The detached housing market continued to improve across all price points in April with the benchmark price edging up slightly from last month. However, prices still remain slightly lower (-0.6%) than this time last year. I would expect a year-over-year benchmark parity within the next few months.
Both the detached and attached sectors are experiencing higher total sales along with decreased inventory and months of supply, which are all positive signs as we enter the spring real estate market.
Unfortunately, condos continue to trend downward. Growth in new apartment listings continues to outpace sales. Oversupply in the apartment sector is placing further downward pressure on pricing. To date, apartment prices have contracted by nearly 12% from highs recorded in 2014.
Calgary's real estate market varies widely, depending on a number of factors including property type, price and location. For more information or to discuss an upcoming purchase or sale, don't hesitate to contact me!
Quick Stats:
Apr. 16
Apr. 17
Y/Y % change
Detached
Total sales
1136
1204
5.99%
Inventory
3138
2522
-19.63%
Months of supply*
2.76
2.09
-24.17%
Average DOM
44 days
32 days
-27.29%
Benchmark price**
$504,400
$504,100
-0.06%
Attached
Total sales
359
426
18.66%
Inventory
1530
1326
-13.33%
Months of supply*
4.26
3.11
-26.96%
Average DOM
48 days
52 days
7.75%
Benchmark price**
$334,600
$331,500
-0.93%
Apartment
Total sales
273
287
5.13%
Inventory
1583
1647
4.04%
Months of supply*
5.8
5.74
-1.03%
Average DOM
54 days
49 days
-8.49%
Benchmark price**
$281,100
$269,200
-4.23%
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 Much Can You Afford?
Why is it so important to know how much you can afford to spend on a home?
Two reasons.
First, you don’t want to buy a property and then find out, after you’ve moved in, that you can’t financially maintain it. That would mean having to resell it under stressful conditions.
Second, you don’t want to settle for a property that’s less than ideal, when you really could have afforded the "dream home" you’ve always wanted.
So how do you figure out how much you can afford to pay for your next home?
The first step is to gain a clearer understanding of how much your current home will likely sell for in today’s market. That amount, together with other financial resources you might have (such as savings), will determine your available down payment.
The next thing you’ll need to figure out is the maximum amount of mortgage for which you qualify.
Say, through the proceeds of the sale of your home combined with your savings, your expected down payment is $150,000. If the lender authorizes a mortgage of $375,000, then you can afford a $525,000 home.
Typically your lender determines your maximum mortgage based on, among other things, a percentage of your income, to ensure you can maintain the property.
It’s worth doing your own calculations too. Calculate your anticipated utilities, insurance, and property tax, and make sure you have some money set aside for unanticipated expenses.
Of course, you don’t need to spend as much as you qualify for on a new home. A home that meets your needs in terms of property type, features, and neighbourhood, may in fact cost you less.
One thing is for sure. As your Realtor, I can work with whatever amount you can afford and show you homes on the market that most closely meet your needs.
Is Your Home In “Move In” Condition?
When buyers view your home, they ask themselves whether they like it. Assuming that the answer is "yes", they try to determine how much work would be required before they could move in.
It’s not uncommon for a buyer to be interested in a property but be turned off by the perceived amount of work required. In fact, this can sometimes discourage a buyer from even making an offer.
That’s why ensuring your home is in as “move in” condition as possible is so advantageous. It will help sell your home faster and, often, for a better price.
So what does “move in” condition mean? It means that there are no repairs or maintenance issues that need to be addressed immediately. Buyers can be discouraged by seemingly minor issues, such as a loose closet shelf or a lightly dripping shower head. So it’s important to get those little repairs done before showing your home.
Buyers will also likely want to know the age of your furnace, water heater and other appliances, in order to anticipate when they will need to be repaired or replaced. If you have transferrable warranties for any of these items, be sure to let buyers know.
A fresh coat of paint is one of the best investments you can make in preparing your home for sale. More than any other repair or renovation, a coat of paint can make just about any room look almost new and move-in ready.
Buyers are sometimes worried about having to purchase new window coverings. If your window coverings will stay with the home, make that clear to buyers too.
Generally, the more you can do to make your home seem ready to move in, the better.
Want more tips on selling your home quickly and for the best price? Call today!
What Happens When You Make An Offer?
If you want to buy a new washing machine, you simply go into a retail store and pay the listed price. Pretty simple.
However, it doesn’t work quite that way when it comes to real estate. Although a home will usually have a “listed price”, you must make an “offer” for that property and then the seller must accept it. In fact, if there are other buyers interested in the property, you may not get the home even if you offer the listed price!
That’s why it’s so important to work with a good Realtor like me, who can provide information and experience to help you determine the right offer to submit.
Once you make an offer, if the seller accepts it, the home is yours. If the seller rejects your offer, it could be because they’ve accepted another buyer’s offer, feel your offer is too low, or have rejected one of your conditions.
Sometimes, the seller will come back with a counteroffer. If you accept it, congratulations, you’ve bought the property. If you don’t like the counteroffer, you can make a counter-counteroffer!
This back and forth negotiation can get a bit tricky, which is another reason to have a good Realtor like me by your side. Call today.
Notable, Quotable... Quotes!
“Every success is built on the ability to do better than good enough.”
Unknown“
Genius is the ability to put into effect what is in your mind.”
F. Scott Fitzgerald
“It’s not the mountain we conquer, but ourselves.”
Edmund Hillary
Not intended to solicit buyers or sellers currently under contract.
Here in Calgary, we're continuously dealing with an ever changing real estate market. I've been in this business for many years now, and I have a lot of knowledge and information at my fingertips. If you have questions about real estate, I encourage you to pick up the phone and give me a call. I'd be happy to provide you with any information you need.
For example, you might want to know what a particular property sold for in your area. I can help you with that. Or, you might be curious about the current market value of your home. I can help you with that too!
Please think of me as your personal real estate expert. Give me a call anytime!
Market Update:
The detached sector continues to drive the Calgary market. Supply is now less than two months and the market is firmly in balanced territory. Sales are still lagging behind long term averages but the lack of new listings has helped the benchmark price increase for the third straight month.
Conditions in the apartment sector are quite different as added inventory from new builds continues to saturate the market.
Year-over-year inventory levels dropped by 16% in March, this was driven by reductions of 25% and 17% in the detached and attached sectors respectively. Inventory of apartment style homes increased by 3% from last year.
Quick Stats:
Mar. 16
Mar. 17
Y/Y % change
Detached
Total sales
1005
1176
17.01%
Inventory
3093
2312
-25.25%
Months of supply*
3.08
1.97
-36.12%
Average DOM
41 days
38 days
7.46%
Benchmark price**
$505,300
$503,900
-0.28%
Attached
Total sales
328
428
30.49%
Inventory
1478
1227
-16.98%
Months of supply*
4.51
2.87
-36.38%
Average DOM
44 days
51 days
15.23%
Benchmark price**
$337,800
$330,000
-2.31%
Apartment
Total sales
257
302
17.51%
Inventory
1531
1575
2.87%
Months of supply*
5.96
5.22
-12.45%
Average DOM
48 days
57 days
17.93%
Benchmark price**
$282,000
$269,700
-4.36%
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 Much Is Your Home Worth?
If you are like most homeowners, you have probably often wondered what your home is currently worth.
You may want to know the value of your home just because you’re curious, or because you need to know the financial value of this important investment, or even because you’re thinking of making a move in the near future.
These are all good reasons. So how do you find out?
Well, a lot of homeowners simply guess. You might have heard a friend or neighbour say, “We bought this property for such and such five years ago. So I bet we could get such and such if we sold it today!”
Unfortunately, a guess is just a guess. It’s often wrong.
Other homeowners might find out what the “house around the corner” sold for last month, and base their estimate on that. While that’s actually a more accurate predictor of what your home is worth, you can still be off by tens of thousands of dollars.
The best way to find out what your home would sell for in today’s market is to calculate its Current Market Value. This is done by reviewing what similar homes in your area have sold for recently – usually within the last six months – and then, based on that data, and the unique characteristics of your home, determining the value of your property today.
Looking for help on how to calculate what your home is currently worth? Call today.
Should You Host During A Viewing?
You take pride in your home. So, when you put it up for sale, you want to show potential buyers all the great features that make your property so appealing.
But is playing host and guiding buyers through your home a good idea? Usually not.
When a potential buyer sees your property – either during a viewing or an open house – the buyer wants to feel free to look around, ponder each room, look at things with a critical eye, and ask candid questions of the Realtor. If you’re there, the buyer may not feel comfortable doing any of that. In addition, buyers want to envision themselves living in the house, but if you host the tour they are constantly reminded that it is your home. Consequently, they might not develop an interest in buying your property!
So playing host, no matter how good your intentions, will likely result in more lost selling opportunities than you will gain.
If possible, always make sure you’re out of the house during a showing. You can run an errand or take your family to the park.
Consider The Possibilities
You’re shopping for a new home. You visit a property that looks great from the outside, but when you go inside to explore the rooms, you’re disappointed. The kitchen is cluttered and “feels” small. The living room seems too wide. The master bedroom doesn’t look comfortable at all.
