Oct
6
New MLS.ca
Filed Under Real Estate General | 1 Comment
I have had a few clients give me a call in the last couple days, and complain about how the new www.MLS.ca is a very poor design, and is very hard to search. I logged on today to find the same result. I think the new design and layout came in over the last couple weeks or so, as I personally don’t use this site, I’m unaware of the exact date of change. From my own searches, I was unware of a way to search by community? This is an important factor in searching for a home.
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If you are in this boat, I want to encourage you to check out www.ChamberlainGroup.ca as you are able to do much more, and in depth searching from there of the Calgary and area real estate than the MLS. You will need to become a member, but once you are in, you can actually get the full address and days on market of properties that are listed, which you are not able to get through the MLS. I’m not saying this so that you will become a client of ours, but rather so you are able to find what you are looking for if MLS.ca isn’t going to provide it for you.
If you have any questions on our site, please let us know…
Happy Hunting!
Oct
6
Conquering the Clutter
Filed Under Home Tips, Selling | Leave a Comment
It’s a tough market out there. If you want to have any chance of selling your home, you need your house to look its best. One of the simplest - and most important - ways to boost the appeal of your home is to “de-clutter”. I know it can be a difficult process but going through your entire house and removing all unnecessary items is crucial step.
The blest place to start your Campaign Against Clutter is in the kitchen. Your kitchen should look spotless, open, and inviting. Go over the countertops and remove anything that you don’t use anymore. That means everything - toaster included. Then go through the kitchen cabinets and remove anything you don’t need there. In a perfect world, the buyer would be able to see your cabinets and drawers completely empty to get a feel for how much storage space they would have. Obviously, that won’t always be possible but make sure you keep it down to the bare necessities. And ALWAYS take the trash out of the kitchen before a buyer comes over.
Go through every room of the house this way, starting with the rooms that your buyer will see first. Try to look at every object in each room objectively. If you don’t need it, if you don’t use it every day, pack it up in a box and put it in storage somewhere, or get rid of it completely. Take all of your personal items out of the house - photographs, diplomas, trophies, collectibles - anything that could distract buyers from looking at the house itself. Also, remove any excess furniture that you can. You want all your rooms to look as spacious as possible.
When you think you’ve cleared out as much of your clutter as you possibly can, take a breath and then take a step back. Can you do more? Is anything left? Invite a friend or neighbor over and get their unbiased opinion, or ask your selling agent.
Think of your house as a model home. You want it clean, tidy, depersonalized and clutter-free. When a buyer comes through your door, they should be able to envision themselves living in your house. Whenever possible, try not to hinder that vision by reminding them that you are still living there. Removing the clutter will remove the distractions and will let the buyer focus on the things you really want them to see.
Remember, you don’t want a buyer to be looking at your home, you want them to be looking at THEIR home. Conquer the clutter and you will have made a big step towards that goal.
Oct
4
Robert Shiller ‘Popping the Bubble’?
Filed Under Canadian Economy, Finances, US Housing Market | 2 Comments
Jacqueline Thorpe’s interview with Robert Shiller sparked a lively reader discussion on the value of Canadian home prices. Shiller, an economist at Yale University and the namesake behind the Case/Shiller Housing Price Index, predicted both the tech and the U.S. housing bubble. He said Canada could see a similar housing bust, particularly in the Calgary and Vancouver markets.
Here’s a selection of some of those comments from readers, some slightly edited. You can find the original comments attached to the online story.
I would like to say that the first three comments below are exactly how we at The Calgary Real Estate Blog view the economy and in Alberta specifically. We will be able to weather the storms that are brewing to the south as the economy/housing is different in Canada. We have not had Sub-Prime lending and selling the mortgages out the back door to third party investors. Our government has now taken the 40 year mortgages and zero % down away, which was a good plan, but on the flip side, would have never taken us as far as our friends to the south.
