An Edmonton Real Estate Blog

Stuff In Your Edmonton Home

mark — Mon, 13 Jun 2011 16:36:10 +0000

Perhaps once we obtain a little perspective in life or undergo a few tragedies we learn that the “stuff” we amass does not have a great deal of significance. I’m not referring to family treasures or precious collections, I’m referring to stuff. The things kept in closets, in boxes under the bed, out in the garage or even in additional storage facilities you’re shelling out a fee every month for. The items that if you ever took a good critical look at you may recognize isn’t all that essential and may be keeping you from purchasing a great Edmonton house.

When out with an Edmonton home buyer and they say we need a dining area which will accommodate our three curio cabinets, or the kitchen will need enough cabinets for 5 sets of dishes (even though they have been away from sight inside a storage area for 3 years), you’re in for a lengthy road. Rather than concentrating on the excellent value of the Edmonton house, the location in Edmonton, the lot or even the amenities you’re concentrating on where you can put your things.

Let’s take a step back and examine what you said you desired in an Edmonton house. You want an refreshed kitchen (check), a master bedroom which has a soaking tub (check), a separate office space (check), a two car garage (check) and you want it all near to shopping, transportation and recreation (check). Notice precisely what is absent from your wish list? It was space for all of those things you have been hiding for years. I realize it is a bit like Christmas to unpack all of those items that have been put away for years… but guess what? You’ve actually lived without them, therefore it is quite likely that you do not need them.

Moving in Edmonton

Edmonton Real Estate Social Media Blunders

mark — Tue, 29 Mar 2011 03:42:25 +0000

One of the main fiduciary duties an Edmonton real estate agent has to a client is CONFIDENTIALITY. I’m sure there would be absolutely zero disputes on how important it is to keep a home seller or home buyers information under exceptionally strict wraps. It makes you wonder why so many seem to be breaching it on Facebook, Twitter, and whatever other social media platforms they are currently using.

There have been numerous occasions while browsing the latest Facebook friends news feed, where I come across a posting or two that makes me raise my eyebrows. Postings concerning things like the following:
“My listing on X street, Y ave just got it’s first showing in over a month.”
“Just sold a listing, now my home sellers need to buy FAST. Anyone have a property in X area coming up?”
“My home buyers just entered into negotiations on another Edmonton home, 3rd times the charm?”

All of the stated examples above may come across as relatively harmless. However, each and every comment could be deemed a breach of client confidentiality. 99% of an entire friends base will completely disregard that posting as soon as they see it… But what if an Edmonton real estate agent comes across this information? Could this information damage your home buyer or sellers position in negotiations, should it fall into the wrong hands? Really, if I were buying or selling a home in Edmonton, I most certainly would NOT want my real estate agent posting any information regarding my market situation on any social media platform.

I’m no where near stating that Edmonton real estate agents are committing major crimes on social media; I’m simply suggesting that all people experienced, unexperienced, agents, consumers, everyone be very thoughtful when posting information relating to your situation in the Edmonton real estate market. Consider the fiduciary duties owed to your clients, apply common sense when posting on public platforms. Everyone wants to share how busy they are, but some things should be kept under the rug.

Client confidentiality is owed to our home buyers and home sellers, so let’s set an example and not let our excitement for social media overshadow our fiduciary duties to our exceptionally valued clients.

Edmonton Real Estate Myths

mark — Tue, 22 Mar 2011 04:54:34 +0000

Various Edmonton real estate myths run amuck through some consumer minds, on both the home buying and home selling spectrum. Here are some honest answers from a qualified Edmonton real estate agent to debunk some of those myths.

Edmonton home buyer myth #1: “The longer the Edmonton house is on the market, the easier it is to negotiate.”
When home buyers inquire on how long the property has been on the market, they think “the longer it has been up on MLS, the easier it is to negotiate the price down.”
More often than not, it means the home seller is holding onto an unreasonable price and or terms.

Edmonton home buyer myth #2: “The home sellers today are desperate.”
While it is a common knowledge that the ball is in the buyers court. Most aren’t in a large rush to sell in the hope of property value increasing.
Inquire as to why the home sellers put their Edmonton property on the market. Finding out a home sellers motivation is a huge advantage to negotiating a price.
Note: Any educated consumer will keep buying or selling motivation under strict wraps, and you should too.