Should you strike this home off your list of possibilities?
Maybe. Maybe not. You see, there may be any number of reasons why a room doesn’t look appealing. Some of those reasons may have little to do with the size and configuration of the space.
For example, a bedroom might look tight and uncomfortable because there are two over-sized dressers taking up most of the space, making the room feel cluttered. Without them the room could be ideal.
The kitchen might seem small because the toaster, coffeemaker, spice rack and numerous other items are using up all the counter space. If you can imagine those gone, you might see how roomy the kitchen could feel.
So the next time you’re viewing a home, consider the possibilities for each room, not just how the room actually looks now.
Notable, quotable... quotes!
“Action is the real measure of intelligence.” Napoleon Hill
“Intelligence without ambition is a bird without wings.” Salvador Dali
“We can’t plan life. All we can do is be available for it.” Lauryn Hill
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
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
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...
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.”
Spring is just around the corner and that is traditionally the time of year when the housing market starts to heat up.
If you have any plans to move, or are just curious about what’s available on the market, now is a great time to inquire.
I’d be happy to help you with any information you want. Please give me a call anytime.
MARKET UPDATE:
For the fourth straight month, year over year inventory levels have declined across the Calgary market. This decreased supply has helped ease further price declines. While conditions have certainly improved over this time last year, 2016 was one of the weakest years on record so this relative improvement should be taken with a grain of salt. Additionally, while many factors have improved over last year (total sales, inventory, months of supply) benchmark prices still remain below levels recorded at this time last year. While certain areas of the market are expected to improve modestly in 2017, this transition will likely be a slow process.
QUICK STATS:
Jan. 16
Jan. 17
Y/Y % change
Detached
Total sales
466
584
25.32%
Inventory
2537
1849
-27.12%
Months of supply*
5.44
3.17
-41.84%
Average DOM
49 days
46 days
-6.19%
Benchmark price**
$510,700
$500,400
-2.02%
Attached
Total sales
170
212
24.71%
Inventory
1234
994
-19.45%
Months of supply*
7.26
4.69
-35.41%
Average DOM
48 days
62 days
27.76%
Benchmark price**
$342,900
$330,300
-3.67%
Condo
Total sales
129
151
17.05%
Inventory
1252
1269
1.36%
Months of supply*
9.71
8.4
-13.41%
Average DOM
59 days
68 days
14.85%
Benchmark price**
$284,000
$269,900
-4.96%
*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.
Making the Home Selling and Moving Process Easier
There’s no doubt that things change in a home when it’s put on the market. Those changes can cause stress for the entire family.
Fortunately, there are ways to reduce that stress considerably. With a little bit of planning, you can even make the home selling process a relatively pleasant experience for everyone.
The first step is to talk candidly with your family, especially kids, about their feelings and concerns regarding selling your home and moving. Their worries may include:
Losing connections with friends.
Finding a new job.
Starting a new school.
Disruptions in the home during viewings.
Work involved in preparing the home for sale.
Keeping the home clean and tidy for viewings.
The more you’re aware of how your family feels about the process, the better you can deal with those issues.
Keeping the home clean for viewings and open houses is usually one of the major stressors. It may feel like you’re tidying up for a special guest several times a week! A solution worth considering is hiring a maid service on a short-term basis. That help can save you a lot of time and stress, especially if you’re also searching for a new home.
During viewings, it’s best for you and your family to be out of the home. So, consider planning little adventures. You can visit a museum, eat at a restaurant you’ve been wanting to try for months, or take the gang to a recreation centre. These ideas will go a long way toward alleviating the sense of being “kicked out” of your own home!
Neighbourhood Open House
While shopping for a new home, you will likely view a lot of properties and may even attend a few open houses. That’s part of the process of finding your next dream home.
But there is another type of open house you should also attend. It’s one for which you need no invitation – the “neighbourhood open house.”
Of course, this isn’t an actual advertised open house. The term simply means that you’re able to view any neighbourhood you’d like to live in and try it on for size.
So when viewing a home or attending an open house, take some time to explore the neighbourhood. Get a sense of what it’s going to be like to live there. You can:
Take a walk around the block.
Visit the local park and playground.
Have a coffee at a local cafe.
Visit the local school.
Test access to commuting routes to work.
Check out daycare facilities.
Drive to the local shopping centre.
Investigate local features, such as theatres, restaurants and golf courses.
The neighbourhood you live in is just as important as the home itself. Before you buy, make sure you get to see your neighbourhood too.
Diffusing Disputes with Neighbours
Even if you live in a beautiful home in a great neighbourhood, a dispute with a neighbour can make living there a miserable experience. That’s why it makes sense to settle such disputes quickly and amicably.
How do you do that? Here are some tips:
Deal with the issue quickly. It’s tempting to avoid facing an unpleasant dispute with a neighbour and hope the problem just goes away. That rarely happens. To settle a dispute, you need to act quickly.
Avoid displays of anger. Acting angrily typically only gets the other party on the defensive. It can escalate the situation and rarely, if ever, leads to a resolution.
Isolate the problem. Never generalize a dispute with a neighbour. Be specific.
Don’t complain; propose. Rather than complaining about loud music at night, propose a solution. For example, “When our front lights have been turned off, that means we’ve gone to bed. Would it be possible to turn down the music at that time? Thanks!”
Say thanks when there’s a resolution. You may never be close friends, but being cordial will go a long way toward easing the tension.
notable, quotable... quotes!
“Congratulations. Today is the day. You’re off to great places. You're on your way!”
Dr. Seuss
“Don't mistake activity with achievement.”
John Wooden
“Doing the best in the moment puts you in the best place for the next moment.”
When most people think of the word “REALTOR®“, the image of a professional helping someone buy or sell a home comes to mind. Of course, that’s a big part of the job! But as your REALTOR®, I also consider it my job to help you enjoy your home between transactions.
How do I do that?
This informative newsletter is one way. Another is to invite you to give me a call when you have questions about the real estate market or want to know the current market value of your home.
If you need some work done around the property, I may also be able to recommend a good contractor from amongst the reputable home professionals I know.
Is there any other way I can be of service? Please let me know!
MARKET UPDATE:
The last month of the year is also the slowest month for real estate in our city. With the holidays as well as the onset of winter, many buyers often take a break from their search during the winter months. However, those that are actively looking are often quite motivated and also face less competition from other buyers.
Inventory levels fell across all segments from a year ago, on a monthly basis this helped keep the benchmark price stable in the detached and attached segments. However, the condominium market continues to face significant headwinds, mainly to do with elevated supply levels which currently sit at 7.59 months, well over twice that of the detached market.
QUICK STATS:
Dec. 16
Dec. 15
Y/Y % change
Detached
Total sales
571
533
7.13%
Inventory
1719
2132
-19.37%
Months of supply*
3.01
4
-24.74%
Average DOM
50 days
47 days
6.12%
Benchmark price**
$498,300
$514,000
-3.07%
Attached
Total sales
216
194
11.34%
Inventory
938
1088
-13.79%
Months of supply*
4.34
5.61
-22.57%
Average DOM
59 days
49 days
20.12%
Benchmark price**
$329,300
$343,400
-4.11%
Condo
Total sales
146
152
-3.95%
Inventory
1108
1120
-1.07%
Months of supply*
7.59
7.37
2.99%
Average DOM
71 days
56 days
25.11%
Benchmark price**
$269,200
$288,000
-6.53%
*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 it's attributes, providing the best measure of price trends.
Viewing Your Home From A Buyer’s Perspective
There is an old adage in marketing and sales: Before trying to sell something, you need to put yourself in the buyer’s shoes. When it’s time to sell your home, you’ll need to do the same thing. Imagine that you’re the potential buyer and then view your property from that perspective.
Start with what a buyer sees first, the outside of your property from the curb. Does your home look inviting and attractive? Are there ways you can improve the look of your home from this vantage point?
It may be as simple as trimming the hedges.
Then, walk into your home through the main entrance. What is your first impression? Does your home look clean, uncluttered, and appealing from the foyer? Is there anything you can do to improve the look?
Even a small change, such as moving a coat rack that is cluttering the space, can be a significant improvement.
Finally, tour the rest of your home. Most buyers viewing homes will visit the kitchen, the living room, and other rooms on the main floor and then check out the upstairs bedrooms. As you are pretending to be a potential buyer and looking around, what impression are you getting? What features do you especially like? What don’t you like? Are there any issues that concern you?
Don’t forget to view your garage and backyard too.
By doing this simple exercise, you’ll be able to see what changes and improvements will make your home show better.
Want more ideas on how to sell your home faster and for the best price? Call today.
Imagine The Home In Five Years
When you view properties listed on the market, you will see them as they look today. Yet, once you purchase a new home, you’ll likely plan on living there for years to come. Since homes and neighbourhoods change over time, it’s a good idea to imagine what the property and the surrounding area will be like over the years you plan to be there.
How do you do that?
To begin, take a close look at potential maintenance issues that may be coming up. Will the roof shingles need to be replaced in a couple of years? Is the furnace more than 15 years old? Will the bathrooms need to be renovated in four or five years?
