Basics of Buying a Condo

October 14th, 2016

Should I buy a condo or should I buy a house?

We believe that the decision to buy or not to buy a condominium boils down to a lifestyle decision. Many times a someone else handles much of the repair and maintenance, such as shoveling snow and replacing the roof.  Many condominiums have enhanced security features over those found in a single family home and some offer a wide range of social, entertainment and recreational activities.  Following are some condo basics.

What is a Condominium ?

Condo Myth – A Condo is a style of Building 

A condominium refers to a form of legal ownership, as opposed to a style of construction

When buying a single family home you are buying the home and the land the home sits on.

***When buying a condominium you are typically buying what you see between the walls of the unit and you are buying a percentage of the condominium corporation that manages the building and the common property. 

Some Specific things to consider when looking at a Condo. 

  1. Condo Fees – I’ve heard many times that condo fees are just an extra expense that I do not want.   We believe its important to take a closer look as condo fees will cover things that you would have to pay for yourself if you bought a single detached home.  IE: Things like a roof or siding.
  2. Condo fees cannot be compared from building to building as you have to look specifically at what is covered in the fees as many times things like utilities will be covered in fees
  3. Reserve Fund:  A  portion of your monthly condo fees will likely go into a reserve fund. This fund ensures that the condominium has enough money to pay for major repair and replacement of common elements over the life of the building.
  4. Condominium Document Condition.  This should be a condition put on any offer to purchase.  It states that the seller is obligated to give you all the documents from the condo board including financials, meeting minutes, reserve fund studies and more.   There are now companies that provide a service to review your documents and report back to you how strong the corporation is.  In our opinion when buying a condominium this is an excellent investment.

“Certified Condominium Specialist” CCS  

If you are considering buying a condominium we highly recommend that when looking for a Realtor to represent you the CCS designation is a must have.  The Certified Condominium Specialist (CCS) designation means that that Realtor has taken additional education and will know all the ins and outs of buying a condo.  Buying a condo is substantially more complicated than buying a single family home and you should make sure your Realtor is qualified to best help you.

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Oct 1, 2016 Calgary Real Estate Market Snapshot

October 4th, 2016

Stay ahead of everyone else by following our Monthly Market Snapshot of the Calgary Real Estate Market This shows what’s really happening! The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and most importantly the relationship between the two and how it affects the price of Calgary Real Estate.  All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors.  I have also included some general comments which are simply my opinion. This is must have information for Calgary Home Buyers and Calgary Home Sellers.

Absorption Rate (Months of Inventory)   (the inventory divided by the number of sales in the last month). What does this mean you might ask?

Buyer’s Market >4.0 Drives prices down
Balanced Market Between 2.4 to 4.0 Prices typically remain stable
Seller’s Market <2.4 Drives prices up

 

*** Absorption Rate***  

In my opinion this is the most critical number to look at.   Attached homes deceased by .30 this month.  Detached homes & Row Homes showed a small increase while apartment condos increased the most substantially adding 2.37 months of inventory.

 

July 2016 August  2016 Change
Detached 2.78 2.99 0.21
Semi Detached 3.60 3.30 -0.30
Attached – Row 4.77 4.88 0.11
Apartment 5.88 8.26 +2.37
Total City 3.61 3.95 0.34

 

Calgary Listing Inventory

September Inventory levels increased in all categories this month.   **** The increase was mostly in detached homes and I believe the reason is because the Real Estate Board merged commercial into the residential system and so it was simply a data change and not that true market.

Inventory July 2016 August  2016 Change
Detached 2720 2823 103
Semi Detached 497 515 18
Attached – Row 868 888 20
Apartment 1571 1651 80
Total City 5656 5877 221

 

Calgary Sales:

Sales in all categories except apartment condos stayed steady this month.  Apartment condos showed a 25% decrease from last month.   Of interest this is the first month where year over year sales showed an increase which is very positive news.

Calgary Sales   July 2016 August  2016 Change % Change
Detached 980 945 -35 -3.57%
Semi Detached 138 156 18 13.04%
Attached – Row 182 182 0 0.00%
Apartment 267 200 –67 -25.09%
Total City 1567 1488 -79 -5.04%

 

Calgary Real Estate Sales Prices: 

As you can see below there was not much movement in prices this month.

