If you miss this step, most other things may not matter.
I have viewed a lot of homes and watched buyer reactions to varous layouts, lots and locations, property types, finishes, features and design options. Many sellers now invest in staging and improving their homes prior to sale in order to receive the best possible return.
The one absolutely essential step some folks are missing is actually very simple.
Clean your home.
Buyers react very strongly to a dirty property. Unless it is a teardown or rented investment property for a buyer looking for a deal, a filthy home just won't do as well as a comparable sparkling clean home. It's not about the price or the color of the carpet anymore. It is the emotional response. To quote my clients from last week: "There is just no way I would live here." End of story.
Strong reaction? Yes. Is it common? Yes.
It is worth the effort or the fee for a cleaning service. Cleaning your home includes fan blades, base boards, front doors, all fixtures and cupboards, kitchens and bathrooms. Anything a potential buyer may touch such as door knobs or stair railings should be cared for. A clean home gives the impression that the home is cared for and maintained and that can only add to your bottom line.
Spacious modern attached infill home on a quiet street in Mount Pleasant lined with mature trees. Over 2250 sq ft across all levels. Close to amenities, downtown and city events. Bright and open concept main floor with many extras including knock down ceilings, hardwood floors, granite counters and stainless steel appliances. Large front den can be used as a formal dining room. Upper level laundry. Two huge bedrooms each with a walk in closet and their own ensuite. The master is bright with light from the large front window and offers a 5 piece ensuite with double sinks, separate shower and jetted tub. The basement is fully finished with a huge rec room, third bedroom, full bath and small bar/kitchenette for making popcorn and drinks while watching your favourite movie. The backyard is exceptionally landscaped and designed to entertain. Double detached garage. Call to book your showing today.
Original owner. Custom executive bungalow located on 1130+ sq m park like lot steps from Fish Creek Park on Canso Place in Canyon Meadows Estates. Over 4100 sq ft of developed space across all levels. 5 bedrooms. 3 1/2 baths. Handmade cabinetry, beautiful millwork, maple flooring, large windows and custom upgrades throughout. The main floor offers a large central kitchen with granite counters and expansive cabinets, a dining room with tray ceiling, living room overlooking the backyard and tranquil master suite with 2 his/hers walk-in closets and 5 piece en-suite. Front facing den on the main floor. An additional bedroom/bonus room with vaulted ceilings and en-suite can be found hidden upstairs. The fully finished basement with in floor heat, 3 bedrooms, full bath, wet bar and open concept recreation area and large windows overlooks the grounds. This property is magnificently landscaped with a private creek and pond, mature trees, a sheltered stone patio and layers of trees, shrubbery, flowers and pathways. This beautiful home is perfect for entertaining or quietly enjoying the beautiful views. Tandem triple garage.
Fully finished bright home on a quiet cul de sac on a huge fenced pie lot within walking distance to all Tuscany schools and a few steps down from 12 Mile Coulee and pathways. Updated with new lighting fixtures, hunter douglas blinds, wired for surround sound on all levels, hardwood and tile floors, custom built in cabinetry in the basement office and rec room, huge deck with glass surround railings and more. The main floor provides a warm living room with corner fireplace. A great kitchen with large island and walk in pantry opens to the spacious dining area surrounded by large windows open to the backyard where you can watch your kids play on the two playsets included. Upstairs the master bedroom with 4 piece ensuite and walk in closet enjoys views of the back. 2 additional bedrooms, full bath and large bonus room complete the upstairs. The basement is fully finished with dri core subfloor for warm feet, a custom office, rec room, additional bedroom with 4 piece ensuite bath. Book your showing today.
Calgary residential sales total 2,200 for the month of April, a 26 per cent increase over levels recorded last year!
My personal experience over the last month is that sellers that are appropriately priced and well presented as selling within a short window with multiple offers becoming more common. Sellers can use pricing strategies to their advantage in ways that weren't possible for some time.