Then, take a look around the neighbourhood. Find out what construction projects, road improvements, and other improvements are underway or will be happening soon. Are there plans for a new school nearby? Is there a major shopping centre due to be built down the street?
Also try to get a sense of the trends in the neighbourhood. Does it seem like it will be a nice place to live over the next few years? Do the homeowners take good care of their properties?
Understanding How Homes Are Priced
Whether you plan on putting your home on the market someday soon, or you’re just interested in how much your property is worth from an investment perspective, it makes sense to know how homes are priced.
When a home goes on the market, there is an overwhelmingly high probability that it will sell for somewhere close to its market value.
So if a three bedroom, detached home in a neighbourhood sold for X dollars, then you can expect a similar home down the street to sell for roughly the same price.
That’s why REALTORS® look closely at recent home sales in the area in order to advise clients on the best listing price.
Are there other factors that determine selling price? There are many. Home improvements, special features such as a large deck as well as the general attractiveness of your home, can all increase its value to potential buyers.
While some of these characteristics may help boost its selling price, others may simply help you sell your home more quickly.
notable, quotable... quotes!
“Success usually comes to those who are too busy to be looking for it.”
Henry David Thoreau
“There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle.”
Albert Einstein
“The good life is inspired by love and guided by knowledge.”
It’s hard to believe that 2016 has almost ended. I hope you’ve had a terrific year, and I wish you all the best for 2017!
Providing excellent service to my clients is very important to me. In fact, my business is built on repeat business and referrals from satisfied clients. That’s why I do my best to go the extra mile with the help and information I provide – whether it’s during a transaction or during the years in between transactions.
MARKET UPDATE:
After a busy October (due to CMHC's new mortgage rules taking effect), November's housing market returned to similar levels experienced over the past 18 months. In the detached sector, benchmark prices fell below the $500k mark for the first time since early 2014. Despite this, the detached market continues to outperform both condos and attached homes. This is largely due to the disparity in months of supply between housing segments.
The Alberta economy finally got some good news with the government's approval of two new pipelines this past week. Additionally, OPEC's decision to cut output also signals that the worst may be over for the energy sector. As the energy sector begins to show signs of recovery, hopefully so too will Calgary's real estate market!
QUICK STATS:
Nov. 16
Nov. 15
Y/Y % change
Detached
Total sales
777
798
-2.63%
Inventory
2322
2680
-13.36%
Months of supply*
2.99
3.36
-11.02%
Average DOM
45 days
43 days
5.18%
Benchmark price**
$498,300
$515,600
-3.36%
Attached
Total sales
255
269
-5.20%
Inventory
1223
1287
-4.97%
Months of supply*
4.8
4.78
0.24%
Average DOM
59 days
49 days
20.86%
Benchmark price**
$330,000
$345,300
-4.43%
Condo
Total sales
195
195
0.00%
Inventory
1430
1353
5.69%
Months of supply*
7.33
6.94
5.69%
Average DOM
58 days
50 days
16.02%
Benchmark price**
$271,300
$291,100
-6.80%
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 it's attributes, providing the best measure of price trends.
Where To Put It All
As you’re probably aware, one of the key steps to preparing your home for sale is to get rid of as much clutter as possible. You want to make every room look spacious and comfortable.
But what do you do with the pictures, boxes, clothing, tools, furniture and other stuff you need to take out of your home?
For items that you don’t want anymore, you have two options: dispose or donate. You can dispose of items at your local waste depot or recycling centre, (but be sure to call ahead to confirm which items they will accept.) Donations can be made to organizations like Goodwill and The Salvation Army. These organizations are interested in good furniture, clothing, appliances (that work), bikes and other toys (that don’t need repair), and tools.
For items you want to keep, consider renting space at a local self-storage facility. Most offer a variety of storage options from lockers to garages, and typically charge by the month. As for security, most self-storage facilities have fencing, gates that require a passcode, cameras and other security features. You can also lock your own unit.
One of the drawbacks of self-storage is that you have to move your stuff twice – first to the storage unit, and then to your new home. An alternative that’s becoming increasingly popular is a Mobile Storage Unit. The unit is placed in your driveway for a few days while you load it with the items you want stored. Then it’s picked up by the mobile storage company and taken to their warehouse. When you move, the company simply drops the unit off at your new home for unloading.
Why Bargain Hunting Is a Bad Idea
It seems like every month there is a new website offering deals on everything from electronics to travel. In fact, the “coupon industry” is booming.
This trend has conditioned people, more than ever before, to look for bargains and become determined to pay well below the market price for merchandise. There’s nothing wrong with that. We all want a deal!
But when it comes to shopping for a home, bargain hunting can be a bad idea.
First of all, the real estate market is competitive. The overwhelming majority of homes sell for a price that is at, or close, to their respective market values. Your chances of finding a property that is listed significantly below its market value is slim to none.
Secondly, if you become fixated on finding a bargain, you may not notice all the great properties on the market that are within your price range and meet your criteria.
In other words, you may inadvertently pass on what may, in fact, be your next dream home.
So, when shopping for a new home, focus on finding the right property at the right price, and not on finding a bargain.
S.M.A.R.T. Get Smart With Your Success Goals
At this time of year, people traditionally set goals for next year. Do you have something you want to achieve over the coming months? If so, then you’ll have a much better chance of reaching your goal if you make it “SMART”.
SMART is an acronym that refers to the five ingredients of a successful goal: specific, measurable, achievable, realistic, and time-bound. It is based on the work of famed management guru Peter Drucker, but the technique is equally applicable to personal goals.
Here’s how it works:
Let’s say your goal is to lose weight.
To make this goal SMART, you would need to make it specific – lose 7 pounds; measurable – track your weight every week; achievable – find a good program to follow; realistic – check with your doctor to make sure your weight loss goal is sensible, and time-bound – six weeks.
Studies prove that if your goal is SMART you’ll have a much better chance of achieving it. Good luck!
notable, quotable... quotes!
“If we did all the things we are capable of doing, we would literally astound ourselves.”
Thomas Edison
“Life is a combination lock, your job is to find the right numbers, in the right order, so you can have anything you want.”
Brian Tracy
“It’s time to start living the life you’ve imagined.”
For the first time in two years, sales activity in October resembled long term averages for our city. The 1644 sold properties marks a 16% increase over last year. While this is definitely a good sign, the increase in sales likely has something to do with the government's new mortgage rules which took effect on October 17th. It will take a few more months of data to determine whether or not this is the beginning of an upswing in the market or just a temporary shift.
Despite the good news, benchmark prices still edged down slightly in October. Since the beginning of the downturn, home prices have declined from a low of 3.8% in the detached sector to a high of 9.4% in the condominium sector. As always, prices, market trends and sales activity varies greatly based on location, property type and price. If you have any questions please don't hesitate to contact me!
Quick Stats:
Oct. 16
Oct. 15
Y/Y % change
Detached
Total sales
1031
872
18.23%
Inventory
2565
2921
-12.19%
Months of supply*
2.49
3.35
-25.73%
Average DOM
42 days
38 days
9.95%
Benchmark price**
$502,200
$518,800
-3.20%
Attached
Total sales
362
313
15.65%
Inventory
1320
1334
-1.05%
Months of supply*
3.65
4.26
-14.44%
Average DOM
49 days
41 days
20.64%
Benchmark price**
$329,600
$347,000
-5.01%
Condo
Total sales
251
237
5.91%
Inventory
1542
1366
12.88%
Months of supply*
6.14
5.76
6.59%
Average DOM
54 days
50 days
8.41%
Benchmark price**
$273,800
$292,300
-6.33%
*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 it's attributes, providing the best measure of price trends.
Getting a Taste of The Market
While you may not be seriously considering selling your home or looking for a new one, you might still be interested in what’s going on in the marketplace. After all, it’s nice to see “what’s out there” and find out more about some of the homes that are currently listed on the market.
There’s nothing wrong with that. In fact, it’s a good idea.
Keeping up with what’s going on in the local market, will help you make better decisions about your own home, especially if you anticipate selling within the next year or so.
Many people do this by reviewing listings online, ads in the real estate section of the local paper or dropping in on open houses. While these techniques are helpful, they don’t always give you the best picture of what’s really going on.
A better strategy is to talk to me. I will give you the best information about properties available and where the local market is headed.
As your REALTOR®, I can also satisfy your curiosity about how much particular homes have sold for in the area – which will give you a clearer idea of what your own home might get if it was listed today.
Speaking of price, I can provide you with a free assessment of your home’s current market value, which will give you an even clearer idea of what you’re likely to get.
Clearly, by working with me, you’ll have a source of advice and information that will help you make the best decision when the time comes to consider making a move.
Enhance Your Foyer Appeal
You’ve probably heard the term “curb appeal”. It refers to how your property looks when a potential buyer first sees it from the curb. Curb appeal plays an important role in the first impression a buyer gets of your home.
There is another type of appeal you should also be concerned about – “foyer appeal”. Foyer appeal is all about the impression a buyer gets when he or she first walks through your front door.