Summer6727: People like Mr. Shiller are the very people that create fear with the lack of confidence. Fear drives the markets, which is, sorry to say our own doing by the way of technology, via email, TV, word of mouth. I sometimes think people like Mr. Shiller love to watch people panic and worry. To see what is unfolding in the U.S. makes others look at the current situation within and adjust.
Rockie Bear: Summer6727 is dead on. The American economic wizards frequently don’t understand their own system let alone the country next door. This type of commentary shouldn’t be published in Canadian newspapers.
jscheema: Mr. Shiller: We didn’t do any sub prime lending in Canada as was done in U.S. House prices rose steadily not doubled in just six months as in many parts of California. Canada is far better than the U.S. on employment, wages, interest rates, financial institution liquidity. Please do not cause panic and … fear mongering among Canadian people.
vancouver guy: Here in Vancouver I am witnessing people with part-time jobs and not much in terms of income put 5% down on $300,000+ properties. And sometimes the 5% down payment comes from racking up the credit cards. How is this not subprime? And it is all with 35- or 40-year mortgages. How is this sound borrowing when those 40-year mortgages come at odds with basic human life-expectancy data? “Please God, just one more bubble before I die.”
IndexTrader: I can’t understand folks who think that the housing meltdown in the U.S. will mysteriously miss Canada. These bubbles are global. Blaming Robert Shiller for the problem is like blaming the water for a sinking ship that hit a reef. Global asset bubbles have impacted nearly every major and minor economy around the world. The greater that a market appreciated, the greater the correction it will feel. Unfortunately, the fact that we don’t want the meltdown has little bearing on the outcome.
What do you think? Will the US melt down effect Canada, specifically Calgary and Vancouver? In Calgary we haven’t seen super spikes in prices over extreme short periods. If you look at a past post about the prices over the last few years, the graph there shows that since 2000 we have had steady growth with some small jumps, which will happen in a heated economy like Alberta. The GDP of Edmonton and Calgary region is one behind China. This is a strong economy.
What do you think?
Oct
3
DON’T VOTE!!! OCT. 14, 2008
Filed Under Canadian Economy | Leave a Comment
Watch the video, then read below…
It’s simple… we all, if we are able to, should vote… the number of people who don’t vote that can is ridicolous.. In Canada in 2006 was 47% of the population or blazing 64.7% of registered voters vs 59% in the US. Honestly, that’s it. If we truly care about our country, and what is happening in the world, it’s time to stand up and saw our piece. If you don’t vote, you don’t have the right to complain once it’s in stone.
If you don’t know where to go to vote… Go HERE… to the elections Canada website. Put in your postal code and it will tell you the location, date and days the advance polls are happening.
OCTOBER 14, 2008. No reason to not vote!
Oct
3
Article From Calgary Sun (Quotations by The Calgary Real Estate Blog)
After a year of listening to experts saying the Metro Calgary real estate market was returning to normal, we may finally have reached it.
MLS sales statistics for September were released this week by the Calgary Real Estate Board, and in the single-family market, sales last month were up about 9% from September last year. Granted, it’s not a very big increase, but any increase is good news.
Also notable is the end of month inventory of single-family homes - last month it stood at 5,387 units, down — again ever so slightly — from 5,562 homes in September 2007.
New listings coming to the market last month were 2,631, down 15% from last September. Also taking a slight dip was the year-to-date average sales price, which reached $464,445 to the end of September, a 2.4% decrease.
In these cases, decreases are good news.
I wouldn’t count on the market completely turning around just yet… we will need more than one month’s data to show that in fact the market is turning. The market will take time to turn around and one month’s data doesn’t prove that we are on solid track.
The fact average prices are down, if only marginally, is a sign sellers have realized listed prices were too high and they are now pricing their homes with the market in mind, not greed, although another influencing factor is sales of lower priced homes are higher this year than last and sales of homes priced at $1 million are down, year-over-year, which brings down the average.
However, fewer listings and lower month-end inventory levels, should they continue, will have the effect of stabilizing average prices and may even cause the average to increase, year-over-year, in the coming months.
