Real Estate Blog - May, 2014

Renting vs. Buying and Looking at the Numbers

Renting is common and certainly the most convenient way to get a roof over your head when you are first starting out. Everyone has rented a property at one point or another, either as a student, newlywed or bachelor. Renting is quick and easy and doesn’t involve the financial or legal commitment that comes with home buying, however, the renting vs. buying debate isn’t much of a debate when you consider all the facts.
In the Beginning
Initially home ownership may seem like a pipe dream because saving up a down payment can be hard and requires a lot of discipline (not to mention excess funds). But if you can stash away a little bit of money each month you will be successful. It may take you years to achieve your goal but its worth it in every way. Renting vs.…

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Figuring Out the Rent to Own System

Ever wonder how the rent to own system works? It’s similar to leasing a car in that you make monthly payments and after an agreed upon period of time you may purchase the home. The difference between homes and cars is that the one renting the home takes a portion of the rental amount and puts it toward the down payment for the future purchase of the home.
When should you rent to own?
The rent-to-own system is great for first time buyers who don’t have a down payment or aren’t in a position to put one together. Although you may pay a slightly higher rental rate to compensate for both saving a down payment and paying the current mortgage, the system works. This is also a great option in a tough market where its too expensive to get in on the ground floor, or…

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Options for Financing a Home

Not many people can afford to outright purchase a home, which means financing a home is common place. Everyone finances their home, the only part that differs is how much of the home gets financed. In Canada first time home buyers are allowed to put down only 5% of the total value of the home as a down payment, meaning they need to finance 95%. If it is not your first home purchase, the banks require at least 20% be put down, allowing for 80% to be financed.
Financing Options
There are a few ways you can go about financing a home purchase. Most people choose to go through their bank, particularly if they have a good relationship with them and a variety of other products, such as RRSP’s, car loans or lines of credit. For all intents and purposes, it just…

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Seeing Growth in Edmonton’s Luxury Real Estate Market

A Growing Market
It may surprise you to learn that the Edmonton luxury real estate market is gaining some momentum. You might be thinking, homes in Edmonton are expensive as it is, how can there even be a luxury market? But there is, and it’s heating up. Although the luxury real estate market here still pales in comparison to the Calgary luxury market, Edmonton is picking up steam. In 2012, 89 properties sold in Edmonton that had list prices of a million dollars or higher, and in 2013 that number rose to 115 – a 29% increase over 2012. There were even vacant lots in Edmonton that fetched prices of a million dollars or more, with one going for $2.5 million.
What Does it Mean?
This increase in luxury real estate sales certainly bodes well for the state of the…

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The Current State of Edmonton Real Estate

Recent History
There is always a lot of talk about how healthy the Edmonton real estate market is, but it hasn’t always been that way. During the recession, when oil prices tanked across the country, Edmonton suffered too – most notably in real estate. There was such a massive population boom in the city in the mid-2000’s that housing construction went through the roof, and not three years later the national economy took a major blow. This halted much of the cities expansion, however, with the recovery of the economy came renewed interest and population influx into Edmonton and other areas of Northern Alberta. The surplus of homes seen in and around 2008 and 2009 have long since disappeared and a new construction boom is well underway.
Is the Price Right?
…

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The Shortfalls of the Edmonton Housing Market

Trends
There are some interesting things happening in the Edmonton housing market as of 2013, and continuing into and throughout 2014. With the average single-family home price topping out at about $400K, many first-time buyers or budget conscious buyers found themselves thrust into the condo market as a means to an end. The rise in average price seems to a precluded many from the market altogether, but it’s had a much more profound effect than all that.
Changes to Come
$400K is a lot of money to most people and despite a great labor force and job opportunities in Western Canada, it’s a difficult amount of money to manage as a young family or bachelor. Obviously this speaks to why many of these people have sought refuge in condos, which average out at about…

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When You finally Decide to Find a Realtor

Getting a great Realtor should be the first step on your house-buying journey, but for many that’s too serious a step. Most people begin by searching online for what’s available in the area they wish to live, and what the going rate for real estate in said area is. It’s okay, everyone does it, but when you are ready to find a realtor, here are some tips to get you off to a good start:
1. Ask around: Real estate is a customer service driven business when it comes to realtors, and anyone you know who has been through the home-buying process before will be more than willing to either rant or rave about the realtor they used. This is a great opportunity for you to gather a list of names from people you know, of the most recommended realtors in your area.…

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Ways To Sell Your Home

We live in an ever changing world of technology, convenience and innovation. The way you would have sold your home as little as a decade or two ago has changed drastically from the real estate practices we see going on today. In world of realtors, free advertising websites and realtor-free methods, it can be difficult to find the right way to sell your home. Should you be conventional or should you hop on the band-wagon?

Conventional

Finding a trusted realtor to evaluate your home, research the comparative market and list it accordingly is the traditional way to sell your home. Is this conventional method a ‘bad’ way to sell your home? No, of course not. One thing that this conventional method has in spades is accountability and trust. Realtors are…

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Cost Of Buying A Home

You don’t only have to worry about having a down payment put together when it comes to buying a house, there can be many costs associated with the process that you may be unaware of. Here are a few things to consider before diving in, and a few reasons to have a little extra padding in your savings account:

Moving

Moving is loosely considered to be part of your closing costs, although it does not get a fixed number because you can move fairly cheaply if you do all the back-breaking work yourself. If, however, you are planning on hiring a moving company, you’ll want to plan financially for that as part of the cost of buying a home.

The Lawyer

Purchasing a home requires the professional services of a lawyer and this is by far the largest…

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Being a First Time Buyer in Edmonton

Being a first time home buyer can be a scary and exciting moment in your life. Being a first time buyer in Edmonton? Even more so. Edmonton is a competitive market but above all, it’s one worth getting into. Whether you are looking at it from an investment standpoint or you simply want to buy your first house, you couldn’t pick a better market than Edmonton.

What makes Edmonton so great?

From a real estate perspective the market is great for sellers. It’s pretty difficult to lose money on your real estate in Edmonton (although as with anything, markets fluctuate) and what’s more is that housing is in high demand. This means that a good property won’t be sitting on listing sites very long, so as a first time buyer in Edmonton, you want to make sure…

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