Staging has improved the bottom line for many of my sellers recently. Buyers are looking for value and are still adjusting to a market that is moving quicker than before. Buyers are still carefully reviewing comparables and prices and some even have concerns about potential negative impacts on the real estate market by changes to CMHC and other national pressures. Although statistically we are moving towards a sellers market, buyers still have many options. That being said, good homes are moving so buyers need to be preapproved and educated before submitting an offer.
Interest rates are low. Employment and migration numbers are strong. Momentum is building. The new index and benchmark pricing information is showing a positive increase in property price as are more traditional values. Regardless of the overall numbers, a review of comparable listings and sales will give you the information you need to understand pricing trends for your sale or purchase. Where will prices move? It depends on the ebb and flow of new listings. Many sellers have been waiting for a price increase before listing so we will see how the market adjusts to this recent sales surge.
Some notable info from the CREB press release:
The single-family market continues to tighten, with months of supply dropping below three months. Sales growth continues to outpace new-listings activity, placing downward pressure on inventories. As the market tightens, single-family homes are selling quicker, and there has been some upward pressure on pricing. The MLS® Home Price Index for the month of April recorded a year-over-year price increase of 5.5 per cent for a total benchmark price of $449,500.
NOTE: The single family benchmark price has been pushed up to levels comparable to those recorded in 2007, but the index continues to remain below peak levels. Why the difference? This is mostly due to the community weighting factor inherent in the benchmark price. The index figure does not have the same bias, and therefore is a better measure of the true price appreciation in the market.
“While the balance between demand and supply in the single-family market has shifted towards sellers’ territory, there are several components that make today’s market different from five years ago,” says Bob Jablonski, president of CREB®. “The main difference is there is still significant supply for consumers in surrounding towns and the condominium market in the city, and the new-home builders do have the ability to absorb some of the excess demand,” Jablonski adds.
After the first four months of the year, the condominium apartment sales totaled 1,133, a 2.2 per cent increase over the same period last year. Tighter supply in the single-family market has translated to improved demand for condominium apartments, and consumers active in this market have a sufficient amount of supply and new listings to choose from.
New condominium apartment listings for the month of April rose by 5.9 per cent compared to last year, and remain at similar levels on a year-to-date basis. As the gap between inventories and sales narrows, the months of supply continues to trend toward levels that are more consistent with a balanced market.
While the condominium apartment market moved into more balanced territory, index prices remain relatively unchanged. The condominium townhouse market is trending in a similar fashion to the single family market, and recorded a year-over-year index price increase of 2.7 per cent. Overall for the month of April, the condominium townhouse and apartment markets recorded a benchmark price of 294,500 and 248,300, respectively.
We all know that kitchens and bathroom sell houses; in the same breath, what can you do in the kitchen? You can't move the appliances around.
The kitchen is the heart of family activity. The kitchen is not just used to prepare and eat meals, it is used for phone calls, planning dally life and family conversation. All this activity can create clutter. Buyers want to see a clean, well-organized and updated space. Think of the kitchen as the focal point of the whole house; it’s the most widely viewed used room in your house, and it’s the most expensive room to update. Buyers would rather pay more for a house with an updated kitchen so it’s not an out of pocket expense. Kitchen remodels get you the highest return on your investment than any other room.
When preparing the kitchen you need to scout out your competition. You want to look at the floors, appliances, lighting, countertops and the feeling you get in the competitions kitchen. You need to know what you’re up against!
Kitchens tend to displays a lot of personal items; take all your magnets and photos off the fridge. These items distract the buyer. Instead of them envisioning living in the space, they are learning about your life. Clear your counter tops, put away your coffee pot, toaster and all other appliances. This will make the space look bigger, with lots of counter space.
One of the cheapest upgrade you can do in the kitchen is updating the paint. If you have wall paper, stenciling, or outdated color, painting is a great way to refresh the space. A light, neutral paint is the most successful when staging.
Refinishing cabinets is a budget friendly way to give new life to your dated kitchen. Replace your faucet with something that is in trend as well as the hardware. Big box hardware stores have many options to suit any budget.
