Every time I log on to the internet, I see some form of real estate statistics fill my news feed. Articles from the US, Toronto, Vancouver, and of course, lots and lots of Edmonton real estate statistics! As a home buyer, and especially a first time home buyer, it is important to know where these numbers come from and how they can benefit your home buying experience.
Real Estate Statistics & MLS Listings Information
The Realtors Association of Edmonton (RAE) are responsible for the collection and reporting of all real estate listings and sales in the Edmonton area that are placed through the MLS (Multi Listing Service) system. The MLS system has been historically the go to system that has been used for decades throughout Canada. All Edmonton listings go through the RAE to ensure that they are done properly, and the RAE keeps the data of those listings and organizes them so that Edmonton home buyers and sellers can get historical data as well as trends in the real estate market.
Real Estate Statistics and FSBO Properties
It should be important to note that the statistics you may see on the news or real estate blogs such as these DO NOT include properties that are sold by owner. Although that information is available on a property by property basis by searching Alberta Land Titles, there is no central depository that collects and/or analyzes the FSBO listings and sales statistics.
Top 5 Way Real Estate Statistics Are Used by Home Buyers
Sales statistics can be a vital tool when learning more about the areas of Edmonton you would like to buy your dream home. Here are my top 5 ways home buyers can benefit from Edmonton real estate statistics:
- The primary use of real estate statistics for home buyers is to be able to gauge whether or not a specific property they are interested in buying is worth less, equal to, or more than what the seller is asking.
- Using comparable listings and sales in the negotiation process can help a buyer become better informed as to what a home is worth in a certain area and bridge the gap in a negotiation.
- It is the most up to date way to see general trends in sales and listings data throughout the city and surrounding areas, which can be used as a measurement of economic health and investment potential.
- Home buyers are able to learn about when a specific property has been sold, how much it was sold for, and if a home has a history of multiple sales. Multiple sales in a short period of time may be an indicator that there may be issues with the property.
- Out of town buyers or newcomers to Edmonton can use the information to help learn more about the different areas of this quickly growing city to help them choose an area.
Having said all of this, real estate statistics can also hurt your home buying experience. I suggest you also check out my blog regarding this to protect yourself from making common mistakes that home buyers make when viewing Edmonton real estate statistics.
Home buying is an expensive proposition in Edmonton. Tools such as real estate sales statistics are a fantastic way to help ensure that the decision that you make is the right one!