Now that the chill of winter is being replaced by the warmth of spring, it’s the perfect time to start thinking about the benefits of buying your first home or moving on to another as the spring housing market ramps up!
Quarantine has inspired many people to look for a change of scenery, especially as many continue to work from home, and maybe doing so for the foreseeable future as many businesses decide to ditch brick and mortar and continue operating remotely. Changes to people’s career requirements have forced people to reconsider their space as their housing needs shift, resulting in many looking for bigger homes.
According to the Realtors Association of Edmonton, total residential unit sales were up 47.1% in January 2021 compared to January 2020 for the Greater Edmonton Area. Predictably, listings are spending less time on the market, with the average coming in at 65 days across all types of residential property, decreasing 14 days year-over-year.
It’s clear that the Edmonton real estate market is eager to get going despite the weather and the pandemic.
As discussed in my previous blog post, historically low-interest rates are a great reason to consider selling and/or buying a new home. Low-interest rates can make your dream home more attainable, and for those selling it means more home buyers are able to enter the market as homeownership becomes more affordable.
Thinking about selling your home but want to put a bit of work into it first? Check out my blog post about home renovations that increase the value of your home and result in higher offers.
While the Bank of Canada forecasts that interest rates will stay low until 2023, that doesn’t mean mortgage rates will. Mortgage rates (the rate of interest charged on a mortgage) have already started to bounce back as our economy begins to recover. Therefore, spring 2021 is the prime time to consider buying or selling your home if you’d like to take advantage of low interest and low mortgage rates.
Understandably, the pandemic might still be a point of apprehension for most when it comes to home buying and selling, but as mentioned in this blog post, the pandemic has resulted in favourable market conditions that have increased the number of people wanting to buy. We have safety measures in place when viewing properties in order to protect the buyers and sellers. Furthermore, the housing market has been leveraging technological advances so that the market can continue to thrive and while keeping home sellers and buyers safe by using tools like virtual tours.
With all those points aside, it’s always easier to move in the spring and summer months when you don’t have to worry about slipping on ice or getting frostbite from hauling boxes and furniture in the cold.
Do you or someone you know want to take advantage of the spring housing market by either buying or selling a home?
As one of Edmonton’s top REALTORS, I have the experience to sell your home for top dollar while helping you find your dream home! Contact Jeneen by phone: (780) 904-4240 or by email: firstname.lastname@example.org.
Hi, I’m Jeneen Marchant!
I’m here to help you find you during your next Real Estate transaction. Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.