 

  Sales Prices July 2016 Benchmark Price    August  2016

Benchmark Price

 Change
Detached 503,200 503,400 +200
Semi Detached 387,100 386,500 -600
Attached – Row 310,000 311,100 +1,100
Apartment 274,900 274,700 -200
Total City 440,200 440,400 +200

 

Sales Prices “Year to Date”   

Year to date prices

Sales Prices Dec 31, 2015   Benchmark Price  August 2016 Benchmark Price Change

$

% Change
Detached 514100 503,400 -10,700 -2.08%
Semi Detached 393100 386,500 -6,600 -1.68%
Attached – Row 318500 311,100 -7,400 -2.32%
Apartment 288,000 274,700 -13,300 -4.62%
Total City 452800 440,400 -12,400 -2.74%

 

 Price Sensitivity

**Please note that these numbers do change on a community basis and more so for towns.  This report does not include rural properties.  If you would like to find stats on your community just let me know.  If you have any questions about this summary or Real Estate questions please feel free to contact us.

 

TSW Real Estate Group

 

 

 

 

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The number 1 thing you need to know about Realtors

October 3rd, 2016

When a Realtor represents you in transaction, the law requires them to provide you with certain legal duties (fiduciary duties). As with any agent/client relationship in any industry, you are putting your trust in this professional’s skills and expertise to act in your best interest, but it is not always that clear. It is critical that you understand the concept of Agency, or you may find yourself completely mis-represented.

A standard Agency Relationship (sole or single) is when one Realtor represents you and another represents the other party. In this situation, you are owed the following duties from your agent:

Full Disclosure – The Realtor must disclose all the information they have that may affect your decisions

Loyalty – The Realtor must always act in your best interest

Confidentiality – Any information provided in confidence, will remain so, always

Reasonable Care & Skill – The Realtor will exercise their skills in a manner consistent with the industry standards

Obedience – The Realtor must comply with your lawful instructions

Full Accounting – The Realtor will track all money provided to them for the transaction

In a Dual Agency Relationship (one agent represents the seller and the buyer), everything changes. There immediately becomes a conflict of interest, because the seller and the buyer usually have conflicting goals (price is the main example). A Realtor cannot properly represent one party, without breaching their loyalty to the other. This relationship must be consented to by all parties, and the Realtor would then become an impartial liaison. All confidential information is supposed to remain confidential; however the Realtor will be required to disclose certain items such as hidden defects in the property (leaky basements, etc).

Here is the kicker…. Most people don’t know that an agency relationship can be created without signing anything. Imagine, meeting a Realtor at an open house or calling them off a sign or an ad. You engage in conversation about the property and the Realtor begins asking you questions about your personal situation. You tell them that you are being transferred next week and that you are in town for the weekend to find a home (or some other personal detail). You have now created an implied agency relationship and that Realtor must keep that information confidential, right? Unfortunately, only in theory.

The Realtor is working for the seller and not for you. While legally you have created an implied agency relationship, most people (and Realtors) are not aware of this. It is not malicious, just honest ignorance. For this reason, you should assume that everything you tell this agent will go directly to the seller (or buyer in a “for sale by owner” scenario) and govern yourself accordingly, unless you directly discuss agency relationship and confidentiality.

Education is getting better for the industry and Realtors are required to explain agency at the first available moment that a relationship (implied or not) may be created. Although this rarely happens in practice.

So here is the key …. know who is working for you and who is working for the other party. If a Realtor offers to help you out, ensure that you know your rights and the legal duties that are owed to you. If you ever feel like you have not been properly represented by an industry professional, be sure to talk to their regulatory body. This will ensure that all Realtors act in a matter consistent with, and above the industry standard.

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10 Reasons Why Your Home Probably Didn’t Sell!

October 1st, 2016

This “FREE” report outlines 10 reasons why I believe you may have had trouble selling your home, while it was listed with another real estate company.  These suggestions reflect what I see as to why many homes listed do not sell during the listing period.  Please note that these reasons are only one REALTOR®’s conclusions and do not direct any accusations or suggest purposeful wrongdoing by any other real estate company and/or their agents.