Edmonton home buyer myth #3: “You can’t purchase an Edmonton property with less than 20% down.”
There are plenty of programs and rewards for buying Edmonton real estate; take our first time home buyers program for example – it only requires a minimum down payment of 5%.

Edmonton home buyer myth #4: “It is required to have a good credit score to be approved for a loan.”
It is definitely not impossible to get a loan with a lackluster credit score. Depending on where your finances are allocated, there are plenty of programs and options to help you purchase your dream home.
Note: You have to be aware that lenders want to protect themselves. Consult a specialist as you could very well end up with a very unattractive home loan.

Edmonton home buyer myth #5: “You shouldn’t buy before the prices have bottomed.”
There is absolutely no way you can pin point where and when the Edmonton real estate market is going to bottom 0ut. You can be in the right place, at the right time, but that’s about it. There can be only speculation as there are so many variable that affect the Edmonton real estate market at any given time.
When we tell you we’re able to tell you when the market has bottomed, it is because the Edmonton home prices have already started to go up!

Edmonton home seller myth #1: “Now is the worst time to sell.”
Not quite. Whether you should buy or sell a home relies on where you live, how you live and above all, what YOUR current needs are.
Simply put, the Edmonton real estate market is one of the best in the country. Pricing is still fairly strong, mortgage rates are rising but at very acceptable levels, and there is definitely still plenty of traffic in the market.
And something to keep in mind, if you’re not getting quite what you would like for your Edmonton home; chances are, you’re making it back because the home you buy is ALSO not at what it could be priced at.

Edmonton home seller myth #2: “Never respond to a low offer.”
All home buyers feel as if it is their duty to put in a less than fair offer. If you counter with a reasonable offer, chances are, they can be convinced to come up in price to make the deal happen.

Edmonton home seller myth #3: “The first offer is never the best offer.”
Most home sellers believe that it’s better to wait and see what other offers mite be thrown at them.
More often than not, the first offer is the top offer you’ll receive in any given time period.
So I ask, If the offer falls in line with your needs and demands, why not accept the offer? You’re absolutely right, in the future you could absolutely get more money for your property… In 10 years it will be worth much more than it is now.

Edmonton home seller myth #4: “I can always reduce the price of my Edmonton home at a later time”
In a lot of cases, home sellers will want to set their Edmonton home high for a little while to see what sort of offers they can get.
Problem – home buyers shop by what their income will allow them to search for. If your property is in the wrong pricing bracket, you will just be thanked for helping everyone else’s home look like it’s priced that much better.
Incremental home price reduction can put you in the awful position of chasing a tide as it goes out.

Edmonton home seller myth #5: “Before you refinance, shop around.”
Chances are you can already get the best rates from your current lender. Client retaining is a big part of most businesses; there is usually room for negotiating closing costs by staying with your current mortgage lender.

Hopefully this clears up some of the more popular real estate myths - good luck!

Edmonton Mortgage Rate Update – 11/03/2011

mark — Fri, 11 Mar 2011 17:29:53 +0000

Another weekly Edmonton mortgage rate update. Courtesy of Jason Hatton with the Mortgage Centre.

Rates as of Thursday, March 10, 2011:

TERM	Mortgage Centre Best rates
6 Month	3.80
1 Year	2.50
2 Year	3.15
3 Year	3.35
4 Year	3.84
5 Year	3.84
7 Year	4.70
10 Year	5.10
Variable rate mtg	2.20
Prime	3.00

BANK OF CANADA QUALIFYING RATE 5.44
Best Variable rate mortgage: Prime – .80%
Also: 50% Fixed/50% ARM 5 year effective rate @ 3.22%

jay@mortgagecentre.com

The rates remain unchanged from last weeks update, but are expected to increase as the year continues. A speculated decrease in Edmonton home prices should make up for the increase in interest rates.

Enjoy the weekend!

View the Edmonton Property Not the Belongings

mark — Fri, 11 Mar 2011 01:55:21 +0000

When out viewing Edmonton real estate with your favorite real estate agent, do you go beyond the scope of a home viewing?
There are home buyers who, in a politically correct manor, are exceptionally… Curious. Try not to be one of these people.

Open drawers? Absolutely, if they are kitchen drawers. It is a must to know how much room your standard storage has, whether it’s dovetailed, etc. However, if you are opening drawers in the master bedrooms dresser, you may have to take a step back and realize you are perusing through somebodies personal belongings.