In towns and cities included in the Calgary CMA, but outside of city limits, the story is a little different, with month-end inventory up year-over-year, to 2,607 homes from 1,965, although new listings added in September were down — 850 compared to 877. This is really is no surprise because these markets are usually several months behind the trends set in Calgary and the fact sales were up in these areas indicates they may be close to reaching more normal levels.
The area of concern is condominiums in Metro Calgary.
At the end of September, there were 2,607 units listed, up from 2,235 last September, though new listings added in September declined 10%.
The number of condos listed for sale takes the overall Calgary real estate market out of ‘normal’ and back to ‘returning to normal’ and the problem has the potential to grow, as more condos will be added in the next six to seven months as some of the larger high-rise apartment buildings in the inner city are completed. As the new owners take possession, and if condo sales don’t increase significantly in that time, the questions is, will they list them for sale if they were bought on speculation, or put them into the rental market?
If they list them, the rate of decline of the average condo sales price will increase. If they put them into the rental pool, the decline rate will not be as severe and may even flatten out. Let’s hope for a lot of For Rent signs.
I completely agree that the condo market will be over heated and ‘full’ over the coming months. There will most likely be many individuals who lined up and bought on speculation and will be needing to get rid of their ‘great idea purchase’. Never line up for condos…. NEVER…. and to make it worse… DO BUY ON SPECULATION… you will get busted one time or another…
If your looking for solid investments, look at long term hold with a great real estate team around you to bring you to your goal…
Oct
3
As readers of The Calgary Real Estate Blog, we would love to hear your feedback on what is happening south of the border. We value your opinion and would love to hear what you think.
Here’s the question…
Now that the US passed the Bailout plan, what effect will this have on our economy and in-turn our real estate?
Looking forward to a great discussion…
Oct
3
Calmer Housing Market Brings Opportunities for First-Time Buyers
Filed Under Buying, Canadian Economy, Home Prices | Leave a Comment
The numbers are in, and they bring good news for Canadian homebuyers. Price growth is beginning to ease up across the nation, according to Genworth Financial Canada’s Metropolitan Housing Outlook report. For new and resale homes, price growth has quadrupled since 2001, but is expected to slow over the next five years, allowing potential homebuyers to feel a little breathing room.
If you are in the market for a new home you may want to check this out…
Calmer market ahead
In 2008, the rate of price growth should drop about 50% from last year for both new and resale homes across Canada. The return to historically normal levels will give consumer incomes a chance to catch up and buyers should feel less pressure and more opportunity to explore all the choices and financing options available to them.
“Now we’re seeing a calmer market,” said Peter Vukanovich, president of Genworth Financial Canada. “That translates into better opportunities for first-time homebuyers to make an informed decision.”
For homebuyers, this more stable growth is a welcome change from the increases in recent years. Both 2006 and 2007 saw an 8.7% increase in the price of new homes, and there has been a 10.2% average jump in the price of resale homes each year since 2002.
“Rapid price increases, which were virtually unsustainable in regions like Alberta, had begun to erode affordability and put a lot of pressure on first-time homebuyers in terms of their decision-making process,” said Vukanovich.
Housing market still strong
Overall, Canada’s housing market is expected to remain strong, supported by steady demand and modest price increases across the country. This year’s national average new home price is forecast at $397,789 (a 3.8% increase) with the 2008 average resale home price expected to reach $322,424 (a 5.1% increase). Regionally, the strongest housing demand can be found in B.C., Manitoba, Alberta, and Saskatchewan, as a result of the commodity-fuelled economic growth in the West.
National housing starts, however, are expected to ease to just below 215,000 units this year and 194,000 units in 2009. This represents a 15% drop, after eight years of steady increases. The drop in single-unit starts is expected to be greater than for multiples, reflecting the number of empty nesters looking to downsize and the affordability of these properties for first-time buyers.