  1. Your Property Was Priced Too High!                                                                                                                                                                                                                                                                        Like it or not, price is generally the main culprit when it comes to why homes do not sell.  Yes, the property might be in a poor location or have other negative factors impacting the value, but the bottom line is that somewhere out there, at “some” price, there is a buyer willing to purchase that property.  If the price is attractive enough, or priced below market value, there is always a buyer willing to purchase it.  Making certain your real estate is priced at market value is important, if you’re serious about selling.
  2. Your Property Was Not Listed On The Multiple Listing Service (MLS®).                                                                                                                                                                                                    If you opted to try selling your home on your own (FSBO), or to exclusively list your property with one REALTOR®, then your home may not have been exposed to enough buyers.  It’s imperative that your property be in the correct position on the MLS® to gain the maximum exposure to REALTOR®s selling property in your area.
  3.  Lack of Staging.                                                                                                                                                                                                                                                                                                                  Did your REALTOR® help stage the home or make suggestions as to enhance the marketability?  If not, this could be one of the downfalls of not finding a buyer for your property.  Remember that you can do all of the staging in the world, but if your property is priced too high, staging will not sell it.  One of the ways that you can determine if staging is a factor is by judging the number of showings you had.  A lot of showings and no offers could indicate that staging might help.
  4. Photos.                                                                                                                                                                                                                                                                                                                                      Many times, as a real estate professional, I have noticed properties listed that have had few, if any, photos or virtual tours featured on the listing.  Ask yourself if this may have played a role in the marketing exposure of your home.
  5.  Lack of Facts.                                                                                                                                                                                                                                                                                                            Sometimes a commonly overlooked aspect of marketing a home is a lack of relevant information. Facts about improvements made to the property can be a good marketing tool in building value in the minds of potential buyers. Are there any improvements being made to the community…new development, amenities, transportation improvements, etc?
  6.  Lack of Open Houses.                                                                                                                                                                                                                                                                                                  Many REALTOR®s do not like to hold open houses, as they assume that people not working with a real estate associate aren’t qualified or that it is just ‘nosy neighbors’ that check out open houses.  I believe it is important to expose your property to as many people as possible (other REALTOR®s and the general public). Open houses are excellent ways to get people inside your dwelling and then get them interested in the property! And if it is a neighbor checking it out, if they live in and love your neighborhood, they most likely know people, such as friends or family members, who have expressed interest in moving to their neighborhood.
  7.  Working with the Neighbors.                                                                                                                                                                                                                                                                                            Who has a vested interest in the sale of your home besides you… your neighbors!  That’s not too say that your neighbors will be glad to see you leave, only that they will have a concerned interest as to who might move in.  Usually if your neighbors know someone interested in your neighborhood and can help sell your property, they will!  This is generally a winning scenario for everyone involved.
  8.  No Internet Presence.                                                                                                                                                                                                                                                                                                        Unfortunately, many REALTOR®s still haven’t invested in establishing an online presence.  Many buyers are starting their home search online and relying upon it to find their next home. According to the National Association of REALTORS® (NAR®), 88% of home buyers in 2011 used the Internet in their home search. If your property is not properly positioned and presented on the Internet, today’s tech savvy buyers likely won’t even see it.
  9. Communication.                                                                                                                                                                                                                                                                                                                        One of the main functions of your REALTOR® in listing your property is to a make certain the listing is exposed to the other REALTOR®s in your community.  Networking with other REALTOR®s and participating in REALTOR® caravans or REALTOR® open houses is a positive marketing tool.
  10.  Dramatic Change in Market Conditions                                                                                                                                                                                                                                                Unfortunately, you can use the services of any REALTOR® and have your home positioned well based on the market conditions when you first enter the marketplace, but a sudden shift in market conditions, or major world events, can cause your home not to sell. Examples of this include a sudden unexpected increase in interest rates, the recent worldwide economic crises, a terrorist attack that causes uncertainty in the financial markets, war, etc.

Don’t be discouraged if your home did not sell the first go around.  Make sure your property is priced correctly; follow these suggestions, have a positive outlook and I’m certain your property will sell.