Think about it. What do you do when you enter a particular home for the first time? You probably take a quick look around while you’re removing your jacket or shoes. In fact, a lot of the impression you form about a home comes from the first look you get while standing in the foyer. Home buyers do the same thing.
So when preparing your home for sale, it makes sense to make your home look as attractive as possible from the perspective of the foyer. There are many ways you can do that. Make sure the area is clean and uncluttered. Don’t have shoes and boots lying around. Make sure there is nothing obvious and unsightly in the foyer.
Fair or not, buyers form lasting impressions from the foyer. So make sure that the first impression is a good one!
How to Decorate a Room on a Shoestring
It would be ideal if you could hire an interior designer and completely remodel your living room. But, let’s face it, that could be very expensive.
That doesn’t mean you can’t make your current room look a lot better. Here are some simple, low-cost decorating tips that will accomplish just that.
Put a covering over your worn sofa or chair. A simple throw blanket placed at an angle can make a dramatic difference.
Plants, real or artificial, make just about any room look better. Just don’t overdo it.
Don’t try to hide problem areas. Instead, accent them. For example, if the window sill is worn and aged, place a couple of antique-looking ornaments on it!
Re-do the walls. Move pictures around. Consider adding other wall decor, such as plates and mini-shelves.
Place your favourite hard-cover books around the room. Add illustrated books in the living room and cookbooks in the kitchen or dining room.
Lamps, especially interesting looking ones, can go a long way toward enhancing a room.
Don’t be afraid to experiment. Be daring. Sometimes just moving a picture or a piece of furniture can make all the difference.
notable, quotable... quotes!
“The best way to have a good idea is to have lots of ideas.”
Linus Pauling
“All that is necessary for evil to succeed is that good men do nothing.”
As you may know, I rely on repeat clients and referrals to build my business. That’s why I work so hard to provide the best possible service, information and advice. I want my clients to feel comfortable relying on me for their real estate needs, and recommending my services to their friends and colleagues.
So when you need advice or recommendations from someone who is well connected to Calgary's real estate market, give me a call!
Market update:
The real estate market in our city continues to be on the slow side with the total number of transactions this year (detached, attached, and condo) remaining below long term averages. The detached segment, which accounts for well over half of all real estate transactions, continues to outperform attached homes and condos. In particular, the resale condo market continues to struggle due to high inventory levels as well as increased competition from new builds. On a more positive note, the benchmark price for detached and attached homes increased from last month suggesting that the market may be stabilizing after nearly a year of losses.
Quick stats:
Aug. 16
Aug. 15
Y/Y % change
Detached
Total sales
945
906
4.30%
Inventory
1660
1768
-6.11%
Months of supply*
2.99
3.34
-10.65%
Average DOM
42 days
37 days
11.51%
Benchmark price**
$503,400
$520,500
-3.29%
Attached
Total sales
338
284
19.01%
Inventory
1403
1277
9.87%
Months of supply*
4.15
4.5
-7.69%
Average DOM
52 days
41 days
25.98%
Benchmark price**
$331,600
$348,300
-4.79%
Condo
Total sales
200
259
-22.78%
Inventory
1651
1293
27.69%
Months of supply*
8.26
4.99
65.36%
Average DOM
56 days
49 days
15.02%
Benchmark price**
$274,700
$294,600
-6.75%
Benchmark price** The monthly price of the typical home based on its attributes, providing the best measure of price trends.
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.
The Vocabulary of Selling a Home
As in any industry, there are terms and buzzwords that are unique to residential real estate. When you put your home on the market, you should know what those terms mean. Here are definitions for the most common ones:
Fair market value: This is an estimate of how much a specific home will sell for in today’s market, taking into account what similar properties in the area have sold for recently.
Seller’s Agent: That would be me, the REALTOR® who is helping you sell your property. I would also assist you in finding and buying your next home.
Buyer’s Agent: This is the REALTOR® who is representing the buyer of the property you want to sell.
Pre-approved Mortgage: This is a statement (often in the form of a certificate) from your bank or other lender that states that you qualify for a mortgage for a particular amount of money. A pre-approved mortgage adds credibility to any offer you make on a new home.
Staging: This is a strategy where a home is purposely prepared so that it appeals to potential buyers. Staging may involve cleaning, de-cluttering, rearranging furniture, redecorating, and more.
Survey: This is a document that defines the boundaries and measurements of your property and any structures on it.
Offer: This is an offer of purchase, in writing, for a particular property.
Conditional Offer: This is an offer to purchase, but with conditions – such as “conditional on a satisfactory home inspection” or “conditional on arranging suitable financing”.
Engaging the Other Senses
When preparing a home for sale, most homeowners focus on pleasing the eyes. In other words, they make their property “look” as attractive as possible. That is, of course, a very important thing to do! However, your home will be even more appealing to buyers if you also engage their other senses.
Take smells, for example. Ideally, you don’t want any smells at all in your home during a viewing. So be careful about odours that can linger after cooking. Use the fan. Do not use scented air fresheners or strong perfumes in washrooms prior to viewings. If you or another family member smokes, avoid having the smell come into the home.
As for sounds, soft, pleasing music is fine. Just be sure to choose a style that would be acceptable to all. Think elevator music! If a neighbour is creating a loud noise next door – jackhammering a patio foundation, for example — ask him or her to keep it down during showings. Most good neighbours will be happy to do so.
In general, anything you can do, even something minor, that will make your home more appealing to all the buyer’s senses is worth the effort.
Go Beyond Property Needs and Wants
When you shop for a new home, you’ll probably start by thinking about what you need in your next property. Your list might include a spacious kitchen; three bedrooms; and, a mature tree in the backyard.
Those are property features and, of course, they’re important. But finding your next dream home involves more than just property features. It also involves getting what you want from the surrounding area. After all, a home isn’t going to be enjoyable if commuting to work from your neighbourhood is long and agonizing. So when you shop for a new home, also think about:
Work. How will you get to work? Is public transit nearby?
School. Where will your kids go to school? Is transit or bus service available? Will your kids be able to walk to school?
Kids. Where will your kids play and hang out? Are there nearby playgrounds and parks?
Neighbours. Do the local homeowners seem like the kind of people you’d like as neighbours?
Shopping. Where will you do your weekly shopping?
Hobbies. How far will you be from golf, theatre, or other hobbies?
As your REALTOR®, I can help you answer these questions. Call me today.
notable, quotable... quotes!
“We make a living by what we get; we make a life by what we give.”
Sir Winston Churchill
“Always aim for achievement and forget about success.”
Helen Hayes
“It is best to disregard talk and judge only actions.”
This is a busy month in many households. Summer is over. The kids are back in school. It’s time to prepare for the change in seasons.
One thing that's not experiencing a whole lot of change is the real estate market in our city. Detached homes (-3.3% from last year) continue to outperform attached (-4.7%) and condos (-7.1%). The considerable difference between housing sectors can be directly attributed to inventory levels and months of supply which are quite different between the three.
Now more than ever, it's very important that both buyers and sellers pay close attention to the data in their particular market segment. Should you have any questions or wish to discuss an upcoming purchase or sale please let me know.
QUICK STATS
*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.
What Buyers Notice Most When Viewing a Home
Do you remember the last time you viewed a home for sale? What do you recall about that property? You likely remember the features and characteristics that stood out, such as the gorgeous hardwood floors, the spacious kitchen with the long island, or... the faucet that was dripping in the main floor washroom!
Obviously, you want potential buyers to notice the great features of your home rather than those things that are less appealing. So, when preparing your home for sale, pay particular attention to what a buyer is likely to notice and remember.
Say, for example, you have a small unused bedroom that has become the unofficial storage room. If something doesn’t go anywhere else, it gets put in that room! Now it’s a cluttered space.
What will buyers remember about that room after a viewing? Will they see the potential for a home office or comfy reading room? Most likely, they will just remember a small, cluttered, potentially unusable space.
Buyers will also notice a dripping faucet, a scuff in the wall, or the lingering odour of spicy cooking in the kitchen. They will remember all the things that stand out, regardless of whether they are positive or negative.
So, when you list your property, make sure that what stands out for potential buyers are the desirable features of your property.
If you have a wonderful sitting room with large windows and a great view, make sure that space is clean and comfortable. You may even want to “stage” it a little, perhaps with some fresh flowers and a good book sitting on the end table.
As your REALTOR®, I can help you determine the most marketable features of your property and how to ensure buyers notice – and remember – them. Call me today.
Make a “Great Things” List
What’s great about your home? Is it the spacious foyer and generous main floor closet space? Is it the beautiful washroom? Is it the playground that is only a short walking distance away?
Although some properties may look similar at first glance, every home is unique – with features and characteristics that make it special.
If you’re considering putting your home on the market, make a list of all the great things about your property that potential buyers will want to know.
Start by thinking about what you think are the desirable features of your home. Write down what you really love about the house and the surrounding area.
Next, think about what friends and other visitors to your home think is great about it. Have you ever heard anyone say something like, “I really love your kitchen!” or, “This is such a quiet street”? Those are indications that potential buyers will like those features and characteristics too.
Finally, talk to me. I can help you determine all the great things about your home and area, and how to market them.
