A market poised for growth - Value - Control

3 Trends in the YEG Market

I. Alberta's Record Population Growth is set to fuel the 2024 Edmonton Real Estate Market this year. "Alberta has registered interprovincial migration gains of 10,000 or more for 5 consecutive quarters for the first time since comparable data were made available (1971)." A lot of the movement is tied to our housing affordability. 

II. Economists predict that interest rates will begin to fall in the second quarter of 2024. This will likely fuel an increase in demand for homes. Remember, Edmonton as compared to the other major cities is still one of the most affordable, so an increase in demand will surely create a lot of activity in our market. 

III. Low Inventory - If you have been looking at homes or following the market you have probably noticed the lack of quality listings. We are still seeing great listings that are priced well, go into multiple offers. With the increased migration and the potential decline of interest rates, we will probably see a very active market tipped in the favour of sellers. 

2 Insights for Buyers and Sellers

I. Value over Price - Too often, I find buyers overly fixated on the price of a home. My advice to all my clients is to switch that focus on value. The location of the home, the layout, the size/shape of the lot, homes that give you room to add value etc. There are things about a home you can change, and things you cannot change. Focus on what you can change and where you can add value. 

II. Value over Price/Fees - The same principle applies to sellers. The highest-priced home doesn't equate the home with the most value. The agent with the lowest fees may not always be the agent that provides you with the most value. Marketing your home isn't just about price. It's about getting the home ready from decluttering to painting and staging. It's about the listing material from photos/videos to the description of the home. It's about online exposure and market updates. It's about the service you receive and most importantly it's about giving you the best possible chances to succeed. Focus on the marketing you receive rather than the fees. Focus on creating a best perception for the buyer rather than the 99 cents at the end of your list price. Focus on value rather than the fees. 

1 What I'm pondering

I. "The more you seek to control external events, the less control you will have over your own life.” - Epictetus 

Remember, you cannot control what the market will do. But you can control what you do. The best way to arm yourself is with information. It's my goal this year to provide as much value as I can. I hope to provide you with quick insights into the market and to hopefully share something I'm learning at the end of every newsletter.