Real Estate Blog - April, 2014

Getting into Edmonton Real Estate

Edmonton real estate is extremely diverse and can offer potential buyers whatever they may desire. Whether you want to buy a fixer-upper, get into a condo, purchase a luxury estate or get in on the ground floor of a new development, Edmonton has it all.

Why all the selection?

Edmonton is a city in flux. Edmonton is rapidly expanding its borders and with that comes residential expansion of all kinds (as well as commercial growth). This means there is no shortage of new developers coming in to snatch up land and develop niche communities focused on sustainable housing, active living and urban lifestyles. Edmonton real estate literally comes in all shapes and sizes, so for the many buyers out there on the hunt, there is surely something to meet your…

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The Situation with Affordable housing in Edmonton

One thing the City of Edmonton has repeatedly acknowledged in recent years is its lack of affordable housing. The real estate market in the city is a very competitive and healthy, which can make it difficult for low-income families to find suitable and affordable housing in Edmonton.

Buying versus Renting
Rental rates in Edmonton are sky-high. When you break down the numbers, some areas charge double what the home actually costs by way of a mortgage. An example would be, if a condo or apartment costs a total of $650 per month in a mortgage, it’s likely being renting out for as much as $1100 a month or more (depending on size, location and features). It’s borderline outrageous, but its also what makes the city such a great investment market, and why it…

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When to buy a home

First things First

The home financing and mortgage regulations have changed in recent years so it’s important that you investigate the rules of your province. In most cases you can no longer purchase a home without a down payment of some sort. For first time buyers this can be as little as 5% of the home price, and for subsequent buyers it must be at least 20%. Although it may seem obvious, the first rule for deciding when to buy a home is ensuring you have all your finances in place, this includes your closing costs which are generally estimated at about 2% of the budget you are shopping within.

Is now the time?

Assuming you have all your finances in order, you may be wondering if now is the right time to buy – or if there is ever a right time…

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First Time Buyer Tips You Should Know

Save more than you need
There are a lot of miscellaneous costs that come with home buying. One of the most important first time buyer tips you can get is to reinforce your savings account. Between lawyers’ fees, home inspections, moving costs and down payments, the cost of home buying stacks up quickly. Many first time buyers do the basic mathematics to decide what their price range is and what they will need for a down payment, but few realize the additional costs associated with the process. If you need $10 000.00 for a down payment, make sure you have at least $13 000.00 before going to get a mortgage preapproval. Although you may have the required down payment in place, if the bank does not see that you can finance your closing fees, they may reject…

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When Looking for Condos for Sale

Are you looking for a condo? Condos can be a great stepping stone for first-time buyers or the only choice for business professionals looking for a low-maintenance home. Finding condos for sale can be as easy as searching for any home and should begin with you deciding on what you need first.

Before you hit the listing sites
Before you hop online and become overwhelmed by what is available in your town or city for purchase, make a list. List what is important to you in a home. Consider the number of bedrooms, special features you may want (fireplace, balcony, in-suit laundry), and what amenities are nearby. By doing this you can set search parameters for the listing site of your choice, and for your realtor. This means you will only see properties that…

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Marketing Your Home

Start by cleaning up and simplifying the home as much as possible. Your goal when marketing your home is to showcase the home, the part buyers are looking to purchase – if your things in the home don’t compliment it, remove them! It’s easy to get sentimental but you have to think like a buyer when prepping your home for showings or marketing photos. Keep things minimalized.
Now what?
Find a real estate agent with a great sales record. With their assistance marketing your home across a variety of mediums will be easy, from newsprint to popular websites. You want your home to be highly visible to the widest possible audience and in order for this to be effective you want to take flattering photos and be descriptive. Highlight your home’s best features,…

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Some of the Reasons to Say YES to a Real Estate Agent

Why should you get a real estate agent?

For one it’s less of a headache when you can work with someone who knows all the answers. As a buyer you will have a ton of questions, from what conditions are important include, to what you can use as leverage in a negotiation. Real estate agents will also have access to listings (their current client’s) before they hit the general market. This means you could have the upper hand on a new property which can make the difference between swooping in or getting caught in a bidding war. Depending on what you are buying (house, apartment, condo) there may be more to it then you foresaw. An agent will help you navigate dealing with a condo board, by-laws and can direct you toward an excellent lawyer if you don’t have…

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Shopping in the Foreclosure Market

Essentially a foreclosure is a home that is bank owned. This typically happens as a result of previous owners defaulting on their mortgage payments. Because they could not afford to make the payments on the house, the bank reclaimed the home. Generally speaking this situation has pros and cons for a potential buyer.
Pros of shopping for a foreclosure
Typically (although not always) the bank is looking to recuperate the money it was owed by the previous owners. This means that a home may be listed well-below its value, or at a price that will cover the banks losses, rather than garner a large profit. This is not always true, however, so it is important for you to discuss the asking price with your realtor to decide if both the price and the property are…

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Using Home Staging to Sell Quickly

In a buyer’s market, or a saturated market, selling your home can be tough – there is a lot of competition out there. Staging your home is one way that you can set your property a part from others, but home staging isn’t only beneficial in a buyer’s market. In a seller’s market, homes may be selling quickly but oftentimes that will depend on the price range your home fits into. Even in a seller’s market there may be niches where a seller finds quite a bit of competition and this is where they can utilize home staging too.
Home staging is the practice of completely setting your home up as if it were a show room. You choose stylish furniture and accent pieces, it doesn’t have to be a lot either, just the basics to give potential buyer’s an idea of how the…

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The Importance of Edmonton Real Estate Agents

In a healthy housing market such as Edmonton, you want to be sure you have a great agent working for you. Whether you are an experienced buyer or a first-timer, an Edmonton real estate agent will be working for you to get a great deal on a property you truly want. There are many ways to find a reputable agent, but word-of-mouth is usually the best. Ask your friends and family, or even co-workers, to recommend you an agent. By securing an agent in this manner, you can be sure of both their work ethic and their skills because the people you know wouldn’t have recommended anyone they didn’t like to you.
It is easy to skip this step, believe it or not. Many people begin their housing hunt online, sifting through dozens of listings just to get an idea of what…

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