Can You Afford the Home You Want?
Can you afford to purchase the home you really want? Here are some things to consider:.
What kind of home do you want? What kind of neighbourhood do you want to live in? What features and characteristics do you need in a home? (Three bedrooms? A large livingroom for entertaining? A backyard big enough for a garden?)
What homes currently on the market match that criteria? Are there some properties for sale that are close to what you’re looking for? What are their listing prices? How much, realistically, will it cost to buy one of those homes?
How much, realistically, can you expect to get for the sale of your current property?
How much of a mortgage will you need? How does that compare to the mortgage you qualify for?
What additional costs will you incur in selling your current property and purchasing your new home? (For example, moving, home inspection, repairs and renovations, closing costs, etc.)
Chances are, there’s a home on the market that you can afford – and is right for you. Call me today to discuss.
notable, quotable... quotes!
“It is our choices that show what we truly are, far more than our abilities.”
J. K. Rowling
“Your own resolution to succeed is more important than any other thing.”
Abraham Lincoln
“People always call it luck when you’ve acted more sensibly than they have.”
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
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
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
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.”
June prices continued to decline slightly across most areas of the market, with detached and attached homes faring much better than condos. In fact, the detached benchmark price in June was $502,400, a 0.4% improvement from May. That put an end to eight consecutive months of losses, however the benchmark price still remains 3.4% lower than last year. Overall, sales activity for 2016 has remained well below the 10-year average for our city. Fortunately, the number of new listings is also down which has helped prevent further inventory gains. As always, market conditions vary significantly based on property type, location, and price.
QUICK STATS
June 16
June 15
Y/Y % change
Detached
Total sales
1282
1331
-3.68%
Average DOM
41 days
37 days
12.15%
Benchmark price*
$502,400
$520,200
-3.42%
Attached
Total sales
435
452
-3.76%
Average DOM
49 days
44 days
12.49%
Benchmark price*
$331,100
$348,200
-4.91%
Condo
Total sales
311
399
-22.06%
Average DOM
59 days
48 days
24.09%
Benchmark price*
$278,200
$295,600
-5.89%
*Benchmark price: The monthly price of the typical home based on its attributes, providing the best measure of price trends.
How To Tell if a Neighbourhood is Improving
When you’re looking for a new home, you want to find one in a great neighbourhood – or, at least, in a neighbourhood that is on the upswing. How can you tell if a particular area is improving? Here are some common indicators:
Pride of ownership. Take a walk around the neighbourhood. Do you get a sense that people take good care of their homes? Are the lawns mowed? Is the landscaping trimmed? Are flowers planted? Homeowners are more likely to look after their properties when they like where they are living.
Home improvements. Are people investing in their homes? Are they getting their driveways re-done? Their windows replaced? Are there signs of home improvement projects? If so, this is a clear indication that homeowners like the area enough to invest in their properties.
Real estate sales activity. Do homes tend to sell quickly in the area? Do they sell for a good price? If so, the neighbourhood is probably in demand. If people want to live there, it's a desirable area.
Business investment. Are businesses investing in the surrounding area? Is there an increase in the number of upscale shops, health clubs, restaurants, and other commercial enterprises that often locate near desirable neighbourhoods?
Community involvement. Are there signs that the community plays an active role in the look and lifestyle of the neighbourhood? Are there neighbourhood picnics, yard sales and other get-togethers? Check Facebook to see if the neighbourhood has a community page.
City plans. Find out what plans the city has for the area. Will there be road improvements done in the near future? Are there any major construction projects on the schedule, such as a new school or community centre? Although such projects can be disruptive in the short term, they may improve the neighbourhood – and, as a result, boost the value of any home you buy – in the long-term.
If you need help finding this information, call today.
Painting to Sell
A fresh coat of paint is the fastest and most inexpensive way to make your property more attractive to buyers. It can make just about any room look stylish and new.
The challenge is determining what paint colours and options you should choose out of the hundreds available. Should you be daring and select “designer” colours? Should you consider stippling, ragging and other effects?
Experts say to keep it simple. Stick to just two or three traditional colours for your entire home. The simple consistent tones will make your property appealing to the tastes of more buyers.
Home Safety is More than Locked Doors and Alarms
When it comes to home security, most homeowners think about door locks and alarms. These are, of course, very important. However, there is also a lot you can do around your property to prevent the possibility of a break-in.
One important part of home security is outdoor lighting. Your home doesn't need to be lit up like a baseball diamond at night, but your exterior lighting should illuminate your yard enough to be a deterrent to burglars.
Some burglars hide around the property and wait for someone to arrive and open the door so they can use that opportunity to force their way into your home.
Security experts suggest that you walk around your property and look for areas where someone could hide, such as behind tall shrubbery or behind a tool shed. Make sure these areas are well lit.
Pay particular attention to lighting around exterior doors, especially the back door.
Experts also recommend that exterior lighting be installed with a timed dimmer. The lights can then be set to cast a bright light in the early evening, and then a dimmer light throughout the rest of the night.
Lights installed with motion detectors can also be effective in certain areas. The sensors will cause the light to turn on or brighten when someone comes onto that part of your property. Generally, thieves will flee as soon as they see a light turn on.
Do you hide a spare key under the front door mat or in a flower pot? You may think you have found a clever spot, but experienced thieves know all the common hiding places. So, if you need to have a spare key available, put it in a small combination lock box and hide the box. Even if a burglar finds the box, he won't be able to open it and access the key.
notable, quotable... quotes!
“Imagination is everything. It is the preview of life’s coming attractions.”
Albert Einstein
“Everything you want is just outside your comfort zone.”
Robert Allen
“The secrets of getting ahead is getting started.”
In case you haven’t already noticed, there has been a little more action in the real estate market lately. This activity is common during the spring and summer months. After all, summer is an ideal time to make a move! While the total number of sales is on the rise, so too are new listings. This continues to add to the city’s inventory levels, which are currently at 6148 units, an increase of 14% over the same time last year. The increased inventory, along with weakness in the labour market, has continued to put downward pressure on prices. As always, market trends vary significantly based on price, location and property type. If you have any questions about what’s going on in the real estate market please give me a call, I’d be glad to help.
Quick Stats:
May 16
May 15
Y/Y % change
Detached
Total sales
1217
1362
-10.56%
Average DOM
39 days
38 days
3.71%
Benchmark price*
$500,500
$518,000
-3.38%
Attached
Total sales
431
465
-7.31%
Average DOM
46 days
43 days
7.72%
Benchmark price*
$332,100
$347,100
-4.32%
Condo
Total sales
275
359
-23.40%
Average DOM
49 days
48 days
0.98%
Benchmark price*
$278,500
$295,000
-5.59%
*Benchmark price: The monthly price of the typical home based on its attributes, providing the best measure of price trends.
Home Inspectors Help More Than You May Think
If you’re thinking of buying a particular home, you’re probably aware that you should get a qualified home inspector to examine it. In fact, most offers will include a condition that the property be inspected before the sale becomes final.
A good home inspector will go over the property from top to bottom, inside and out. He or she will look for things like cracks in the foundation, out-dated wiring, repairs that need to be done, and aging components (such as the roof and furnace). The inspector will also provide a timeline for the replacement of any of the major components including HVAC windows, roof, etc.
Basically, a home inspector helps you understand the condition of the home and the related expenses you should expect.
But it can also be very beneficial for a seller to hire a home inspector. Getting your current home inspected before you list it for sale can help sell your property faster and for the best price.
Say you put your home on the market. You get an offer. That offer is conditional on a home inspection. What if the inspector uncovers a major issue, like a leak you weren’t aware of, or some problem with the wiring? The buyer could potentially walk away from the deal.
If, however, you got your home inspected first, you would know about those issues in advance and could deal with them appropriately.
So a good home inspector can be more valuable than you think!
Give Your Outdoor Space a Wash & Haircut
When preparing a home for sale, most people focus on making the inside look as appealing as possible. But the outside of your property deserves your attention too. After all, it’s the first thing a potential buyer sees.
You can dramatically improve the appearance of your property by giving it a “wash and haircut”!
Clean the driveway, walkways and deck or patio. A pressure washer — which can be rented from most home improvement centres — works best, although you can do nearly as good a job with a water hose and walkway cleaner.
Trim hedges and shrubs. Mow the lawn. Pull any weeds out of flower beds.
These small measures will help you make the best first impression on buyers.
Creating a Realistic New Home Budget
You’re probably aware that there’s more to the cost of a new home than its purchase price. So to help you make an informed decision, ask yourself the following questions:
How much do you expect to pay for moving expenses? Don’t forget to include packing materials in your calculations.
“Closing costs” are the extra charges you will have to pay at closing. How much do you expect your closing costs to be?
Estimate how much you’ll pay for activating your phone, internet service, cable television, and other utilities at your new home. These little costs can add up.
Will your new property require painting, repairs, and other preparations once you move in? How much will they likely cost?
Will you need to purchase new furnishings, decor, and other items for your new home? What’s your budget for those items?
The more aware you are of the true costs of a home you’re interested in buying, the better choices you’ll be able to make about that home. If you decide to buy, you’ll be able to do so with much more confidence.
notable, quotable... quotes!
