Archive for April, 2020

When a Home Inspector Finds an Issue!

Saturday, April 25th, 2020

Imagine you’ve found the perfect home. You love it. You’ve made an offer that’s been accepted. So far so good! The only catch? You’ve wisely made the offer conditional on passing a professional home inspection. What happens if that home inspection reveals a major issue? First, you should know that, depending on the age of the property, a home inspection will typically turn up at least a few areas of concern. The inspector might find loose insulation in the attic that is thinning out or roofing shingles that will need replacing in two or three years. Issues like those are not usually deal-breakers. However, if the home inspector finds a major issue — such as old wiring that’s worn and presents a safety concern — then you’re facing a potentially high cost of repair should the deal go through. In a situation like that, as your real estate agent, I will address the issue with the seller,  through the seller’s agent. Since neither of you will want to lose the deal, the seller often agrees to get the repair done at his own expense or, have some or all of the estimated repair cost deducted from the sale price. Will the deal be in jeopardy? Usually not. In most cases, if you have a real estate agent like me working in your best interests, it all works out.

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What if your Ideal Home Isn’t Available?

Tuesday, April 21st, 2020

Imagine you’re looking for a new home. You have a list of all the features you want, just like you would have a grocery shopping list. However, when you explore the homes currently on the market, none meets all your criteria. What do you do? You have a few good options.

First, you can take a second look at your list. Does your new home need every single feature on it? Are there one or two features you can do without? For example, can you for a smaller kitchen assuming the property has everything else you want? Often, buying a home that’s close to perfect is perfect enough.

Second, consider what features you might be able to add to a home later, by way of a renovation or other improvement. If a property doesn’t have a finished basement, for example, you might be able to get that done down the road. Indeed, there are probably many features you can add later to an otherwise desirable property.  It is critical to prioritize your wish list and realize what can and cannot be changed later.  IE: Do not compromise on LOCATION as that cannot be changed.

Finally, consider the current level of activity in the local real estate market. Is it likely that a lot of new homes will be coming on the market soon? If so, your perfect home may come up on the market within the next few weeks. Maybe even tomorrow! In that situation, make sure you arrange to get immediate alerts for newly listed homes that meet your criteria. You’ll want to jump on each new opportunity before other buyers learn of the listing. The good news is, in most cases you should be able to find and buy a great home, with most — if not all — of the features you want.

My last tip here is that if none of the above is working  it’s smart to sit down with your Real Estate Agent, have them put in all your criteria then review sold’s for the last year.  If you find little or nothing in that search maybe your looking for something that does not exist meaning you may need to adjust your expectations.  Want some help finding your dream home – Contact us now. 

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Affordable Ways to Boost your Home’s Curb Appeal

Wednesday, April 15th, 2020

When buyers come to see your home, the first thing they notice is how your property looks from the curb. That first impression is powerful and lingering. If buyers don’t like what they see, it can influence how they judge the rest of your property, regardless of how great it looks on the inside. You definitely want to do whatever you can to boost curb appeal. Here are six affordable ideas to consider:

1. Driveway sealing. This makes the pavement look darker and less faded. It also helps cover up some of the cracks. Sealing won’t give you the “brand new” look of repaving, but it’s close — and significantly less expensive.

2. Exterior window washing. Washing the front windows makes them look clean and bright. In fact, the effect can be stunning. There are window washing products that connect to your hose to make this job easier. Check your home improvement retailer.

3. Maintaining shrubs, hedges and flower beds. Trimming the hedges, shrubs and other evergreens can make a big difference in how your property looks from the street. It’s like giving them all a haircut! Flowering plants can also brighten up the look.

4. Front door painting. From the curb, a buyer’s eye is naturally drawn to your front door. If your entry system looks old and worn, consider a fresh coat of paint. It can make the entrance look almost new.

5. Garage door painting. This is a bigger project that can take a day or two, but the effort might be worth it. For many homes, the garage door is the biggest item in the curb appeal panorama. Making it look better will have a big impact.

6. Removing unsightly items. Look at your home from the street. Are there items in your field of vision that take away from the curb appeal? For example, are there garbage cans and other items stowed along the side of the property and visible from the road? If so, move them.  You don’t want buyers to  drive by (and they still do) and eliminate your home simply because they don’t like what they see from the outside. Use these tips to boost your home’s curb appeal.

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What to Fix Up in your Home before You Sell?

