood tend to have a lot of listings in the spring? If that were the case listing before spring would help you stand out and dare I say, get you a better sale price. There are a handful of scenarios where getting ahead of the spring market would be in your favor. Getting in touch with your mortgage broker, Realtor, and Lawyer months before you’re ready to sell will better prepare you. By now you have received your property tax assessment and it’s not exactly news that will warms the hearts of Edmontonians. Assessments are down 0.1% overall while taxes are going up by 2.6% over the next 4 years. But assessed values are not the same as market values. The city says the property tax assessment reflects the estimated market value of your home on July 1st of the previous tax year but remember this number is determined by mass appraisal, to determine each homes share of the taxes owed. This blanket appraisal may take into account many things, such as size, location , whether the home has a garage etc .However, it does not include many things that really make a difference to market value such as upgrades, finishes, curb appeal etc. The city only knows about the upgrades you’ve done to the home that required permits like an electrical upgrade on an older home with a 60 amp electrical panel, or basement or bathroom development etc. They don’t know if you have the 1980s style Euro kitchen or that pea green or burnt orange shag rug in the basement that was once very popular. The city doesn’t know if you have clean baseboards, updated or outdated appliances, fuchsia walls or missing roof shingles, they typically aren’t visiting your home unless you need a permit approved etc. Many factors are involved in determining value so keep that in mind if you’re giving thought to making a move this year. If you’d like to know the market value of your home, please reach out. I’m happy to help. Until next time! Ashley
AVERAGE SALE PRICE
UP 2.52% year-over-year
AVERAGE SALE PRICE
DOWN 5.94% year-to-year
DAYS ON MARKET
SALES TO LISTING RATIO
Market values stated are of the average of Edmonton and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home. Source: REALTORS ® Association of Edmonton Stats Reflective of January 2020
ASHLEY TICHKOWSKY REAL ESTATE AGENT, REALTOR ® , BACHELOR OF ARTS, ACCREDITED BUYER REPRESENTATIVE ® , SELLERS REPRESENTATIVE SPECIALIST
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