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.
When a Home Inspector Finds an Issue!
April 25th, 2020What to Fix Up in your Home before You Sell?
April 5th, 2020If 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
Covid 19 affect on the Calgary Real Estate Market
April 1st, 2020What 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.
- 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.
- 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.
Just Listed 301, 823 19 Avenue SW Calgary T2T 0H6
March 18th, 2020Just listed this awesome 2 bed condo in Lower Mount Royal
MLS: C4291694
View our Video Tour @ https://youtu.be/Ehvkwy_Xy9A
Welcome to Larch Manor, a quiet, concrete building on a beautiful tree-lined street in desirable Lower Mount Royal. Enjoy the walkability (walk score of 89) and convenience of all the shops, restaurants and nightlife of 17th Avenue. This renovated 2-bedroom unit offers an open floor plan, spacious bedrooms, large closets, a kitchen with granite countertops, and plenty of cabinet space along with a breakfast bar and dining area. The living room features updated laminate flooring and access to your balcony for those beautiful summer evenings. Some unique features include an in-unit storage room with a combo washer/dryer and a mostly covered parking stall. The condo is professionally managed, pet friendly and offers bike storage inside on the main level. Recent building upgrades include new roof (2015) and new flooring and paint in all common areas. Book your viewing today!
What’s Really happening in the Calgary Real Estate Market?
March 2nd, 2020What’s 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.
Data from Calgary Real Estate Board’s Monthly Calgary Stats package.
Gord’s commentary for the month (just my opinion).
Current Months of Inventory (Absorption Rate):
In February our absorption rate dropped quite substantially. If you look at the graph above Last year (2019) after Jan the absorption rate dropped slowly every month till June. February dropped significantly is down to the equivalent to May last year. The highest decrease was in Detached homes which are now in a balanced market at 3.85 months of Inventory.
Calgary Listing Inventory
Inventory increased in every sector in February. The largest increase was in Attached Row Homes at 10.28%. Inventory increasing at this time of year is expected. Total Increase was 8.7%.
Calgary Sales:
Sales in all sectors increased substantially in February. Lowest % increase was 32.5% of detached homes and the highest increase was Semi-Detached at 65.88%. Total Sales increase was 38.7%
Obviously, the sales increase is much larger than the inventory increases thus the months of inventory decrease.
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.
Calgary Real Estate Sales Prices:
Prices in all sectors declined a little this month. The lowest decrease was in the Detached home sector at a decrease of .1% and the largest decline was in the Attached-Row Sector with a decrease of .67%
It’s also important to note that these numbers vary by community, and also by price range. If you would like numbers for your community contact us.
Just Listed 206, 223 Tuscany Springs Blvd NW
February 29th, 2020It’s rare to find a large 1 bedroom + Den that backs onto a wooded ravine with stunning Mountain views in the 40+ Sierra’s of Tuscany.
MLS: C4288822
More Info or to View Contact us
View Video: : https://youtu.be/0STLei5IFPY
More Information: https://www.tswrealestategroup.com/search/p/tsw-listings
Stunning Mountain views in this unit in the Sierra’s of Tuscany
It’s rare to find a large 1 bedroom + Den that backs onto a wooded ravine with stunning Mountain views in the 40+ Sierra’s of Tuscany. Open plan comes with engineered hardwood, 9 ft. Ceilings with Crown Molding, Kitchen features maple cabinets, plenty of counter space, eating bar and corner pantry. Spacious dining room and living room with corner gas fireplace. Master bedroom features 4-piece ensuite and walk in closet. Den/office is spacious with closet. Relax on your covered deck with ravine & stunning mountain views. Includes Separate laundry room with storage cabinets, Air Conditioning, underground parking with separate storage locker. Fantastic location, walking distance to LRT. Complex offers amenities galore with car wash, swimming pool & hot tub, a movie theatre, ballroom, arts & crafts room, exercise room, bowling alley, pool table, workshop, gym, library & guest suites.
Just listed
February 18th, 2020Just listed this great condo in Spruce Cliff, Calgary
MLS Listing C4286288
Chcek out our Video @ https://youtu.be/mTP-idv-ZIk
Stunning, Bright, Top floor, Open concept upgraded unit with 10-foot ceilings, spacious Den & 2 Balconies. Large south windows provide loads of natural light. Relax in your living room where you can cozy up to the corner fireplace on those cooler nights. Maple kitchen features Stainless Steel appliances, pantry, raised breakfast bar, garburator and under counter lights. Dining room has door to your covered balcony. Master bedroom features a 4 piece ensuite with soaker tub and separate shower, a walk in closet and access to the second balcony. Unit comes complete with in suite laundry/storage room and the guest bath. Enjoy your morning coffee on the large south facing wrap around deck. Titled underground parking, and a separate storage locker. Pet Friendly complex provides bike storage recreation/games room, gym and car wash. Ideal location close to Downtown, LRT, Golf & Shopping.
Another REALTOR® Says They’ll Buy My House. Should I Be Wary?
February 4th, 2020Wary might not be the best word, but you do need to make sure you understand the details of the offer. This type of offer is a guaranteed sales agreement, and while there is nothing illegal or wrong with a real estate company offering this kind of arrangement, it is rarely the best option for consumers.
In a guaranteed sales agreement, a real estate brokerage agrees to buy a piece of real estate from a seller at a previously agreed upon price, if it hasn’t sold to someone else before a certain date. Only real estate brokerages can offer these agreements, not individual real estate professionals.
What sellers need to keep in mind in these arrangements is that the real estate brokerage wants to minimize its risk.
For example, it’s rare that a guaranteed purchase price will be based on the property’s listing price or the property’s market value. In most cases, the brokerage calculates the guaranteed purchase price using a formula where legal fees, carrying cost, and commission on the resale are subtracted from the purchase price. This minimizes the brokerage’s risk, but it can also greatly reduce how much that seller receives for their home.
Brokerages that offer guaranteed sales programs are required to have policies for those programs. Those policies should include how the brokerage sets the guaranteed sales price and who is in control of the property’s listing price during the listing period; it may not be the seller. It’s not unusual for a guaranteed sales agreement to include a clause that requires a seller to lower their listing price during the term of the listing. Remember, your real estate brokerage wants to minimize its risk. It prefers to sell your property to a buyer rather than to use the guaranteed sales agreement, and lowering the listing price can sometimes help that happen.