Addressing the counter top- if it has stains, burns or is just dated, there are lots of options to update, depending on budget. Granite is the president but not so budget friendly; to achieve the same look, you can install large tiles with narrow grout lines.
Formica is a great cost effective choice to update your counter tops. Formica comes in a huge selection of textures and colors. Choose a neutral color and style that will be in trend for a few years.
Current floor is at the top of the list of what buyer’s want, updating flooring is another costly item in your staging budget. Spending the money to update your floors before listing will prevent buyers from chipping away at your asking price.
Hardwood flooring can be resurfaced, if it’s still in good condition. Resurfacing is a cheaper alternative than replacing the flooring. If you have vinyl that is dated or worn, replace it. Today vinyl comes in lots of options and does a marvelous job to refresh the space
All your hard work will pay off when offers start rolling in!
A contribution from every sale I makes goes towards the Royal LePage Shelter Foundation and I am proud to be on the top 10% donor list for 2011. It is amazing to see that so many names comprise the donors list showing how many people contributed to set the new record.
April 5, 2012 – The Royal LePage Shelter Foundation is thrilled to announce its fundraising results for 2011: a record-setting $2 million was raised to support women’s shelters and to help stop family violence in Canada. Royal LePage is the only Canadian real estate company with its own charity, empowering sales representatives to make a tangible difference in their local community and across the country. Now in its 14th year, the Royal LePage Shelter Foundation supports 200 shelters across Canada, helping more than 30,000 women and children every year. It's also committed to funding violence prevention and education programs for youth.
Since its inception, the Shelter Foundation has raised more than $14 million with the support of generous Royal LePage agents, brokers, managers and staff, along with members of the communities in which they live and work and local and national sponsors. Since Royal LePage covers the administrative costs of the Shelter Foundation, 100% of the funds raised goes toward the cause.
Today parents of children that attend Tuscany School received an important notice regarding the designation of schools for future enrollment as Tuscany School has reached capacity. Future enrollment may see some Tuscany children enrolling in W.O. Mitchell in Silver Springs.
A few months ago Royal Oak Elementary managed the same challenge in a different way by instituting a lottery system to determine enrollment.
Parents often ask me about schools, designations and areas and with so many changes in our growing communities it is unexpected when some change are announced. Most recently prior to this, the designated areas for NW High School were announced differently than the previously published designations.
If you have strong feelings about which school your child will attend, please consult the Calgary Board of Education website at www.cbe.ab.ca or contact the area offices for detailed information about your school options. The CBE website also provides the future capital plan, enrollment surveys and more. We are looking forward to hearing when the next phase of schools for development will be announced as per the capital plan. More Information.
Spring is here and so is the start of a brisk season in the real estate market in Calgary.
City of Calgary residential sales continued to rise in March 2012, reaching 2,167 units, an increase of 12.6 per cent over last March. Single family home sales are now in a balanced market while condos still remain in a buyer's market.
Buyers generally are finding that well presented, appropriately priced homes are selling quickly and there are more multiple offer situations. Sales and price increases are reported on average across the city, but there is significant variation between communities and property types as always.
As some people have been waiting for the market to turn before they list their home, the balance of new supply and buyer demand will create an ebb and flow over the coming months. It is important for sellers to review the comparable sales in their area, to price appropriately and to present their homes as best as they can to achieve a higher sales figure. Buyers quickly see the difference between homes priced to market and those 'testing the market'.
As more sellers are reviewing multiple offers, it is essential for both to be prepared. Getting paperwork, financing, condo documents, RPR's and other information ready to go will set you up for a successful transaction.
Notable numbers from the CREB press release: Single family homes continue to record strong activity, with sales increasing by 10.3 per cent at the end of the first quarter. Meanwhile, quarter totals for listings of single-family homes remain 8.3 per cent lower, resulting in a tightening of supply. The benchmark price reached $433,500, while the MLS® Home Price Index points towards a price growth of 3.6 per cent compared to last year.
