LATEST MARKET STATS

If you are thinking about getting into the real estate market this Spring, here are the latest stats from the REALTORs® Association of Edmonton.

Home prices rose slightly in March. Single family home prices lead the charge in pushing March's prices upward. But the market found some balance in April's prices.

The average single family home price dropped 3.5% in April, and the average price for a Condominium was down 1.3%. Duplexes and row houses were up 2.8% in April. The average single family home price in April was $402,270 while the average condominium price in April was $243,503. For a duplex or row house, the average price was $324, 975. Even with nearly 3.5% drop, prices in March shot up higher than most expected. Prices were still higher than April 2012.

So what do these stats say to the average seller or buyer? 1) Seller's are getting a price they can be happy with. 2) Buyer's are happy to see more balance with the market.

One final note, if you considering purchasing a new home this Spring and would like to know what the mortgage rates are as of May 10, 2013, here they are:

Banks: Range from 3.09% - 5.14% based on a 5-year term.

Trust Companies: 3.95% based on a 5-year term.

Other institutions: 2.84% -3.09% based on a 5-year term.

So if you are in the market for a new home, or looking to refinance your existing mortgage, then you will want to consider the option of hiring a mortgage broker rather than an individual lender or lending institution.

Mortgage brokers are financial professionals who match lenders and borrowers. They usually work with dozens of lenders as freelance agents and can match you with a lender than offers the best mortgage for your financial situation and personal needs. A mortgage broker is a one-stop mortgage option that can save you time, and most importantly, money.

To find out more about these market stats or about mortgage brokers, visit my website at www.valeriemcconville.com or give me a call at (780) 700-8638. I will happy to help you attain your goal of owning your own dream home.