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An Edmonton Realtor's Moral Dilema

07-13-09
John Carle
John Carle: Real Estate Agent in Edmonton, AB
  • view my blog
  • Office: (780) 457-3777
  • Mobile: (780) 231-7534

This weekend I had the pleasure of meeting with a lady who wants to sell her house in Edmonton. It’s a fairly average home for the area, in good condition and clean. It will be a good listing, a real feather in my hat. It should sell quickly and for a good price.

But I’m not sure if I want to list it. Here’s the background story on the situation… (with her permission of course!)

The homeowner is not comfortable with debt. She really doesn’t like owing money to anyone, even as a mortgage on a house. So her plan is to sell the house and rent instead; ideally she’d like to rent the house that she currently owns. This will allow her to get out from under the debt that is her mortgage. That’s her plan.

She isn’t selling because she needs the money, or feels that prices will fall again. She’s not selling her Edmonton home because she’s moving away or upgrading to something else. She can handle the maintenance and upkeep of the home (obvious by the good condition of the home), and the current payments and cost aren’t her issue. She just doesn’t like having a mortgage.

Here’s my moral dilema. I don’t think selling the home is in her best interests, not at all. If she sells and rents a home in Edmonton, her monthly payments will be as high as they are now, if not higher. They’ll certainly increase over time and she’ll face more and more expense as time goes on. It’s a bad move. Eventually she’ll be stuck in some rotten old basement suite in a bad neighborhood because she has no savings and that’s all she can afford. Sure it won’t happen today, but once she goes down that path… she’ll get there eventually.

I’ve always prided myself on looking out for my clients’ best interests. That’s how I’ve become successful as a Realtor; my clients know that I’m there for them and will never sell them out.

But if I don’t list the home, I’m sure someone else will. I do believe that she’ll sell the home; with or without me. So while I don’t agree with her decision or motivation, should I take her on as a client anyways? Afterall, someone will list her home and it will sell.

This is a tough one for me. Anyone have any comments or input for me?

- John Carle

ReMax Real Estate Edmonton

www.Knock-Knock.ca

(780) 231-7534

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Edmonton Real Estate Board Press Release - July 2009

07-06-09
John Carle
John Carle: Real Estate Agent in Edmonton, AB
  • view my blog
  • Office: (780) 457-3777
  • Mobile: (780) 231-7534

Edmonton, July 3, 2009: At the mid-point of the year, the REALTORS® Association of Edmonton is confident that the local real estate market has regained stability. The 9,741 sales of residential properties sold through the Multiple Listing Service® in the first six months surpassed the six month year-to-date figure for last year (9,567) and residential sales in June set a new record for the month. Residential sales in June totalled 2,552 units which surpassed the 2007 record of 2,203 units sold and was the third best month for unit sales in MLS® System history.

“Buyer confidence, especially among first time buyers, was evident in Edmonton despite lingering economic concerns in other markets,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “When mortgage rates looked like they might start to rise, many potential buyers locked in lower mortgage rates and then went searching for a qualifying home.”

Listing activity slowed slightly from last month (down 0.03%) with 3,179 residential listings. The strong sales drove the sales to listing ratio to 80% from 68% last month. Prices continue to climb with one month increases of 0.6% for single family dwellings and 1% increases for condominiums. The average* SFD sold for $369,859 in June as compared to $367,672 in May or $351,870 on January 1. Condominiums sold for $247,071 on average in June; up from $244,734 in May and $234,286 at the start of the year. At the end of 2008 Q2, SFDs sold for $381,384 and condos sold for $262,365.

“Last year prices fell from the high point in March. This year prices have just continued to climb,” said Ponde. “Prices typically decline slightly in the second half of the year but the drop, if it occurs, will not be precipitous.”

The average days on market was 60 days or more early in the year but dropped to 49 in June; another indicator of buyer enthusiasm. At the end of June there were 6,785 residential properties active on the MLS® System (2.65 month supply at current sales volumes) which offers a wide range of choice for those eager buyers.

-30-

Highlights of MLS® activity

June 2009 activity Record for
the month*		 % change from
July 2008
Total MLS® System sales this month 2,847 36.00%
Value of total MLS® System sales - month $964 million 30.60%
Value of total MLS® System sales - year $3.49 billion -5.60%
Residential¹ sales this month 2,552 37.80%
Residential average price $328,299 -3.80%
SFD² average selling price - month $369,859 -3.00%
SFD median³ selling price $349,500 -4.20%
Condo average selling price $247,071 -5.80%

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual prices, which may vary.

