Warren Shouldice

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House prices continued to decline in July with the benchmark price of detached homes, attached homes, and condos falling slightly from the previous month. July saw a total of 1741 transactions in Calgary which was 12.6% lower than last year. This marks 20 consecutive months of year-over-year sales declines. One thing to keep in mind is that prior to this current downturn, sales activity was well above long-term averages.

Prices appear to be leveling off somewhat in the detached homes sector, this is not the case for condos and attached homes which continue to decline in price. Condos are experiencing the steepest declines, due in part to high inventory levels which are now in excess of six months, nearly a 60% increase from a year ago. Many buyers continue to expect prices to decline further and are searching for properties and writing offers accordingly. Conversely, homes that are selling are those in which sellers expectations are in line with the current market.

QUICK STATS:


  July 16 July 15 Y/Y % change
Detached      
Total sales 1108 1220 -9.18%
Inventory 2727 2752 -0.91%
Months of supply* 2.46 2.26 9.11%
Average DOM 43 days 37 days 16.22%
Benchmark price** $502,300 $520,000 -3.40%
       
Attached      
Total sales 379 447 -15.21%
Inventory 1404 1137 23.48%
Months of supply* 3.7 2.54 45.64%
Average DOM 50 days 44 days 13.42%
Benchmark price** $330,800 $347,000 -4.67%
       
Condo      
Total sales 254 324 -21.60%
Inventory 1554 1245 24.82%
Months of supply* 6.12 3.84 59.22%
Average DOM 57 days 47 days 19.54%
Benchmark price** $277,000 $296,500 -6.58%

 

* Months of supply: The ratio between inventory and sales which represents at the current pace of sales and how long it would take to clear existing inventory.

**Benchmark price: The monthly price of the typical home based on its attributes, providing the best measure of price trends.

 

 

Making a Small Room Seem Bigger to Buyers
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When you’re putting your property on the market, you want to make it seem as big and comfortable as possible. After all, buyers are attracted to space. However, you probably have at least one room in your home — and perhaps even more — that feels small and a little cramped.

Of course you don’t want the buyer’s first impression of the room to be its size. Since it isn’t practical to be knocking down walls and renovating, what should you do? Here are some ideas for making small spaces seem larger and more comfortable:

  • Remove any items and extra furniture that make the room feel smaller than it really is.
  • Remove any obstructions near the entranceway. You should be able to open the door fully and walk in without bumping into a desk or bookshelf.
  • Don’t use heavy curtains on the windows. Let the light in.
  • Use soft light bulbs with enough wattage to fill the room with full and pleasant (but not blinding) light.
  • Less is more. Keep knickknacks, pictures and other décor items to a minimum.
  • Keep the door fully open during viewings.
  • Make sure there’s enough space for two people to walk in and move around without bumping into each other.
  • Give the room a purpose. “This is the home office.” Or, “This is the comfy reading nook.” If a small room doesn’t have a reason for being, it will seem like wasted space.

Want more ideas for preparing your home so that it will sell quickly and for the best price? Call today.

 

Understanding the Costs of Selling a Home
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If you’re planning on moving, you’re probably focused on how much your new home is going to cost. However, it’s also a good idea to understand the real costs associated with selling your current property.

In fact, there are some costs and expenses you may not have anticipated. Here are a few examples:

Home inspection. You might think you’ll only need a home inspection for a home on which you’ve made an offer. However, it might also make sense to have a home inspection completed on your current property in order to identify potential issues that might get in the way of a sale. Buyers feel more confident when considering a home that has had a recent professional inspection.

Cancellation costs. There may be extra expenses associated with cancelling internet services, newspaper subscriptions, home security systems, and even lawn care services.

Repairs. You should budget to get any maintenance issues, such as a broken door handle, dealt with before your home goes on the market.

Staging. Tasks like getting rid of clutter, arranging for the carpets to be professionally cleaned, having the hedges trimmed, and doing other things to make the property look attractive to buyers all fall under the umbrella of “staging”. You can do much of this work yourself, or hire a professional.

Moving. It’s a good idea to budget for the costs of moving. Even if you’re using a friend’s truck and planning to do most of the packing and hauling yourself, there may still be costs, such as packaging materials, gas, and perhaps even pizza for your crew.

At the end of the day, these costs may turn out to be negligible when compared to the value of your property. As your REALTOR®, I can help you understand all the costs and help make the selling process go smoothly.

 

The Offer With Strings Attached
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You put your home up for sale. You work hard to make it look attractive to potential buyers. Then, you finally get an offer.

But there’s a catch. The offer comes with a string or two attached… a couple of “conditions”. Should you be worried?

First of all, don’t panic. It’s common for offers to come with a condition or two. Sometimes an offer is conditional upon the buyer securing appropriate financing, or your property passing a home inspection.

These types of conditions are usually dealt with in just a few days and then the offer becomes firm. (In other words, you’ve likely sold your house!)

However, there are some types of offers that can be worrisome. For example, a buyer may make an offer to buy your home “conditional” upon him selling his current home for a specific price. Of course, there is the concern that the buyer won’t sell his home. Then the deal will fall through and you’ll have to put your home back on the market.

As your REALTOR®, I can help you decide if a particular offer is worth accepting.

 

notable, quotable... quotes!

 

Always do right. This will gratify some people and astonish the rest.”

Mark Twain

 

“If your success is not on your own terms, if it looks good to the world but does not feel good in your heart, it is not success at all.”

Robert Allen

 

“Setting your own standards — and living up to them — is a better way to profit. Not to mention a better way to make your day worth all the effort you put into it.”

Seth Godin

 

Not intended to solicit buyers or sellers currently under contract.
©IXACT Contact Solutions Inc.

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