“Not everything that is faced can be changed, but nothing can be changed until it is faced.”
James Baldwin
“Worrying is like a rocking chair: it gives you something to do, but it doesn't get you anywhere.”
Whether you’re serious about making a move or just casually looking around, shopping for a new home can be a little like being a kid in a candy store — except your “candy” may be a new dream home!
While it can be exciting, the process can also be stressful. Once you see something you like, you suddenly have to evaluate the property and make a quick decision.
That’s where I can help. Call me if you have any questions about a property you see available on the market. I’d be happy to provide you with all the information and guidance you need!
APRIL SUMMARY:
Much like in March, year over year sales declined in April while new listings increased across all sectors. This marks the 7th consecutive month of price declines in Calgary. Since the beginning of the decline, benchmark prices on condos are down 7.6% while attached and detached homes are down 5.9% and 4.1%, respectively. Please keep in mind these numbers vary significantly based on location and price point. If you have any questions or wish to discuss further please don't hesitate to contact me!
QUICK STATS:
Apr. 16
Apr. 15
Y/Y % change
Detached
Total sales
1134
1150
-1.39%
Average DOM
44 days
38 days
14.26%
Benchmark price*
$501,500
$517,100
-3.02%
Attached
Total sales
358
461
-22.34%
Average DOM
48 days
40 days
18.51%
Benchmark price*
$333,300
$347,000
-3.95%
Condo
Total sales
272
352
-22.73%
Average DOM
54 days
45 days
18.68%
Benchmark price*
$280,400
$293,300
-4.40%
*Benchmark price: The monthly price of the typical home based on it's attributes, providing the best measure of price trends.
Does Your Home Still Match Your Lifestyle?
When you purchased your current home, chances are it was a good match for your lifestyle. It had the space you needed, the features you wanted, and a location that worked for you.
But for most people, lifestyle and needs evolve through the years. Kids get older. Jobs or careers change. People take on new hobbies and other interests.
As a result, the home that was ideal a few years ago may not fit with your current lifestyle.
That doesn’t necessarily mean you need to shop for a new home! However, it may mean that it’s worth taking a look at the market and seeing what’s possible.
Think about the kind of home that would support your lifestyle today. Ask questions like:
How many bedrooms do we need?
How easy is it to travel to work each day?
What special features do we want in our home? (Big backyard? Rec room? Quiet neighbourhood?)
What do we want nearby? (School? Playground? Walking and biking trails? Shopping? Entertainment? Golf?)
What else does our home need in order to support our lifestyle?
After asking yourself some of these key questions, ask other family members for their opinions too.
You may, in fact, find that the property you have now is still ideal for your lifestyle.
If, however, your home is no longer a good fit, you have options. You can stay in your current home despite it no longer being ideal, you can make some changes (a renovation, perhaps), or you can see what’s available in the housing market.
If you need help with any of these options, call today.
Drive the Neighbourhood
Finding the right home involves more than just finding the right property. The location plays an important role as well. The last thing you want is to be dazzled into buying what looks like a dream home, only to discover later on that the location makes it inconvenient to get to work, school and other activities.
So when you see a property you like, take a drive around the area. Drive to the local school your kids will be attending. Drive to the highway you take to work. Drive to activities you and your family enjoy, such as golf, movies, and swimming.
By spending some time exploring the area by car, you’ll get a feel for what life is going to be like once you live there.
Putting a Price on Memories
You visit a garage sale on a sunnySaturday morning and find a bicycle that you think would be perfect for your child. You look at the price tag and it’s about twice as much as you would expect to pay. When you question the owner, he says, “That bike has a lot of sentimental value for me. I couldn’t let it go for less.”
Chances are, you’ll pass on the bike. The owner sees the bike and happily remembers teaching his daughter to ride it. What you see is just a bike! You can’t buy someone else’s memories.
This scenario sometimes plays itself out in real estate. A homeowner has fond memories of his home. He may have renovated the den himself and is proud of his work. He may delight in memories of family BBQs on the deck.
That doesn’t mean the house will sell for more than its market value.
So when you put your property on the market, make sure emotions don’t get in the way of pricing it properly.
Fortunately, memories will stay with you, even without your house. You’ll be able to happily take them along to your next home.
notable, quotable... quotes!
“Do your own thinking. Be the chess player. Not the chess piece.”
Ralph Charell
“Never mistake knowledge for wisdom. One helps you make a living; the other helps you make a life.”
Sandara Carey
“Nothing in life is to be feared. It is only to be understood.”
While I personally experienced a very busy March, this wasn't indicative of the current market in our city. March home sales in Calgary totaled 1,588 units which was 28% lower than long-term averages for the month. With fewer sales, inventory levels continued to rise across most price points which has pushed prices down further. The benchmark price across all sectors fell 0.49% from February and 3.51% from the same time last year.
QUICK STATS:
Mar. 16
Mar. 15
Y/Y % change
Detached
Total sales
1005
1079
-6.86%
Average DOM
41 days
37 days
10.73%
Benchmark price*
$502,400
$519,500
-3.29%
Attached
Total sales
326
396
-17.68%
Average DOM
44 days
39 days
11.83%
Benchmark price*
$336,500
$348,200
-3.36%
Condo
Total sales
257
302
-14.90%
Average DOM
48 days
43 days
10.38%
Benchmark price*
$281,300
$295,900
-4.93%
*Benchmark price: The monthly price of the typical home based on it's attributes, providing the best measure of price trends.
Take the Personality Out of Your Home
Does your home have a lot of personality?
There’s nothing wrong with that.
In fact, you may have pictures on the fireplace mantle showcasing happy family memories over the years… or trophies and other awards in the kids’ bedrooms that represent achievements that make you proud… or a fridge door covered with notes, a calendar and other items that make it a de facto family bulletin board!
These are all things that help make a house truly a place to call “home”.
But when it comes time to sell, all that personality can work against you. When buyers view your property, they want to visualize themselves living there, not you and your family.
Have you ever noticed how model homes are often furnished and decorated? All the rooms look beautiful and enticing. They draw you in. Why? Because, although all the rooms in the model home look great, they’re also impersonal. There’s no uncomfortable sense that you’re in a stranger’s home. You can easily see yourself living there.
That’s exactly what you should strive for when preparing your house for sale.
You can’t get rid of every personal item. That would be impractical. But there’s a lot you can do to depersonalize your home. For example, you can:
Take down family pictures
Clear items from the fridge door
Store trophies in a box
Remove personal knick knacks and similar items
Keep only general titles on a bookshelf and store the rest.
The more easily buyers can see themselves living in your home, the more likely they are to become interested in it and make an offer.
Want more ideas for making your property look even more appealing to potential buyers? Call today.
Making Sure You Get What You Need
When you’re shopping for a new home, it’s a good idea to create a checklist of what you want and what you need. It keeps you on track to ultimately find the property that best fits your requirements — and those of your family.
However, there’s a big difference between want and need that is important to understand when house hunting. A ‘need’ refers to a feature that is an absolute must in a new home. A ‘want’, by contrast, is a ‘nice-to-have’.
Some home buyers make the mistake of choosing a ‘want’ at the expense of a ‘need’.
For example, say you ‘need’ four bedrooms in your new home but ‘want’ a golf course located nearby. It can be tempting to fall in love with a property that has a beautiful golf green just a couple of blocks away, even if it has only three bedrooms. You may find yourself signing the offer while dreaming of Saturday morning tee-offs, only to awake to the realization months later that the lack of an extra bedroom has become a serious inconvenience to you and your family.
Of course it is possible to get most, if not all, of what you need and want in a new home. But if it comes down to a choice, it’s usually a good idea not to sacrifice something you really need in order to get something you want.
So when you’re making your house hunting checklist, be clear about what is a need-to-have and what is a nice-to-have.
Don’t forget that some features you want — like a wrap-around backyard deck, for example — can potentially be added to your new home later. Want more tips for getting what you need and want in a new home? Call today.
Home Selling Advice from Hoteliers
When a hotel wants to make a room look inviting, they start with the bathroom. They clean it until it sparkles. They place fresh towels everywhere. They make sure the soap bars and shampoos are new. Some hotels even fold the end of the toilet paper into a nice neat triangle!
Why all the fuss?
Hoteliers know that if a customer is impressed with the bathroom, they will likely feel the same way about the rest of the property.
Something to think about when selling your house.
notable, quotable... quotes!
“The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it.”
Michelangelo
“Learning is a treasure that will follow its owner everywhere.”
Chinese Proverb
“I’m a great believer in luck. And the harder I work, the more I have it.”
As expected, real estate activity for Calgary remained relatively slow in February with the total number of sold listings at 1,127 units. While this was only 6.63% lower than last year, it was a whopping 37% lower than the long-term averages for the month. With fewer properties selling, inventory levels have continued to rise which has contributed to modest price declines across all sectors. It should be noted that the market varies significantly based on a number of factors including price, location and property type. Should you wish to discuss further or have any questions please don't hesitate to contact me!