Sometimes a fresh new sign, a new marketing plan and a change of perspective can be a good thing for everyone involved.  If you think you might be ready for a new plan and some fresh ideas, I would love to visit with you.  Feel free to contact me.   Thanks for your time and I hope to hear from you soon.

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11 Myths About the Real Estate Industry

September 30th, 2016
  1. A referral is the best way to choose a REALTOR®

           Simply trusting that a REALTOR® has your best interests at heart can lead to disappointment. Your needs are unique. Qualify all REALTOR®s to ensure they are competent and motivated              to properly represent you.

  1. Pay off your mortgage quickly

           If you reduce your payment, or simply pay interest-only (secure line of credit financing) and invest the savings into a compounding interest account, your savings will be much higher than                the value of your original mortgage.

  1. You don’t qualify for a mortgage

          Regardless of your credit or income, anyone can purchase a house. Creative options such as joint ventures, vendor financing, second mortgages, and many more, provide endless                                    opportunities.

  1. When to buy real estate

           If the papers say that a city is booming, everyone wants to buy. Therefore, this is the perfect time to sell. When everybody is selling because of a recession, then you buy, while prices are rock            bottom.

  1. It’s all about price

          Negotiating mainly on the price of a property will limit your opportunity. If you can offer more favorable terms to the other party, then the price will become secondary.

  1. “#1 Agent”… Someone is lying

           Every agent seems to advertise that they are #1. You may not be getting the whole story (ex. 5 agents working under one name). Be careful of what you believe, as the criteria of measurement            may lack relevance, or be severely outdated.

  1. More experience the better

          If a REALTOR® has not kept up to date with the changing technology, regulations, market conditions, or modern service style, then all of their past experience won’t help you be properly                 represented.

  1. Super agents

         If an agent works alone, be careful. It is impossible for someone to be accessible at all times. Your business may be handled by a REALTOR® you have never met until your REALTOR® is                available.

  1. Every agent in a brokerage is the same

          REALTOR®s choose their own methods of customer service and business practices within their brokerage. Only very basic standards are in place, therefore, don’t assume one agent is the                 same as the next.

  1. Calling off signs is the best way to find a property

          A REALTOR® selling a property cannot represent their seller’s best interests and yours at the same time. This is a conflict of interest. Save yourself, potentially thousands of dollars, and find           your own REALTOR®.

  1. Banks are the best financing source

         Banks have different mortgage options, but can only ever provide you with their interest rates and handful of options to choose from. A mortgage broker works with most major banks, has                way more options and tons of different lenders’ interest rates to choose from. Plus, they can work to fit your schedule.

 

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301, 2311 29 Street SW Calgary T3E 2K1

September 17th, 2016

Bright top floor unit is a well maintained 2 bedroom, 2 bath unit in Killarney Meadows, a concrete building.  Enjoy the inner city lifestyle with this awesome location in the heart of Killarney.   This unit boasts 960 square feet of living area.  Living room steps out to your 16 foot balcony.  Master Bedroom is spacious and offers a walk through closet and a 4 piece ensuite bath.  Complete the unit with a second Bedroom, 3 piece bath and a storage room with in suite laundry.  Includes titled heated underground parking.  Located walking distance to LRT, Restaurants, Shopping and Killarney Aquatic and Recreation center.  Easy commute to downtown.

MLS Listing # C4082489

For more information contact us

 

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Sept 1, 2016 Calgary Real Estate Market Snapshot

September 2nd, 2016

Stay ahead of everyone else by following our Monthly Market Snapshot of the Calgary Real Estate Market This shows what’s really happening! The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and most importantly the relationship between the two and how it affects the price of Calgary Real Estate.  A simple way to keep up to date with how the market is trending and ahead of most! All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors. I have also included some general comments which are simply my opinion.

Absorption Rate (Months of Inventory)   (the inventory divided by the number of sales in the last month). What does this mean you might ask?

Buyer’s Market >4.0 Drives prices down
Balanced Market Between 2.4 to 4.0 Prices typically remain stable
Seller’s Market <2.4 Drives prices up

*** Absorption Rate***  

In my opinion this is the most critical number to look at.  All categories except for apartment condos increased slightly this month.  Apartment condos took a small decrease and this is most likely balancing out from last month when it increased substantially.  In summary Detached and Attached homes are doing well while row houses and apartment condos are showing an oversupply of inventory compared to sales.

