Real Estate Blog - January, 2016

Edmonton’s Up-and-Coming Neighbourhoods

While Edmonton’s housing market has slowed down this past year, there are still plenty of great neighbourhoods all over that are up and coming. Places where new ways of living are becoming the norm, where people live in comfort, and where the city is at it’s absolute trendiest. Here are a few of Edmonton’s most up and coming and desirable neighbourhoods.

1. Ritchie

Nestled between trendy Old Strathcona and the Mill Creek Ravine, Ritchie is a quiet neighbourhood that’s both conveniently located and near almost everything you need. The near limitless trails stretch all over the neighbourhood, making it perfect for dog walkers, mountain bikers, hikers, and anyone who wants to forget they’re in the heart of the city. A simple drive or bus ride away from…

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New Year’s Resolutions for Home Owners

While we mostly reserve New Year’s resolutions for things like our diets or exercise, but we can also make resolutions about being homeowners. Our homes, after all, are one of the biggest investments we’ll ever make, and we can always do things to save money and be better homeowners. Here are a few New Year’s resolutions you can make this year that could end up saving you money in the long run.

1. Make Mortgage Payments on Time

One of the worst things a person can do on their mortgage, besides missing payments entirely, is paying them late. Besides the annoying calls and possible penalties, consistently late payments can start to affect your credit scores. Make a resolution to pay your mortgage payments on time. It can reduce your stress levels, put…

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Things to Look for When Buying a Condo

While many people think that the buying process for a condo and traditional home are practically identical, nothing could be further from the truth. Condos have their own set of rules, and it can be to you benefit to pay attention to certain details you wouldn’t even have to consider if you were buying a traditional home. Here are just a few things to watch out for when looking for a condo in Edmonton.

1. Reasonable Condo Fees

Condo fees are the big difference between a traditional home and a condo, and they can be a substantial amount of money. Many condos try to keep their condo fees competitive, but some of the more upscale buildings may have larger fees based on their most substantial amenities. No matter what kind of extras are being offered,…

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New Legislation Could Mean Bigger Down Payments

Recent proposed changes to the home buying process by the federal government could mean bigger down payments on more expensive houses, The Globe & Mail reports. The new change will require larger down payments on homes worth more than $500,000 in an effort to close certain risks to the housing market that could harm the entire economy.

Insiders expect that the increase will be from five percent to ten percent, so people will have to have a minimum of five percent for the first $500,000 and will need ten percent for any amount of money over that amount. For example, a $750,000 home will require $45,000 down: $20,000 for the first $500,000 and $25,000 for the remaining $250,000. A minimum of five percent will still be required for homes up to the half…

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Social Media Tips to Help You Sell Your Home

The world of home sales, like nearly everything else in the world, has been fundamentally changed by social media. We already know that most people go to the internet first when they’re looking to buy almost anything, from electronics to cars to, yes, even houses, so it’s in your best interest to use the internet and social media to your advantage. Here are just a couple of suggestions for using social media to sell your home.

1. Announce You’re Selling a House Everywhere

The old adage “It’s not what you know, it’s who you know” applies to selling homes as well, and social media is one of the easiest ways to connect with people looking for homes. Simple announcements on Facebook, Twitter, and all your other social media sites that you’re selling…

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Tips for Downsizing Sales

People downsize all the time. It could be due to economic situations, it could be simply that the home is now too big for the people living there. You may be moving to elsewhere, to a place where prices are cheaper and so you can get some money by buying something less expensive. Whatever your reasons, downsizing doesn’t have to be a negative experience. In fact, with the right knowledge and help, you can get a lot more from downsizing than you would usually expect. Here are some tips for helping with your downsizing.

1. Start By De-Cluttering

The absolute first thing you need to think about when downsizing is space. Sure, your current home may have plenty of extra space for extra items, but your new place probably won’t. So it’s important to throw…

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Edmonton Real Estate Heading for a Housing Correction: Experts

The Edmonton real estate market could experience a housing correction in 2016, experts say. The recent news doesn’t come as a surprise, given the past few years, but it could change how Edmonton’s real estate market works in the New Year. Here are some commonly asked questions about housing corrections, and some answers as to why it may happen in Edmonton.

Q: What is a Housing Correction?

A housing correction, also called a market correction or (impolitely) a crash, is when real estate markets see a sharp drop in sales across the board. For Edmonton specifically, that would mean a drop in housing prices and in square-footage prices for commercial properties. Those with mortgages could see their homes devalued, while those looking for homes could see…

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Tips for Selling in a Slow Market

If you’ve been reading our blog, you’ll probably know that the Edmonton real estate market has been slowing down. Some of this is seasonal, like with the Christmas time lull, but the slowing economy has not helped the real estate market. But that doesn’t mean your home will sell for a loss or not move. In fact, there are many things you can do to help your home sale, even in a slow market. Here are just a few things that can improve your home sale experience and help you get what you need from your transaction.

1. Price it Right

It’s true, your home may sell for less than if you were selling in a hot market, but that doesn’t mean you should undervalue just to move it. Be sure to consider the market around you when settling on a price, and set a…

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The 4 People You’ll Need When Selling An Estate

When a family member passes on, the difficult business of managing their estate begins. This is a complicated and overwhelming job, one that requires a wide range of knowledge on more than a few things, and it’s best to leave much of the important details to the experts. When you’re in the position of needing to sell an estate, be sure you have the following people on your team. They can help you through the process and look out for your best interests.

1. An Appraiser

The items in a home may be going to certain people, they may be left up to the discretion of the family members, and many of them will need to be sold or disposed of. When it comes to selling assets in an estate, you’ll need an appraiser. People can often over or under-value items…

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Condo Pricing Goes Up while Housing Prices Drop: Edmonton in December

As the winter slowdown continues for Edmonton, it seems like there’s some good news for condo sellers this December. Fewer listings are, of course, quite common at this time of year, as people are more focused on Christmas than finding a new home. But that doesn’t mean the market has completely ground to a halt. And it seems that’s especially true when it comes to condos, which have seen a slight uptick in prices during this holiday season.

According to the latest numbers from the Realtors Association of Edmonton, condos saw a 3.8% increase in price, to an average of $253,600. The Association’s president believes the reason could be, in part, the warm fall weather, which extended people’s buying season by a few weeks. Strong inventory numbers, that…

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