Brenda Dubilowski ~ RE/MAX Excellence

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Edmonton Housing Forecast results for 2008

Hey guys, sorry for the delayed post. Well, we attended the seminar and it wasn't any bad news we heard. Basically in a nut shell what they predict is that 'as long as' the market balances itself out we should be seeing an increase overall of approx. 4%. Now this compared to last year what we were seeing 4% /MONTH! But hey, do we really need THAT again?? We can't be going in that direction forever in that kind of an aggressive manner.

Earthquakes and Aftershocks--I really liked the terminology by Ian Glassford when referring to our geographic location regarding the economic earthquake in the States. It is predictable that we will feel these small aftershocks in Alberta for the next 2 years, however, "Greater Edmonton is a world hub for the oil, gas and petrochemical industries. Supply and service industries drive the energy extraction engine while research develops new technologies and supports expanded value-added processing of Alberta's massive oil, gas and oilsands reserves." We are located in the perfect geographical spot.

"For the next 2 years, out of any place in the world, country, province...we are sitting in the perfect spot to watch the parade go by." Referring to the aftershocks.

As for the high inventory on the market, we should be able to still work these numbers this year as there are still a high number of employees expected to arrive in our city for jobs in 2008 with major projects starting up.

Edmonton is a strong economy and don't forget our global interest in our Petrochemicals, Oil and Gas. Our consumer confidence is also still high.

Greater Edmonton is a world hub for the oil, gas and petrochemical industries. Supply and service industries drive the energy extraction engine while research develops new technologies and supports expanded value-added processing of Alberta's massive oil, gas and oilsands reserves....

"Manufacturing opportunities in the region are virtually without limit. The demands of sectors including agri-food processing, petro-chemical processing, forestry, the life sciences, and nanotechnology all require specialized proprietary manufacturing to meet their goals." Quoted from http://www.edmonton.com/

What I have been seeing as a Realtor? For the past several months when showing properties with prospective buyers, you always sensed the strong urgency from many homeowners and their realtors to bring 'any offer' and we had many opportunities for deals. The past couple of weeks however, I have been noticing a change in the atmosphere, quite a few times, we have been forewarned NOT to write an offer unless we are writing close to 'list price' We are beginning to see that shift and feeling more consumer confidence in the market place and we aren't getting as many 'deals' as the buyers would call it. New Years was barely over and I was busier with calls from pre-qualified buyers to see properties, many of us were writing deals right through the holidays. So for sure there has been a shift now. We just aren't anticipating a huge one, we don't see the market going crazy like it did last spring. But we seem to be on the up n up again as we see more and more properties dropping off the market from being sold. At the end of the month it should be interesting however as there are already 100's of properties being listed again so soon. But like I said...we should be able to work through these numbers. Until now, I have been strongly encouraging my 'seller' clients to hold off, but now we are looking at getting their homes on the market over the next couple of months. I am not in the business to just list properties and get them sold even when my clients are losing money out of their pockets, I am honestly here for their best interests, if we could wait 4 months and just hold it out then that's what we are going to do if it means getting more money in THEIR pockets. I guess this may take the 'sales person' out of what I do, but I never want to be known as that. I am an agent and I am here to guide people along and advise them in a genuine way.

Attached, I have the 'Power Point' presentation that we referred to at the 2008 Housing Forecast' if you would like to view the graph if you are a numbers person.

Watch for my next post at the beginning of each month for Edmonton Real Estate Board results.

I invite your comments or questions.

Until next time,

Cheers!

Brenda

Published Wednesday, January 23, 2008 9:23 AM by Brenda Dubilowski

Filed under: Market Conditions, Technology, Industry, Buyer Information, Seller Information, Community Information, market, slow market, realtor, statistics, Brenda Dubilowski, houses, prices, 2008 Edmonton housing forecast, Alberta economy, homes, Home buyers, Edmonton, housing forecast, housing market, Edmonton Economy

Attachment(s): 2008HousingForecastSeminar-Speakers.pdf

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Comments

# re: Edmonton Housing Forecast results for 2008 @ Friday, March 28, 2008 12:27 PM

I know this market is fantastic for those who are selling and those who have more money coming out of their butts than they know what to do with, but what about us first time buyers? My wife and I are trying desperately to save for a home and we keep seeing prices going up and up. We wanted to buy next winter or early spring but now it seems like we will miss the boat again. We are both college educated but it seems that unless you are some rig pig pulling in 100k + your screwed in this city. We dont want a 40 year mortage so now we are thinking of moving. I just love how everyone who owns a home is laughing while the rest of us are either being forced into serious debt or forced to move out of the province we were born in. Its depressing.

Scott

# re: Edmonton Housing Forecast results for 2008 @ Friday, March 28, 2008 2:53 PM

Hey Scott! I appreciate your frustrations getting into a home; however, several years ago, nobody ever thought or imagined they would be able to afford $20,000 for a home. Who would have thunk!? We had to struggle as well BEFORE I was a Realtor to get into a home.....so we bought a mobile home as far away from the city as we could afford....but you know, now that we own and been in a couple of homes, we've built equity and yes, it does feel good when you get in and its smooth sailing from there on in. I don't like to think of real estate as a 'debt' as in comparison to buying a car and as soon as you drive it off the lot and the depreciation that happen compared to living hapily in your home while you build equity into it makes it a big difference.

However, like you expressed, its hard to get there when you don't have money coming out of the ying yang, etc. I really truly understand your grief and being peed at the world sometimes. I have a few clients in your position who are waiting and working real hard to get into a home.

In light of this, it is NEVER TOO LATE! I market is NOT GREAT 'seller's market' right now. Price have come down since last year and it is a buyer's market right now......way more homes available than buyers. The market is increasing in value over the next 2 years....but very slowly giving people like yourself a reason NOT to panic. There is lots to choose from and you HAVE TIME.

I would seriously consider 40 year mortgage (if you have to) only reason being.....you can always change it down the road! WHY NOT? My thoughts on those new 50...I even hear 100 year mortgages? Give me a break! Talk about gibing the gift that just keeps on giving.....to your kids, your grand kids! But 40 years? For now? Why not? YOU ARE INVESTING! It moeny in your pocket in your future. There is good debt....and there's bad debt.

Scott, as long as your credit is good, if a downpayment isn't an option for you.....there are loads of possibilities. You just have to find someone to consult with.

Have you ever checked into Morgtage Brokers? In my opinion, these mortgage specialists have not been exposed enough to the public. Seems no one knows who they are. The Mortgage Specialists deal with the same banks that you and I deal with except they go in 'the back door' and can most times get better rates than you or me and some of them can even get you in with no money down. It is worth checking out for you. Check it out on my website perhaps.

Hope you can work through this....the most important thing is....just get into 'something' it's not going to be your dream home....we ALL had to start somewhere and work our way up in to where we want to be. It is costing you more waiting.

Thanks for your feedback!