Buying a home in Edmonton is one of the largest investments a person can make in their lifetime. Owning your own home can provide you with all sorts of benefits. From increased privacy to more stability, there are so many reasons why Canadians choose to buy over rent. Despite the perks, owning a home isn’t for everyone. Instead, some people would rather rent, and some are simply not ready to be tied down to a home. And, that’s okay! It is important to buy a home only when you are ready for the commitment.
With that in mind, those who are ready to buy should have a few things in order. For example, a plan for your down payment, a mortgage pre-approval, and an idea of your price range. The next steps include determining where you’d like to live, what style of home you like, and any other specific needs and wants.
Buy or sell your current home first?
When homeowners are trying to buy a new home and sell their current home, it can be hard to determine what to do first. Oftentimes, people are able to time both their sale and purchase so that they occur on the same closing date. However, this does not always work out. For those who are selling, you can try to extend the closing period to allow more time to find a new home. We can also help you to negotiate timing requirements and come up with a solution to ensure the process goes smoothly.
Should you wait for the market to improve?
The market condition does not matter as much for those who are buying and selling. This is because if you sell your home at a lower price, chances are you will be buying at a lower price as well. So, If you are upgrading to a larger home, this works out to your benefit!
Above Market Value: Price above market value, and you will only sell your competition.
Below Market Value: Price is too low below market value, you may start a bidding war.
Buyers’ and sellers’ explanations on the market.
Sellers’ Market: During a sellers’ market, there are few homes being sold (ie: low inventory) but, lots of buyers (ie: high demand). Therefore, a sellers’ market is defined as having low inventory and high demand.
Buyers’ Market: During a buyers’ market, there are lots of homes being sold (ie: high inventory) and not very many buyers (ie: low demand). Therefore, a buyers’ market is defined as having high inventory and low demand.
If you're ready to learn more about buying a home in Edmonton then contact John Mattiello today!