  July 2016 August  2016 Change
Detached 2.47 2.78 0.30
Semi Detached 2.88 3.60 0.72
Attached – Row 4.43 4.77 0.34
Apartment 6.11 5.88 -0.23
Total City 3.27 3.61 0.34

 

Calgary Listing Inventory

August inventory levels stayed almost the same as July Levels

Inventory July 2016 August  2016 Change
Detached 2746 2720 -26
Semi Detached 521 497 -24
Attached – Row 886 868 -18
Apartment 1558 1571 13
Total City 5711 5656 -55

 

Calgary Sales:

Sales in all categories decreased this month which in my opinion is very normal for this time of year with summer holidays and many peoples focusing on getting kids ready to go back to school.

Important note:  Sales from July to August 2015 decreased by 193 or 11.7%  compared to 10.2% this year.

Calgary Sales   July 2016 August  2016 Change % Change
Detached 1110 980 -130 -11.71%
Semi Detached 181 138 -43 -23.76%
Attached – Row 200 182 -18 -9.00%
Apartment 255 267 12 4.71%
Total City 1745 1567 -178 -10.20%

 

Calgary Real Estate Sales Prices: 

Pricing changes in August were not drastic.  Detached and Semi Detached increased while Attached-Row and Apartment categories decreased with the largest decrease in the Apartment category which is the sector with the highest absorption rate.   I would expect further price declines in the Apartment condo sector.

  Sales Prices July 2016 Benchmark Price    August  2016

Benchmark Price

 Change
Detached 502,300 503,200 900
Semi Detached 385,200 387,100 1,900
Attached – Row 310,300 310,000 -300
Apartment 277,000 274,900 -2,100
Total City 440,000 440,200 200

  

Sales Prices “Year to Date”   

Year to date prices

Sales Prices Dec 31, 2015   Benchmark Price  August 2016 Benchmark Price Change

$

% Change
Detached 514100 503,200 -10,900 -2.12%
Semi Detached 393100 387,100 -6,000 -1.53%
Attached – Row 318500 310,000 -8,500 -2.67%
Apartment 288,000 274,900 -13,100 -4.55%
Total City 452800 440,200 -12,600 -2.78%

Point of Interest

Just my personal opinion but it is important to note that buyers are still acting as if it is a buyer’s market. What I mean here is they are shopping carefully looking for value and taking their time to make decisions.

 Price Sensitivity

It is also important to note that homes in the lower price ranges are still moving much quicker than homes in the higher price ranges.

**Please note that these numbers do change on a community basis and more so for towns.  This report does not include rural properties.  If you would like to find stats on your community just let me know.  If you have any questions about this summary, would like to receive it monthly or Real Estate questions please feel free to contact us.

 

 

 

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486 Chaparral Ravine View SW Calgary T2X 0A5

August 27th, 2016

Beautiful 2546 sq. family home in the Ravine area of Chaparral with Lake Privileges.  Features an open floor plan and 9 ft. ceilings on the main and bmst levels.  Kitchen boasts granite counter tops and stainless steel appliances, a large island and extended eating bar.  Dining nook allows access to you back yard.  Large mud room with plenty of closet/storage space, enjoy the convenience of a huge Walk through Pantry.  Complete the main floor with living room with gas fireplace, a great room, and a 2 piece bath.  Upstairs you will find 3 bedrooms, bath, an office area and a large bonus room.  Master retreat features a raised section for your bed or favorite reading chairs.  Spa like ensuite features dual sinks, soaker tub and separate shower, complete the master with a walk in closet.  Basement has been left untouched and is awaiting your creative design.  Yard features underground sprinkler system, a gorgeous deck and trellis, kids dream playhouse and a dog run.