Sunday, April 5th, 2020

If you have a home that is overdue for a renovation, you might be worried that it will be difficult to sell as a “fixer-upper”. In fact, you might delay listing your property for that reason. The good news is, you don’t need to fix up everything in your home to prepare it for sale. You can be selective and choose only those projects that are most likely to help your home show well and sell quickly. Here are some projects to consider:

• Repairs. Few things stand out more during a viewing than something in obvious need of repair. That includes minor issues, like a dripping bathroom faucet, as well as major concerns, such as the central air conditioning unit not working. Get these repairs done.

• Painting. Painting is one of the easiest and most affordable DIY projects you can do. Yet the impact it can have on your home is stunning. Some rooms are completely transformed by a fresh coat of paint.

• Kitchens & Bathrooms. Buyers love to see great looking kitchens and bathrooms. In fact, there are even magazines devoted just to those rooms! You don’t necessarily need to do a major renovation of these spaces, but a makeover can be a good idea. Consider replacing sinks, countertops, and/or cabinet hardware.

• Floors. If the floors in any of your rooms have become worn and unsightly, look at options for refreshing them. Consider replacing carpeting, refinishing hardwood, and/or getting tiles professionally cleaned and polished.

• Outdoors. Sometimes you can compensate (a little) for a less-than-ideal interior by sprucing up the outdoor space. Explore ways to improve your deck or patio, walkways, and landscaping. Even if your home is older, you can make it more attractive to buyers with any one of these projects. Want more ideas for finding eager buyers for your home? We offer a free – no obligation home walk through where we will make suggestion on minor improvements you can do to sell your home for the most money in the least amount of time.  Free walk through 

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Covid 19 affect on the Calgary Real Estate Market

Wednesday, April 1st, 2020

What is really happening in the Calgary Real Estate Market?

The market is simply a result of Supply and Demand therefore we look at both Supply (inventory) and Demand (Sales) and the relationship between the two.  We also update you on the current benchmark price for all housing sectors.

Following is a graph that shows the months of inventory for each Sector.  Looking at a 2-year trendline gives you and indication of where things are really heading.

Graph shows the 2 year trend of Months of Inventory for all housing categories in the Calgary Real Estate Market.

Following is a summary of what I deem to be the most important numbers.  Again, we look at Total Inventory, Sales for the past 30 days, Months of Inventory and of course the benchmark price.  All numbers are taken from the Calgary Real Estate boards monthly stats package.

 

CREB Stats for March 2020

 

Gord’s commentary for the month (just my opinion).

 

First and Most importantly to really understand what is happening it is critical for you to be clear on two things.

  1. Once a home receives an offer there is a delay of 5 to 10 days for the buyers to remove their conditions such as financing, home inspection etc. What this means is listings that are reported sold today actually got sold between 5 to 10 days ago resulting in what I call a lag time.  In a normal market this does not greatly affect stats but when sales are rapidly declining like they have been this in my opinion becomes important.
  2. The Covid-19 actions for social distancing did not start until part way through the month and they got stronger as the month progressed.

 

Current Months of Inventory (Absorption Rate): 

In March the overall months of inventory increased slightly. Increases were seen in Detached (.23) Semi-Detached (1.22) and Attached Row (.67) sectors while the absorption rate decreased in the Apartment Condo sector (.33).

Calgary Listing Inventory

Listing Inventory increased slightly where with the largest increase being in Detached homes with an increase of 175. Typically, in March we would see a large increase in listings.  With Covid-19 we are seeing some Seller’s withdraw their listings as they do not want people coming through their home currently. Other sellers are just not listing yet.

Calgary Sales:

I am a little surprised that in March we sold only 21 homes less than in February.  This in my opinion is a result the sales lag and Covid hitting mid month.  You will see a much steeper drop in April.

Sales Compared to 2019:

Sales in all sectors for January 2020 were 7.6% higher than in January 2019.

Sales in all sectors for February 2020 were 23% higher than in February 2019.

Sales in all sectors for March 2020 were 88.7% on Sales in March 2019 – 12.3% Lower

 

Calgary Real Estate Sales Prices:

Prices increased in Detached and Semi-Detached sectors while decreasing in the Attached-Row and Apartment Sectors. The changes were minor except for the Apartment condo sector losing $5,100.

 

It’s also important to note that these numbers vary by community, and by price range.  If you would like numbers for your community contact us.

 

 

 

 

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