If you have been thinking about buying a home for awhile, waiting for just the right time, then you could not have asked for a better market to finally take the leap. If the time is right and you have the money to move ahead, then here is why I say now is a great time to buy!

1.) Low Interest Rates! - This is one of the most important and best ways to save yourself some money in the long run. Interest rates are at historic lows and are expected to increase in the future. So why not take advantage of this? Contact your mortgage broker, or a banker, to get yourself pre-approved. This will hold the current low interest rate for you for about 120 days, which means you have about 4 months to make your decision!

2.) It’s a Buyer’s Market! - Thankfully the madness of the boom seems to have ended in Edmonton! With a more stable market buyers are now able to take the time to think over their house purchase decisions! When you’re making your largest financial decision, I think that everyone could agree that having time to review their options makes for the soundest financial decision and brings piece of mind. There are lots of homes for sale on the market giving buyers ample time to peruse their choices and make an educated decision.

So what determines whether it's a buyer’s, seller’s or a balanced market? Why is it such a good time to buy? Well in order to be in an official Buyers market, there needs to be at least 6 months worth of properties on the market. In September there were 8607 residential properties on the market with 1187 sales, which means that there were approximately 7.25 months worth of properties. Currently, you have almost 8000 residential properties to choose from in the Edmonton & surrounding area.

Secondly, sales are low, which means for you that the odds of competition are pretty slim. It’s not impossible to run in to a multiple offer in this market, but for the most part you don’t have to worry about it. With this in mind, the sellers know that offers are few and far between and if they want to sell their home then they will have to be more negotiable and motivated to work with you. We can negotiate terms and conditions that are much more favourable to you to ensure you are making the right decision.

3.) Homes are on Sale! -  Taking into consideration the information above, property prices are likely to stay put or even decrease, at least in the short term. So, why not just wait it out? Buy when prices his bottom? Most people have the same mentality and what often ends up happening is that the market can very quickly go from a buyer's market to a seller's in a very short period of time. You likely won't even realise that it's changed until the prices have already increased and you've missed the bottom of the market.

Overall I cannot really give you any reasons not to buy when it comes to the current condition of the market. You have low interest rates, low property prices and a market that gives you time to think this through and negotiate terms that are favourable to you. When you are going to spend this much money, why wouldn’t you take advantage of the current real estate market situation? If you have any questions at all with regards to buying a home in Edmonton, Sherwood Park, or the surrounding area, don’t hesitate to contact me and I would be happy to help!