Mortgage rates to drop
Mortgage rates will also see a drop this year as the lowered Bank of Canada interest rate flows through to the mortgage market. The average five-year conventional mortgage rate is expected to be 7.0% in 2008, dropping slightly to 6.7% in 2009.
For further report details, including regional numbers, download the full report.
More modest increases ahead
Canadians can look forward to more moderate price increases for new and existing homes across the country in the years ahead.
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Oct
2
Here is a checklist for you when you are looking to get an accurate appraisal.
- Provide Your Appraiser: 5 Comparable sales - similar in syle, size and location that have sold within the past 90 days.
- Provide your appraiser a printed list of market rents for similar units in similar location (Minimum 2 Sources). Use websites like www.rentboard.ca, www.rentfaster.ca, www.homerent.ca, www.gottarent.com
- Provide a current rental/lease agreement in currently rented
- Be clear with the appraiser on what type of property it is (ie. single family, 4-plex, mixed use etc.)
- Manage Expectations. Discuss with appraiser how much time they need. Remember they need to do research, access the property, write the report, and yours isn’t the only one they are doing.
- Ensure your Appraiser is on your Lender’s “Approved list” before ordering appraisal
- Once you have ordered the appraisal, tell your lender when the appointment has been booked
- If you are doing a renovation, provide the total cost, estimated date of completion, and quotes from contractors and suppliers.
- If purchasing, ALWAYS include a financing condition and do not remove it until the appraisal is complete and satisfactory to the Lender
- Be there in person for the appraisal appointment to walk through the house with the appraiser, present your ‘homework’, point out any updating you have done and answer questions
- If you are re-financing, complete a walkthrough of the property prior to the appraisal appointment and give yourself enough time to fix any curb appeal or maintenance items.
- Always reques a copy of the Appraisal Report from the lender.
This list originated from Gerhardt Klann, CityLine Appraisals Inc.
Oct
1
Selecting A Real Estate Agent
Filed Under Buying, Real Estate General, Selling | Leave a Comment
When buying or selling a home, one of the biggest decisions that you will make is deciding on a When buying or selling a home, one of the biggest decisions that you will make is deciding on a real estate agent. After all, this is a decision that you want to get right. If you strike up a relationship with a qualified and trustworthy agent, it is safe to say that you will be on the right track to success. On the other side of things, an agent who is only interested in the money could cause more bad than good.
The process for selecting a real estate agent depends on a number of different factors. First off, you need to choose an agent that you feel comfortable working with. This is not to say that you have to be best friends with the person, but you need to feel that communicating with them is second nature. If you are afraid to ask your real estate agent questions, you may end up losing out in more ways than one.
Once you know the names of a few real estate agents in your area, move onto calling them on the phone. From this point on you should be forming your opinion of the person. Do they like what you are saying? Are they kind and courteous when speaking with you? Do you feel comfortable asking them questions? As you call more and more agents, you will begin to formulate a list of questions that you can rely on.
The final selection process is not difficult if you do your homework in the first place. Once you speak with several real estate agents, when it comes time to choose one you will know what you are doing. The bottom line is that the only time you will find yourself in trouble is if you try to select an agent on a whim. When you take the time to learn about each agent and what they offer, you will know who is right for the job.
Overall, there is no reason to stress out over selecting a real estate agent. You will want to keep your stress level to a minimum when buying or selling a house. This will help to ensure that you get the best deal, and that you have fun doing so. Having a great real estate agent on your side is never a bad thing!
Oct
1
Calgary Prices Past vs. Present
Filed Under Buying, Education, Home Prices, Real Estate General, Selling | Leave a Comment
We have had some incredible growth in our prices in Calgary, and Alberta in general. At some points we were making money without even doing anything to our houses, and some months we were getting upwards of $5,000 per month “in our pocket equity”. Times have changed… we are now seeing prices relax, and decline. Now, don’t take me wrong, I’m not saying that the increase in Calgary and area is over, by no means, but the market is resting right now… Below is a great graph that puts it all into perspective of how well we have done with the prices in Calgary.
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