Opening closets to see whether they will be able to hold your impressively large wardrobe? Of course. Opening the doors to an interesting armoire, not so much. This won’t be in the house when you move in, it will be gone, just like the sellers personal affects that are most likely being encased within it.

Beds. While it seems like it would be harmless to have a seat on them, would you like a stranger sitting on the very place you lay down every night? Resist the temptation to see how comfortable that kingsized piece of foam is.

Kids, kids, kids. Home buyers, keep your kids in hand at all times. Of course they are not misbehaved kids, they are definitely not unruly, I’m sure they are absolutely fantastic – but kids will be kids. Save your Edmonton real estate agent from having a heart attack by keeping a very close eye on little Timmy.
Perhaps even consider leaving them at home for the first walk through. I’m fully aware of how big a part of the home buying process your kids are, they have to feel like it’s their home as well. However, there are a mass amount of emotions running when buying and selling Edmonton real estate, one less thing to deal with can be quite helpful on your stress.

Plenty of the Edmonton housing you will be viewing is vacant, however, many are currently still being occupied. Be understanding of the sellers; occupying the Edmonton property while on the market can be a relatively large invasion of privacy.

Home Sellers! With the above in mind… Close your drawers, clean up your belongings, remove your prescription drugs. It is also your duty to ensure that the home buyers viewing your Edmonton property see nothing overly revealing.
Consider taking some of your belongings to a storage unit, a family members house or even possibly a friend. It could save you a lot of grief and maybe a load of embarrassment.

In conclusion – when you focus on things that don’t convey with the Edmonton property, take a step back and realize you’re intruding on another persons privacy!

Edmonton Real Estate Myths

Edmonton Real Estate Final Walk Through

mark — Wed, 09 Mar 2011 04:02:51 +0000

“We have already seen the house numerous times, signed off the subject to inspection clause – do we really need to have another walk through before possession?” Short answer, YES.

It is of the utmost importance that you absolutely always walk through the Edmonton home a few days, or even hours before you take final possession.

Why in the world would you do that?
Don’t worry, you’re not the only Edmonton home buyer to ask. Simply put, to ensure the home sellers have followed through with whatever agreements you have stipulated in the contract.
There have been numerous occasions where the contract states you get to keep a particular appliance such as a refrigerator, maybe an oven, possibly an air-conditioning unit, or even all of the above; only to do a final walk through and the appliances in question are gone or replaced with a less desirable piece of machinery.
Note: a seller cannot replace items such as an appliance with another appliance unless it was agreed to by both parties.

A walk through should be done right before closing.
If you asked for items that came back as faulty on the inspection to be corrected, it is time to ensure that those items were done, and done to your liking, standards etc.
It is wise to make sure that the plumbing is in order, the heat works and any other points you find important are checked up on.

Walk through’s are very important.
If your Edmonton real estate agent hasn’t already done so, make sure he sets up an appointment for your final walk through.

Edmonton Mortgage Rate Update – 04/03/2011

mark — Fri, 04 Mar 2011 21:04:53 +0000

First of many weekly Edmonton Mortgage Rate Updates courtesy of Jason Hatton with the Mortgage Centre.

Rates as of Thursday, March 3, 2011:

TERM	Mortgage Centre Best rates
6 Month	3.80
1 Year	2.50
2 Year	3.15
3 Year	3.35
4 Year	3.84
5 Year	3.84
7 Year	4.70
10 Year	5.10
Variable rate mtg	2.20
Prime	3.00

Bank of Canada Qualifying Rate 5.44
Best Variable rate mortgage: Prime – .80%
Also: 50% Fixed/50% ARM 5 year effective rate @ 3.22%

jay@mortgagecentre.com

Have a great weekend!

Alberta Home Affordability

mark — Tue, 01 Mar 2011 22:23:40 +0000

A quick note and prop to Alberta’s current state of home affordability.

RBC’s housing trends and affordability report released in February announced the Alberta housing industry as the most affordable province in Canada.

“At the other end of the affordability spectrum from British Columbia is Alberta, which, in the fourth quarter of 2010, officially became the most affordable provincial market in the country, according to the RBC Measures.
Those Measures fell once again by 1.0 to 2.4 percentage points in the province, extending their long strings of declines since late 2007.“

Lower mortgage rates and depreciation of home prices contributed to the lowering cost of homeownership in the fourth quarter of 2010.

