Warren Shouldice

Cell: 403-461-8103 |

February Real Estate Update

Have you been wondering what your home would sell for in today’s market? Most homeowners ask themselves that question – especially if they’re thinking of making a move in the not-too-distant future. If you’re interested in knowing the potential selling price of your property, give me a call!

Market Update:

The housing market in our city continues to show signs of improvement, however this mainly has to do with a strengthening detached sector as the condo market in particular still faces both elevated inventory levels and months of supply. This is the same for the attached market, which also faces the same challenges although less pronounced. In the detached sector, both inventory levels and months of supply have seen a sharp decline from a year ago and are now in line with long term averages. In spite of this, the benchmark price is still down 1% from the same time last year. The attached and detached sectors have seen much steeper price declines with their benchmark prices down 2.91% and 5.14% respectively. Apart from the lower benchmark prices, nearly every other indicator of market strength has seen improvement from last year.

Quick Stats:

  Feb. 16 Feb. 17 Y/Y % change
Detached      
Total sales 693 825 19.05%
Inventory 2953 1990 -32.61%
Months of supply* 4.26 2.41 -43.39%
Average DOM 38 days 41 days 7.85%
Benchmark price** $507,000 $501,900 -1.01%
       
Attached      
Total sales 269 281 4.46%
Inventory 1340 1116 -16.72%
Months of supply* 4.98 3.97 -20.27%
Average DOM 50 days 51 days 1.48%
Benchmark price** $340,200 $330,300 -2.91%
       
Condo      
Total sales 168 236 40.48%
Inventory 1390 1387 -0.22%
Months of supply* 8.27 5.88 -28.97%
Average DOM 50 days 66 days 32.11%
Benchmark price** $283,800 $269,200 -5.14%

 

*Months of supply: The ratio between inventory and sales which represents 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.

 

How To Sell Your Home Super Fast
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If you put your home on the market, chances are you want it to sell quickly. However, there are certain circumstances in which sellers don’t just want their home to sell quickly, they actually need it to sell super fast. This may be due to a sudden relocation, the purchase of a new home with a tight closing date, or any number of other reasons.

Obviously, this can be a stressful situation. However, there are some practical things you can do to help your home sell super fast:

  • Find out the current market value of your property. This will guide you in your decision on the listing price.
  • Be reasonable about the listing price. You can sell quickly and still get a good price for your home. But, realistically, you won’t be able to hold out in the hopes of getting an “above market value” offer.
  • Be as flexible and accommodating as possible when it comes to scheduling viewings and open houses. If you’re going to restrict buyers to seeing your home on Saturdays from 3 to 5, then you’re going to reduce your chances of a quick sale.
  • Clean and declutter your home. This is the fastest way to dramatically improve how it shows.
  • Tend to the outside of your property. Cut the grass. Trim the hedges. Fix the creaking back gate. Do everything you can to increase your property’s curb appeal.
  • Apply fresh paint wherever possible. Painting is the quickest and least expensive “renovation” you can do. It can significantly improve the look of any area of your home.
  • Spread the news that your home is on the market and that you’re looking for a quick sale. Tell your friends, neighbours and co-workers.

 

What to View When Viewing a Home
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Shopping for a home is a little like shopping for a car. Unless you know what to look for, you risk being swayed by first impressions and buying something that does not truly meet your needs.

For example, you might fall in love with the recreation room — complete with a bar and a dartboard — and unconsciously overlook the fact that the home doesn’t have enough bedrooms to accommodate your growing family.

So when you’re viewing a potential new home, or checking out a property during a weekend “open house”, make sure the home meets your needs.

Here are some questions to ask yourself:

  • Is there enough room for my family, now and in the future? Remember, as kids grow so does the space they require!
  • Are there enough bedrooms, bathrooms, closets and storage space?
  • Is the yard big enough?
  • Will my furniture fit the space?
  • Do I like the neighbourhood? Always take a walk around and explore the area.
  • Does anything need to be repaired or replaced? If the seller won’t be taking care of such issues, repairs or replacements could add hundreds or even thousands of dollars to the true cost of buying the property.

Don’t be afraid to ask lots of questions when viewing a home. After all, it’s a major purchase. You want to get it right!

Need help finding homes to view that meet your requirements? Call today.

 

Buyers Will Love Your Storage Areas If...
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A potential buyer comes to view your home. She explores each room with interest. Then she opens the closet door in the master bedroom. Will she be impressed with the space and imagine her clothes adorning the racks and shelves?

That likely depends on how you use and manage that storage space.

Of course, her first reaction will be based on size. Short of doing a major renovation, there’s not much you can do about that.

However, there is plenty you can do to make the space seem bright and roomy. Your first step is to remove as much of the clutter as possible. If the closet doubles as storage for boxes and other items, for example, move those items elsewhere. (It might make sense for you to temporarily rent space at a local self-storage.)

Next, make sure the space isn’t over-filled. You don’t have to remove all your clothes, but consider removing enough to fully accentuate the roominess of the space and make it look neat and organized.

Finally, don’t forget about lighting. It also plays a key role. A dimly lit closet will make the space look unappealing. Use enough wattage to create a pleasant glow throughout the area.

Don’t forget to do the same things for all your other storage spaces too.

 

notable, quotable... quotes!

 

“If I look confused, it’s because I’m thinking.”

Samuel Goldwyn

 

“Everyone is a genius at least once a year.”

G. C. Lichtenberg

 

“I not only use all the brains I have, I use all the brains I can borrow.”

Calvin Coolidge

 

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Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.