Price: $575,000

MLS C4078736

For more information contact us

 

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2320, 303 Arbour Crest Drive NW Calgary Ab. T3G 5G4

August 25th, 2016

Downsize in style in the popular 18+ Chateau Arbour Lake.  This bright and beautiful open concept 1519 Square foot condo offers 2 bedrooms + Den with 2 baths and plenty of living and storage space.  This is the largest floorplan in the complex and features 9 foot ceilings, in floor heat and new carpet throughout.  Features kitchen with spacious island, breakfast bar & pantry.  Living room walks out to double size Balcony (31 feet long) overlooking the Gazebo and fountain.  Master bedroom features walk through closet and 4 piece ensuite.  2nd bedroom is spacious and offers a second door to your balcony.   Main bath is 3 piece with walk in shower.  Storage room offers in suite laundry.  Underground Titled Parking and separate Storage locker.  Complex features Fitness room, Steam room, games room, open courtyard with gazebo and fountain, visitor parking and car wash.  Located close to transit and all the shopping you need at Crowfoot.  RMS 1519.9 Sq Ft.

MLS C4078617

View full details of this new listing here

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August 1, 2016 Calgary Real Estate Market Snapshot

August 2nd, 2016

Stay ahead of everyone else by following our Monthly Market Snapshot of the Calgary Real Estate Market This shows what’s really happening! The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and most importantly the relationship between the two and how it affects the price of Calgary Real Estate.  A simple way to keep up to date with how the market is trending and ahead of most! All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors. I have also included some general comments which are simply my opinion.

Absorption Rate (Months of Inventory)   (the inventory divided by the number of sales in the last month). What does this mean you might ask?

Buyer’s Market >4.0 Drives prices down
Balanced Market Between 2.4 to 4.0 Prices typically remain stable
Seller’s Market <2.4 Drives prices up

 

*** Absorption Rate***  

In my opinion this is the most critical number to look at.   All categories increased slightly this month except Apartment condos which increased by 1.16.   This is a reverse trend from last month where all categories decreased.   As you can see the apartment condo market is still favouring Buyers the most.

  June 2016 July 2016 Change
Detached 2.28 2.46 0.18
Semi Detached 2.88 2.88 0.01
Attached – Row 3.90 4.45 0.55
Apartment 4.96 6.12 1.16
Total City 2.95 3.27 0.32

 

Calgary Listing Inventory

July saw a decrease in inventory in all categories except Apartment Condos which increased very slightly.   This decrease is due to less new listings coming to market.

 

Inventory June 2016 July 2016 Change
Detached 2923 2727 -196
Semi Detached 532 522 -10
Attached – Row 975 882 -93
Apartment 1543 1554 11
Total City 5973 5685 -288

 

Calgary Sales:

Sales in all categories decreased this month which in my opinion is very normal for this time of year with summer holidays many peoples focus.

Calgary Sales   June 2016 July 2016 Change % Change
Detached 1282 1108 -174 -13.57%
Semi Detached 185 181 -4 -2.16%
Attached – Row 250 198 -52 -20.80%
Apartment 311 254 -57 -18.33%
Total City 2028 1741 -287 -14.15%

 

Calgary Real Estate Sales Prices: 

Pricing changes in July were minimal with all categories decreasing slightly.  Again apartment condos decreased a little more and this make sense to me with the higher absorption rate.  I would expect further price declines in the Apartment condo sector.

  Sales Prices June  2016

Benchmark Price 

  July 2016

Benchmark Price

 Change
Detached 502,400 502,300 -100
Semi Detached 385,600 385,200 -400
Attached – Row 310,800 310,300 -500
Apartment 278,200 277,000 -1,200
Total City 440,400 440,000 -400

 

 Sales Prices “Year to Date”   

Year to date prices

Sales Prices Dec 31, 2015   Benchmark Price  July  2016

Benchmark Price

 Change

$

% Change
Detached 514100 502,300 -11,800 -2.30%
Semi Detached 393100 385,200 -7,900 -2.01%
Attached – Row 318500 310,300 -8,200 -2.57%
Apartment 288,000 277,000 -11,000 -3.82%
Total City 452800 440,000 -12,800 -2.83%

 

Price Sensitivity

It is also important to note that homes in the lower price ranges are still moving much quicker than homes in the higher price ranges.

**Please note that these numbers do change on a community basis and more so for towns.  This report does not include rural properties.  If you would like to find stats on your community just let me know.  If you have any questions about this summary or Real Estate questions please feel free to contact us.

 

 

 

 

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