Across North America, the aging post war Baby Boomer generation has created a unique peak in a historically high number of folks retiring and moving on.
What does this mean in the Edmonton Real Estate Market? Opportunity. These Boomers are leaving long loved homes with many of the major systems windows, shingles, HVAC, and siding already updated. Theses homes have been owned free and clear of mortgages for years, are left in remarkable shape, and Sellers are able to set reasonable prices. For buyers, this means value.
Most people now-a-days trade up their home purchase in 3-5 years. By the time the mortgage, legal, sale, and moving expenses are factored in, price is set before ever looking at market conditions as the Seller cannot afford to sell for any less than they are able to pay off. Factor in a declining market prices it can be awfully tough to find a deal even in a saturated buyer’s market.
Estate Sales can be an opportunity. The Sellers of these homes can and often do price according to market value and can even price under for quick sale. The only draw back, many of these places, although the major systems are often upgraded, will need aesthetic modernization. Paint, trim, baseboards, doors, kitchens, and bathrooms. While clean and tidy, the time capsule could likely use the personal touch of a buyer. For the right buyer, the opportunity to create value, for a structurally sound home, purchased in the right area, modernized can create immediately value for a home owner. It is not uncommon for a rightly priced estate sale to sell in multiple offers immediately.
How to find one of these gems? Narrow down what and where you are looking and sit tight. Real Estate Agents are equipped with a handful of search tools that can send you these specific listings as they come on. Once a well priced homes hits the market, get in and take a look, be the first one through the door.