Thoughts On The Market
Year-End Check-In – Thoughts On The Market
As 2022 starts to draw to a close(already!), I thought it might be valuable for some of you if I shared my thoughts about where the Edmonton market is sitting now and where it’s going.
While it finally feels that we’re leaving the pandemic behind, there sure have been some bumps along the way! These last few years have been some of the strangest in my career, and that doesn’t seem to be going away anytime soon. As of November, the market is in a very interesting phase. Even with inflation seeming stubborn and interest rates ticking higher, we will have demand in our local market. Some forecasters, including BMO(Bank of Montreal), are predicting that the market is still undervalued by 5% or more, and that prices may actually rise in the near future even as overheated markets like Toronto or Vancouver continue to correct. You may see a big “thaw” in our local market come late winter/early spring!
Reading something like the above, it’s only human nature to start thinking about timing the market. My advice- just don’t! If you have your ducks in a row and you feel it’s time to buy or sell your home, I always recommend that you do it. Waiting on the sidelines may or may not get you a better price in the end.
In the long run, however, I haven’t met anyone who can predict the future. I don’t think that even the Bank of Canada could have predicted that in less than a year we would jump from historically low interest rates up to a normal level- with more hikes potentially on the way. When you are ready, it’s good to focus your energy and do everything possible to be successful. A lot of this comes down to working with a great Realtor.
It’s easy to identify a great agent. First and foremost, look for someone that is going to be out for your interests 110% and with whom you have good rapport. You should feel that your Realtor listens and understands what you’re looking to do. A great Realtor will point you in the right direction- even if you don’t initially see it.
If you’re interested in meeting with great Realtors; I’d love to put my experience to work for you.