5 Reasons Real Estate is Going Strong!

By Kathy Schmidt, Broker/Owner, Schmidt Realty Group Inc.

The real estate market in the Edmonton area is BRISK right now!  And talking to colleagues across the country it’s the same in many areas!  What’s driving all this activity?  There are many forces at play, but here are 5 key factors that are adding momentum to the market.

1. We’re all spending waaaaaaay more time at home.  Where we live has become more important than ever! It’s one thing to overlook a few things that are less than ideal about where you live when you’re only there part of the time. But when you’re working from home, learning at home, and connecting with friends and family from home over Zoom, those “little things” can really start to get on your nerves!  Maybe the kitchen has always felt too small, or the configuration of the living space suited you at one time but no longer does.
2. Some households are getting bigger! It’s not unusual today for two or more people working from home and often children at home all day doing school online.  Adult kids are sometimes moving home …perhaps they’ve lost their job due to Covid business closures and they can’t afford their own space.  Or perhaps they’d simply rather live as part of a family cohort rather than being on their own.  Older family members are also choosing to combine households with younger families to avoid being alone. There are many reasons why household size seems to be growing, and when they do, their need for more space grows too.
3. People need different kinds of space. With multiple family members on Zoom calls all day, the need for more private spaces and better soundproofing can prompt a move. Better to move house and save the family relationships 😉
4. Working from home means you can live anywhere! Perhaps you chose to live close to work to avoid an hour long commute twice a day. If you’re working from home now, and expect you’ll continue to work from home at least part of the time after covid, you may reconsider your location.  Living closer to family or closer to recreation areas you love may be something that makes more sense, now that you’re able to telecommute.  And for some, a desire to get out of the city is a reason to move these days.  Being in the country can feel safer for some than living in a more congested urban environment.
5. There are also financial factors at play. In addition to wonderfully low interest rates helping affordability, some buyers are coming to the table with larger down payments. Why? The temptation to eat out and restaurants, go to concerts and travel isn’t competing with their desire to save for a home.  Those savings in the entertainment budget are often going directly into the down payment, especially for first-time buyers.  For some fortunate buyers, this means they can get into the market sooner, or consider a more expensive purchase.  This is another positive factor creating momentum in the market.

So if you’re finding yourself cruising REALTOR.ca looking at homes, or checking out our latest listings at Schmidt Realty Group you’re in good company.  If you decide to take your search from URL to IRL just say the word! We’re here for you!