I’m joined again by Travis Ball, a trusted realtor with Blackmore Real Estate! Travis and I discuss the current dynamics of Edmonton’s vibrant real estate market and tips for negotiating in a hot market.
Edmonton’s Dynamic Market
Edmonton’s market is exceptionally active, with a significant increase in average sale prices, up by 10.7% from January to February alone. There is low inventory, which means that potential buyers need to be prepared to act swiftly when a desirable property becomes available.
Many properties have been attracting competitive bidding situations, so multiple offers have become common in Edmonton. Winning in such scenarios often involves offering full list price or even exceeding it, as exemplified by a recent sale that got 12 offers and went $92,000 over the list price, approximately 30% over asking. While this may seem extraordinary, such instances reflect the current competitive nature of the market in Edmonton.
Winning a Multiple Offer
In terms of strategies for winning the bidding war, there are several tactics you can employ. These include submitting a straightforward offer with minimal contingencies, such as a shortened financing condition or a prompt inspection. Booking your inspection for the next day, for example, can decrease the turnaround times on possession. Flexibility on possession dates and allowing sellers to choose the closing date can also strengthen your position as a potential buyer.
If you’re looking to get pre-approved for a mortgage to buy an income property in Edmonton, I’m happy to help you out. You can reach out to me at 780-720-2490. And once you have your pre-approval, you can call Travis Ball with Blackmore Real Estate at 780-233-8446, and he can help you find the perfect home for you.
Connect with Travis Ball:
- Phone: 780-233-8446
- Website: https://ontheballrealestate.com/
- Instagram: https://www.instagram.com/travisyegre/
- Facebook: https://www.facebook.com/OnTheBallRealEstate/
- LinkedIn: https://www.linkedin.com/in/travisdball
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.