Quick stats:
Feb. 16
Feb. 15
Y/Y % change
Detached
Total sales
691
740
-6.62%
Average DOM
38 days
34 days
13.08%
Benchmark price*
$504,400
$521,000
-3.19%
Attached
Total sales
268
251
6.77%
Average DOM
50 days
34 days
48.95%
Benchmark price*
$338,900
$348,500
-2.75%
Condo
Total sales
168
216
-22.22%
Average DOM
50 days
40 days
26.07%
Benchmark price*
$283,600
$299,300
-5.25%
*Benchmark price: The monthly price of the typical home based on it's attributes, providing the best measure of price trends.
Warren Shouldice
Thinking of Moving? Two Things You Need to Know
If you're thinking of making a move within the next few months, there are two important things you need to know.
The first is the market value of your current property. That's the amount your home will likely sell for in today's market. When you know its market value, you'll have a better idea of how much money will be available to invest in a new home.
The second is an overview of what's available on the market. Which of the homes currently available for sale meet your criteria with respect to the type of home, its special features (such as a big kitchen or pool), the neighbourhood, etc? How much are these homes selling for?
With those two pieces of information, you'll be able to make a better decision.
Making the Right Offer
You’ve shopped around and attended a few select viewings. Now you’ve found the home of your dreams. It’s yours – as long as you make the right offer!
So how do you make the right offer? That’s a very important question to consider.
If your offer is too low, you risk the seller turning you down. You may not get a chance to make a second offer, especially if there are already multiple offers for the property.
If your offer is too high, you’ll leave thousands of dollars on the table... money that could have been used for other important things, like renovations or a family vacation.
So before deciding how much to offer for a home you want, we need to talk.
We will discuss what goes into a good offer and other ways to strengthen your offer, such as getting a pre-approved mortgage certificate.
Hiring the Right Moving Company
How do you select the best moving company for your needs?
Ask for recommendations.
Beware of fly-by-night operations. They may seem like a bargain, but you get what you pay for.
Request a written estimate and contract. (Beware of movers that just give you a price over the phone.)
Confirm they are covered by insurance, and clarify their policy regarding lost or broken items. Make sure you receive a copy of their insurance certificate.
Finally, always ask what circumstances would result in extra charges being applied. The number one complaint received about movers by the Better Business Bureau is unexpected extra charges.
Questions about moving? Call today.
notable, quotable... quotes!
“The road to someday leads to the town of nowhere.”
Tony Robbins
“Learn to listen. Opportunity could be knocking at your door very softly!”
Frank Tyger
“Nothing great was ever achieved without enthusiasm.”
Ralph Waldo Emerson
Not intended to solicit buyers or sellers currently under contract.
When you’re involved in real estate, the focus is always on the future. So, even though it feels like things are moving slowly during this part of year – it's the perfect time to look ahead to the spring.
The Calgary Real Estate Board (CREB) released their yearly market forecast in January and to nobody's surprise it's expected to be another slow year in our city. The following exert is taken from CREB's report.
"With no economic change on the horizon, demand for housing in Calgary will be weak in 2016, as sales activity is expected to fall by 2.2 per cent to 18,416 units. The annualized benchmark price is expected to decline by 3.44 per cent to $438,652.Weak demand and supply gains are expected in 2016, adding to an already elevated level of inventory. In this situation, the markets ability to effectively absorb more inventory will be limited, resulting in some downward price pressure across all housing sectors."
If you would like discuss an upcoming purchase or sale, or simply have a real estate related question, please give me a call. After all, the spring market's just around the corner!
Quick stats:
Jan. 16
Jan. 15
Y/Y % change
Detached
Total sales
465
534
-12.92%
Average DOM
48 days
37 days
29.35%
Benchmark price*
$509,300
$522,900
-2.60%
Attached
Total sales
170
190
-10.53%
Average DOM
48 days
42 days
16.18%
Benchmark price*
$345,600
$348,300
-0.78%
Condo
Total sales
129
153
-15.69%
Average DOM
59 days
55 days
7.27%
Benchmark price*
$281,900
$301,000
-6.35%
*Benchmark price: The monthly price of the typical home based on it's attributes, providing the best measure of price trends.
How Do You Determine What You Need to Do?
Say you’re a homeowner wanting to sell your two-storey, detached home. You sit down and make a list of things that need to get done to make your property as attractive as possible to buyers.
You consider the backyard. “Hmm,” you think. “Doesn’t our deck need a new finish and our flowerbed need new edging stones?”
Then you think about the living room. “The carpeting is old. We really should replace it."
Then you step into the kitchen and think, “Our kitchen cabinets look worn. We should get a contractor to quote on replacing them. Maybe we should install a brand new shiny sink and faucet too. That should increase the resale value of our home, shouldn’t it?”
Before you know it, you have a long list of updates, repairs and renovations that you think should be done before listing and you haven’t even reached the second floor!
It’s easy to get carried away with a list of repairs and upgrades that need to be done to prepare your home for the market. But, you don't want to end up spending more money than you’ll ever get back from the eventual sale. So, how do you determine what improvements you should be making in order to get your property ready to be listed?
That’s easy. Talk to a good REALTOR®.
A REALTOR® can inspect your property and advise you of the repairs and upgrades you need to make. A REALTOR® will know what buyers are looking for, and will also have a good idea of the return on investment you can expect from a particular improvement.
A REALTOR® may also be able to recommend reputable tradespeople and other professionals to assist you in making those improvements.
So go ahead and make that long list. Then, let's review it, so you can make an informed decision on how to get your property ready for sale.
Making a Good “Second” Impression
You’ve heard the term “curb appeal”. It refers to the first impression a buyer gets when he or she first arrives at your home and looks at it from the outside.
That first impression is critical. But there is a “second” impression that is also very important. That’s the impression buyers get when they open your front door and look inside. Make sure that everything looks great from that perspective too — clean, bright, uncluttered and welcoming.
Little Things Make a Big Difference
There’s no doubt about it. A completely renovated room – especially a kitchen or bathroom – will really impress home buyers. That room will probably look brand new and very stylish.
But you don’t have to do a full “tear-down-the-walls” type of renovation to upgrade the look of a room. In fact, just a few minor improvements can make a big difference.
For example, upgrading wall plates is an easy and inexpensive way to add a lot more style and personality to a room.
In the kitchen, installing new hardware on existing cabinets can have a dramatic impact. So, look around your house to determine where small improvements could make a big difference.
notable, quotable... quotes!
“You were born to win. But to be a winner, you must plan to win, prepare to win, and expect to win.”
Zig Ziglar
“If you do what you’ve always done, you’ll get what you’ve always gotten.”
Tony Robbins
“The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it.”
Michelangelo
Not intended to solicit buyers or sellers currently under contract.
The beginning of a New Year is the ideal time to set our sights on achieving the things that really matter to us. My first priority in 2016 is to look after my clients! I hope you had a wonderful holiday and wish you all the best in 2016!
Looking back, 2015 was a volatile year for Calgary's Real Estate market. Inventory levels rose across all sectors, particularly in condos which has exhibited a downward pressure on pricing, especially in the third quarter. That being said, the market as a whole showed a great deal of resiliency last year as many had predicted prices to fall more than they did. Looking forward, I expect things to remain slow to start the new year, if and when we see things pick up will be directly tied to the energy sector. If oil prices begin to rebound, the real estate market likely won't be far behind!
Should you have any questions or wish to discuss an upcoming purchase or sale please don't hesitate to contact me.
Quick Stats
Dec. 15
Dec. 14
Y/Y % change
Detached
Total sales
533
604
-11.75%
Average DOM
47 days
41 days
16.72%
Benchmark price*
$508,700
$518,600
-1.91%
Attached
Total sales
194
247
-21.46%
Average DOM
49 days
45 days
10.13%
Benchmark price*
$351,400
$356,200
-1.35%
Condo
Total sales
151
222
-31.98%
Average DOM
56 days
46 days
23.29%
Benchmark price*
$285,500
$300,400
-4.96%
*Benchmark price: The monthly price of the typical home based on it's attributes, providing the best measure of price trends.
The Emotional Side of Selling
Let’s face it. Selling your home is as much an emotional decision as it is a practical one.
Sure, in some ways, a property is a “product”. You want to sell that product quickly and for the best price, so you can buy your next dream home.
A home, however, is also a place filled with memories and emotional attachments. You’ll think of the rec room where the kids’ birthday parties were held; the dining room where you had countless family dinners; and the backyard deck where many afternoons were spent enjoying the sunshine.
That’s why managing the emotional side of selling your home is so important. Here are some tips:
Have your kids draw pictures of the fun they’ll have in their new home.
Remind your kids that they’ll be able to stay in touch with their old friends, while making new ones.
Visit neighbourhoods where you’d like to find your next home. Walk around. Get a sense of what it’s going to be like to live there.
Consider taking a keepsake with you from your old home to help ease the transition.
Want more ideas for making your next move go smoothly? Call today.
What To Do When Closing Dates Don’t Match
If you want to sell your current property and purchase your next dream home, you might be concerned that the closing dates need to be on the same day.