Contact

Charlie Ponde REALTOR®, 2009 President Bus: 780-460-8558
Ron Hutchinson C.A.E., Executive V.P. Bus: 780-453-9340
Jon Hall C.A.E., Manager Communications Bus: 780-453-9323

The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927, is a professional association of Brokers and Associates in the greater Edmonton area. The Association administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice. The Association also advertises property listings and publishes consumer information on the Internet at REALTOR.ca and ereb.com, as well as in the Real Estate Weekly and on their web site at rewedmonton.ca. REALTORS® support charities involving shelter and the homeless through the REALTORS® Community Foundation (RCF).

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Edmonton Real Estate Market Update - July 6th, 2009

07-06-09
John Carle
John Carle: Real Estate Agent in Edmonton, AB
  • view my blog
  • Office: (780) 457-3777
  • Mobile: (780) 231-7534

Below are the statistics for the Edmonton Real Estate Market for the past week. If you have any comments about the information or Edmonton real estate, I’d love to hear from you.

- John Carle, Realtor
Re/Max Real Estate Edmonton

NEW LISTINGS # of New Listings Average List Price
Single Family 42 402, 341
Condos 31 302, 083
SALES # of Sales Average Sale Price Average Days to Sell
Single Family 44 364, 350 46
Condos 27 264, 417 54

CURRENT MARKET # of Listings Average List Price Avg. Days on Market
Single Family 2177 ~452, 828*
Condos 1821 ~267, 305*

*Average list price is based on approx. 1500 listings in the Edmonton area.

To view the original blog posting, please go to John Carle's Edmonton Real Estate Blog

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Edmonton Real Estate Market Stats June 2009

07-02-09
Jason Thomas
Jason Thomas: Real Estate Sales Person in Edmonton, AB
  • view my blog
  • Office: (780) 431-1900

Listing inventory versus solds June 2009 EdmontonWell as we expected, June was a record breaking month for sales. Over 2400 sales this month, more sales than May (2161 sales). The other big story is how many listings are out there. Our inventory has dropped down to the 6500 range. That is much lower than last June (2008) when we had 10,817 homes for sale. Prices for both condos and single family both went up just under 1% for the month. Not as high of an increase as May (4% increase). This could be something to watch. The high sales volume units wise is not translating into a manic price increase (like 2006). In fact the percentage of the total sales are very similar to January 2009 numbers. We have been hovering around 50% of the market in that $300,000 or less price point. So the market has been very strong, but the prices have not gone crazy. A 5% increase in two months is still very substantial. I've attached some graphs that might be of interest. Happy Canada Day everyone!Price Range Edmonton Market

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Corporate Relocations: Relocating your family to Edmonton Part 2

06-27-09
Jason Thomas
Jason Thomas: Real Estate Sales Person in Edmonton, AB
  • view my blog
  • Office: (780) 431-1900

I've included some more question and answers relocation related.

Question: What if my employer doesn't pay for the move, are their any savings I can receive?

Answer: This is a question you should ask your accountant. If you are relocating a certain distance for work reasons Canada Customs and Revenue Agency could allow you to claim expenses such as flights, moving vans, hotel stays, meals, inspection costs, etc. Again I am not an accountant, but check with your accountant to see if these expenses can be claimed by you.

Question: I don't know much about the area I am moving to, how do I know what is good or a bad area?

Answer: The short answer here is find a good REALTOR®. A good REALTOR® will advise you on average sale prices in the area, crime concerns, commuting distances etc. A good rule of thumb is, the higher the average price of a neighbourhood, the better the neighbourhood. If it looks like it is a great deal, there is probably a location issue with the home. Your REALTOR® can help advise you on what the best area will be for your price range.

Question: What is the market like? I know where I am living everything is selling slowly.

Answer: Again a good REALTOR® will make you aware of what the average days on market is, how much the sellers are coming down in price etc. Really market education is the key.

Question: How should I pick a REALTOR®?

Answer: Referrals from a REALTOR® you know in your current area is one great way. That is how I am connected to most of my relocating clients. Also, maybe friends or family members know someone. Some companies have a relocation program that assigns you a REALTOR® as well. Be sure to check out the steps involved if you are part of a relocation program. For example, I know with the Canadian Forces you can not list your home before you have your posting message. If you don't follow the right steps, your relocation company may not pay for some of your moving expenses. The internet is also a good way to find a REALTOR®, you can create diaglogue through emails and by the phone. Don't be afraid to ask questions!

Questions: When choosing a REALTOR® what questions should I ask?

Answer: I would ask how many relocations they deal with per year. How experienced they are (important for neighbourhood knowledge). Do they personally work with you or do they put you in touch with a buyer's agent. If it is a buyers agent how experienced is that agent.

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