Navigating the Edmonton real estate market as a newcomer to the city can be an exciting and rewarding process, but it can also feel overwhelming without the proper guidance. Edmonton, Alberta’s capital city, offers a diverse real estate landscape with over 370 neighbourhoods, many different property types, and changing market conditions. As a newcomer, it is essential to approach the market strategically and arm yourself with the necessary knowledge and resources. By establishing your budget, doing thorough research of your own, and hiring a real estate agent you trust, you can confidently navigate the Edmonton real estate market and find a house to call home that fits your lifestyle.
Determine your budget.
Every city is different regarding the real estate market and home prices. For example, real estate in Edmonton or Calgary is much different than in Vancouver or Toronto; the price of a house and what you get with that house here are vastly different than in the other cities mentioned. It’s important to clearly understand your home-buying budget before you begin looking at properties. Begin by assessing your savings, income, and expenses to determine how much you can comfortably allocate towards a down payment and monthly mortgage payments. Consider your credit score, debt obligations, and other financial commitments. Remember to account for additional homeownership costs, such as property taxes, insurance, utilities and maintenance expenses. Eventually, you will consult with a mortgage broker who will help you understand your borrowing capacity and get pre-approved for a mortgage, giving you a better idea of the price range you can afford. Once you establish a realistic budget, you can focus your attention on looking at real estate in Edmonton and finding your dream home.
Do your own research on neighbourhoods.
If you are a newcomer to Edmonton, odds are you aren’t familiar with the many neighbourhoods in the city, which is why researching the market is so important. Working with a REALTOR® is a great way to learn the most, but we will get to that later! If you haven’t hired an Edmonton real estate agent yet, doing some online neighbourhood research is an excellent place to start. Head over to REALTOR.ca and use the filter option to narrow down what you want and need in a home. Once you have found some viable options, do a Google search about the neighbourhood. Community profiles will tell you things like schools, transportation and amenities nearby, crime rates, future development plans, comparable home prices, etc. Real estate websites, newspapers, local blogs, and social media are great places to gather market and neighbourhood information in Edmonton.
Hire an Edmonton real estate agent.
A knowledgeable and experienced real estate agent can provide valuable guidance and expertise throughout the home-buying process. They have in-depth knowledge of real estate in Edmonton and the market trends, neighbourhoods, and property values, which can help you make informed decisions. Edmonton REALTORS® have access to a broader network of listings, and their negotiation skills and understanding of market conditions are invaluable in the buying process. Working with a real estate agent in Edmonton that you trust is paramount to your success in buying a home and your chances of finding the right property at the right price for you and your family.
Working with Realty Unleashed.
Realty Unleashed is an independent real estate brokerage operating out of Edmonton and Calgary. We are committed to helping our clients find a place they can call home, and we are happy to walk alongside you in the home-buying journey. If you are new to the city and are looking for an Edmonton real estate agent you can trust, we would love to hear from you. Please fill out the form below; someone from our team will get back to you soon!