Due to a substantial lowering of demand in the spring and early summer; buyers were placed in the driver’s seat.
It is speculated, this affordability will not last as demand has shown more life in the recent months. Alongside an improvement in provincial economy, the Alberta market is said to of gained a better balance.

It is expected that this will initiate a price decline, balancing out the projected rise of interest rates.

Home buyers, keep your eyes open! Deals are amidst!

No related posts.

Edmonton Real Estate – Looks great, but what’s under the hood?

mark — Mon, 21 Feb 2011 21:35:10 +0000

In the Edmonton real estate industry, you come across those who refer to a particular home as beautiful; which it is… But what’s under the hood?
The Edmonton real estate and auto industries are similar beasts; the piece of machinery you’re considering is cleaned, shined, waxed and detailed. Alternatively, homes are vacuumed, waxed, painted, etc.
Aesthetically, they look phenomenal. And why shouldn’t it? They place their absolute best foot forward.

But what about the functionality?
Is it poorly insulated? Is the plumbing in order? These, among others, are questions that absolutely have to be answered before an offer is written.
Your Edmonton Realtor should have this all sorted out for your convenience. If you’re not going through an agent; you must ensure a subject to inspection clause is included. $300-400 is well worth the tens of thousands of dollars it could potentially save you.

Choosing a home inspector
I cannot stress enough how important a knowledgeable inspector is to the Edmonton home buying process.
When selecting an inspector, here are some notes:
Does this inspector have references?
Is he/she a civil engineer?
Make sure the inspector is working for YOU, and not the home seller/listing agent (if they’re working with an agent).
Believe it or not, price should not be a deciding factor. A proper home inspector will always be priced higher than X# inspector at run-of-the-mill inspection company. But it’s the qualifications and quality of report that are important… Realistically, in a $300,000+ deal; is a $100 difference really going to break the bank?

Consider the above points and do what you feel is best. Happy Family Day and happy house hunting!

Edmonton Real Estate Photography Do’s and Don’ts

mark — Fri, 18 Feb 2011 19:24:07 +0000

A quick few comments in regards to Edmonton real estate photography.

You will stumble across various types of real estate photography for print and web. Some use professional photos, others use, what seems to be, disposable cameras. Some fish eye a room, others will take photos from a corner… I can go on and on about this particular subject.

The importance of proper photography goes without saying. It is the difference between a potential showing or a glance and a click of the “next property” button. How you stage your property in photos can be just as important as actual home staging!

Without further ado, let me point out some of the Do’s and Don’ts of Edmonton Real Estate Photography.
Fish Eye

Fish eye is one of the most commonly used tactics to fit an entire room into one picture. Fish eye also distorts a room, making it seem larger than it is. Sounds great, right? Wrong. It makes for a horrendous picture! Bigger doesn’t always mean better.
So I ask, why would you want to fit an entire room into one photo? The obvious response being “well, they get to take in the room all at once.” That’s fine, however, it must not come at the cost of quality. If the first impression a home buyer gets is “yuck, why is there a wormhole in my master bedroom?” then you successfully lost a potential offer. The answer?…

Take More Photos!
People LOVE photos, they can never have enough. When buying a product from an online store, the store with more photos usually wins. Would you buy a refrigerator without having seen the inside? I think not.
Instead of fish eye or some other photo distortion, consider standing on a stool in a corner. You would be surprised how much of the room you can capture. If you have a camera with a wide angle lens, even better. But still continue to take plenty of photos. Like most things, the more information, the better!

Night Time Photos

First and foremost, I’m sorry to say, they do not create ambiance. It just creates a dark room and a shady photo. When taking pictures, try to snap the photos during the day. Natural light brightens a room and gives the potential home buyer a much more enjoyable viewing experience.

Tidy Up
Last, but not least. Tidy up! Not only does a dirty room look awful, it gives off a negative impression. Cleaning is one of the cheapest and easiest ways to increase the value of your home.
A note while snapping photos. Make sure to take down family photos and objects of that nature. These photos will be viewed by many, many anonymous users – Internet awareness 101.

Following these tips will surely increase your home showing rate… Until next time!