You might be worried about losing a property if the closing dates overlap, or being put out on the street if the dates are far apart!
For the most part, these concerns are unfounded. Thousands of properties change hands every day and usually everything works out just fine. In fact, it’s amazing how often closing dates actually do match!
But what happens if the closing date of the home you want to buy is days or weeks earlier than the closing date of your own property?
Most lenders anticipate this situation and offer something called “Bridge Financing.” This is a special loan that allows you to purchase the property with the earlier closing date. When your current property closes, the bridge financing ends and your new mortgage – if you need one – begins on the new home.
Alternatively, if the home you want has a later closing date, your REALTOR® can help you explore options, such as finding a short-term rental.
notable, quotable... quotes!
“Courage is not the absence of fear, but rather the judgment that something else is more important than fear.”
Ambrose Redmoon
“Never let your memories be greater than your dreams.”
Doug Ivester
“The doors we open and close each day decide the lives we live.”
Flora Whittemore
Not intended to solicit buyers or sellers currently under contract.
December is traditionally the month for connecting, or re-connecting, with friends and family. Usually this is done with phone calls, family get-togethers, dinners, parties and other celebrations.
So let me take this opportunity to “connect” with you!
I wish you and your family a wonderful month, and a prosperous new year!
Quick Stats
Nov. 15
Nov. 14
Y/Y % change
Detached
Total sales
799
1033
-22.65%
Average DOM
43 days
38 days
12.96%
Benchmark price*
$510,700
$518,600
-1.52%
Attached
Total sales
269
411
-34.55%
Average DOM
49 days
36 days
35.68%
Benchmark price*
$352,400
$357,600
-1.45%
Condo
Total sales
195
327
-40.37%
Average DOM
50 days
41 days
20.06%
Benchmark price*
$287,000
$300,700
-4.56%
*Benchmark price: The monthly price of the typical home based on it's attributes, providing the best measure of price trends.
Does the Property Meet the “Lifestyle Test”
Lifestyle is a very important criterion when shopping for a new home. After all, a home and its surrounding neighbourhood are the places where much of your lifestyle is going to be experienced.
So when considering a new home, think about the lifestyle to which the property is going to lend itself. Ask yourself:
How much entertaining do we do?
How important is it to have good schools located nearby?
How long will the commute to work be?
How big of a backyard do we require?
Do we need a rec room?
How easy will it be to get to golfing, dance lessons, baseball practices, movies and other activities my family and I enjoy?
How important is it to be in a quiet area?
Do we want a local park nearby for jogging, playing with the kids, and walking the dog?
This list is just an example. Ideally, you’ll create your own list of questions to ask yourself when considering a particular home.
Surprising Secrets of Successful Home Staging
“Staging” is about setting up and decorating each room of your home so that it looks as attractive as possible to potential buyers. Studies show that a property is more likely to sell quickly and for a better price if it is effectively staged.
Even if you haven’t heard of staging before, you probably already know the basics, such as eliminating clutter and making sure everything is clean and “guest ready.”
However, there are some home staging “secrets” by staging professionals that you may not know. Here are a few examples:
Increase horizontal surface space. Make sure desks, countertops, coffee tables, end tables, etc. are as free of items as possible. Give the impression that there’s lots of room available on horizontal surfaces.
Flowers. Fresh flowers or flowering plants placed in a couple of rooms, such as the kitchen and living room, can have a dramatic impact on how inviting that room looks. Just don’t overdo it.
Don’t be daring when you paint. You may love the idea of a bright yellow and green combination in the family room, but not everyone will share your daring sense of style. If you paint, stick to neutral colours.
Less is more. Be brutally honest about the amount of furniture you have in each room – including wall hangings. Is there a desk, side table or other piece you can put away in storage? Think about ways to make each room more spacious. Space is king!
Ultimately, the best staging advice is to use your common sense. Put yourself in the shoes of a potential buyer as you walk through your home. Ask yourself, “What changes will make this room even more attractive?”
Want more staging tips? Call today.
Make Buying a Home Smooth Sailing
In the nautical world of pleasure boating, there is a specific process to follow to ensure a fun day on the water. Skip one of those steps and you risk having a miserable experience.
The same holds true when buying a new home. There is a process to follow to ensure everything goes smoothly. Here are the basics.
Find a good REALTOR®. Preferably someone who knows the area.
Determine what you can afford. Get a pre-approved mortgage.
Make a wish list. What kind of home or neighbourhood are you looking for? View the right properties. Pick those that closely match the criteria on your wish list.
Make an offer. Your REALTOR® can help you make an offer that gets you the home you want at the right price.
Get a home inspection. This is a must.
Get the paperwork done. Your REALTOR®, lawyer and lender will typically handle all the transaction paperwork for you.
Prepare for the move. Find a good mover. Don’t forget to arrange for telephone, internet, change of address and other details.
Follow this process and your move should be smooth sailing.
notable, quotable... quotes!
“The really great people make you feel that you, too, can become great.”
Mark Twain
“A ship in harbor is safe, but that is not what ships are built for.”
William Shedd
“We can help others in the world more by making the most of ourselves.”
The year is almost over. I hope you had a great 2015!
I don’t know what your plans are for 2016, but if they include the possibility of moving, give me a call. I have several tips I can share with you on how to sell your property during the winter season. Even if you won’t be making a move until the spring or summer, it’s a good idea to start planning now.
Just give me a call. I’m here to help.
Quick Stats
Oct. 15
Oct. 14
Y/Y % change
Detached
Total sales
872
1290
-32.40%
Average DOM
38 days
36 days
6.09%
Benchmark price*
$513,800
$517,200
-0.66%
Attached
Total sales
312
452
-30.97%
Average DOM
41 days
37 days
10.57%
Benchmark price*
$354,100
$356,200
-0.59%
Condo
Total sales
237
388
-38.92%
Average DOM
50 days
40 days
22.93%
Benchmark price*
$288,300
$300,100
-3.93%
*Benchmark price: The monthly price of the typical home based on it's attributes, providing the best measure of price trends.
Want to Sell Your House Faster? Make it Anonymous
What do you notice when you visit a model home in a new development? Often, you’ll find wonderfully furnished and decorated rooms that anyone could live in.
The operative word here is “anyone”.
Sure, there might be a computer screen on a desk in the den, or a child’s Raggedy Ann doll sitting in a corner, but for the most part, all the rooms are anonymous. There is a sense of family, but no specific family… the feeling of personality, but no specific person.
The professionals who set up a model home make it anonymous for a reason. They want buyers to view it as their potential home, not someone else’s. And these professionals know — based on decades of experience — that this strategy helps sell houses faster and for a better price.
Why not use this same strategy when showing your house or condo?
It’s easy. Just put away that soccer trophy, take down the wedding photo, and box those souvenirs from the family vacation at Disneyland. No, you don’t have to completely empty your closets and drawers. Just pack those personal items that can be seen when a potential buyer views a room. Put away toothbrushes, collectibles, even unopened mail. Don’t forget the fridge door, which is often a mosaic of personal items in most family homes.
If you have lots of personal items, consider renting a storage unit for the few weeks that your house or condo will be on the market. It’s worth the investment.
You wouldn’t think of buying a birthday cake with a stranger’s name on it. The same holds true when you show your house or condo. Make it anonymous!
Need more ideas for selling your house or condo faster and for the best price possible? Call today.
Your Really, Really Great List
When buyers shop for a new home, they typically start by viewing properties that meet a specific criteria… four bedrooms, a finished basement, a quiet neighbourhood, etc.
But often there is something special about a home that catches a buyer’s eye that can very well tip the scales toward your home.
Think about it. How many times have you heard someone who has just purchased a home say something like, “Wow, the recreational room is fantastic!” Or, “The golf course is just a mile up the road!” Or, “There’s a great school just four blocks away.”
So when you list your home for sale, think about the special features that might get a similar reaction from buyers.
For example, you might have a view out your living room window that’s really, really great. There might be a local playground that’s especially well-equipped and clean. Your home might be located near a local sporting centre which is really, really convenient for families who have kids involved in sports.
So when you create your list of features, highlight those that are really, really great and make sure potential buyers are aware of them. It might just be the one feature that prompts a buyer to make an offer.
Is a Low Offer a Good Idea?
You’ve spent a couple of weekends viewing homes. You’ve found a few that you like, but none were quite “it”. Then, finally, you visit a property that seems perfect for you. It has most of the features you’re looking for in a new home. You quickly fall in love with it.
But it’s not yours yet. You have to make an offer. The amount you offer will play a huge role in whether or not you get the home, and the price you’ll pay.
At this point, you might be tempted to put in a really low offer in the hopes that you’ll get a bargain.
But that’s usually not a good idea.
First, the seller (working with his or her REALTOR®) probably knows the current market value of the property. So your low-ball offer will not make a good impression.
Second, there might be another offer that comes in at the same time — one that’s closer to the listing price — and you might risk losing your chance to buy the property. So be cautious with the low-ball game. Chances are, you’ll lose. A good REALTOR® can help you make the right offer for the property you’re interested in purchasing. Call today.
Not intended to solicit buyers or sellers currently under contract.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
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.