The apartment condominium market continues to exhibit lower sales, with 782 sales recorded in the first quarter of 2012, a decline of 2.1 per cent compared to last year. However, March sales activity did post a 7.2 per cent gain over last year and is closer in line with typical March sales in this sector. New listings recorded a year-over-year improvement of 9.1 per cent for the month of March, but still remain 2.3 per cent lower than last year at the end of the first quarter. Despite the monthly rise in new listings, inventories continue to decline. Overall market conditions continue to favour the buyer.
As always, feel free to give me a call with any questions or comments.
This amazing home attracted so much attention when it was listed that I didn't even have a chance to post it before someone fell in love.
Beautiful character with modern and energy efficient upgrades on a quiet street in Mount Pleasant. A renovated modern kitchen with hickory cabinets, stainless steel appliances and granite counters is the heart of this home. Overlooking the dining area, enclosed sunroom and huge cedar back deck, this warm space will host many special moments. Custom double glass doors will welcome you from the foyer with slate flooring into the large front living room. The master bedroom is a true retreat with a balcony overlooking the front yard. The main bath separates the master bedroom from the second bedroom on the upper floor. The basement opens into a great rec room and offers a third bedroom, updated full bath and laundry area. Double detached garage. Upgrades include new roof (2007), high efficiency furnace (2009) many new windows (2009), EnerGuide rating upgraded to 73 in 2009, R-40 attic insulation (2010).
Tucked into a quiet cul-de-sac with a central park, this updated and loved home is move in ready. As you enter the front door you will be greeted with hardwood floors throughout the main floor, a spacious front living room with large windows that looks onto the front park. A separate dining room is great for entertaining or sharing a family meal. At the rear of the home is an open concept kitchen and family room with an eating nook, half bath and access to the backyard. The open concept kitchen with new backsplash, stainless steel appliances and beautiful cabinets looks directly on the open family room, wood burning fireplace and backyard beyond. The upstairs offers a large master bedroom with ensuite plus two additional good sized bedrooms and a main bath. The basement is finished with an additional bedroom, large rec room and laundry. A large backyard with back lane access provides ample room for entertaining outdoors or childhood games. Floorplans and property video available.
The Calgary Real Estate Board (CREB) have released their February numbers along with many new stats associated with the new Home Pricing Index (HPI). The numbers confirm what we have been seeing in the market and that is increased sales compared to last year and a quick start to the spring market. Multiple offer situations are increasing and some amazing properties have sold so quickly they didn't even make it to the public MLS system.
The increase in sales has been coupled with lower inventory numbers from last year. Some areas of the city have very little inventory so new listings see a lot of attention. Buyers are saavy and been experiencing a buyers market for some time so the value must still be there for sellers to realize a sale. Within Calgary, we are now in a balanced market in a general sense for single family homes and still in a buyer's market in the condo market.
The stable growth in our area has been predicted and expected to continue throughout this year and into 2013 and beyond. The federal government is however, reviewing additional changes to mortgage rules so we are expecting a slow growth in prices rather than a sudden surge.
What does all this mean to sellers and buyers?
Sellers: A focus on clean, well presented homes will continue to add to the bottom line. It has been a buyers market for some time so the shift will be slow and appropriate pricing is necessary. Many current buyers are first time buyers or folks moving to Calgary in support of our strong economy. They are looking for move-in-ready homes so take the time to make yours stand out.
Buyers: Preparation is needed to recognize a great value when you find it. Buyers need to have their financing pre-approved and be prepared to make an offer as the days on market are reducing and multiple offer situations are becoming more common.
An interesting note is that I am seeing more developers/professional renovators back looking for property. They have been absent for a while, but now see the potential in redeveloping older homes.
As always, give me a call if you are ready to make a move.
Some numbers from the CREB press release:
Single family sales and condominium townhouse sales were the bright lights in the city of Calgary, while condo apartments continue to lag in volume of sales. There were 1,284 single-family homes sold in February 2012, a 10.9-per-cent increase over last-year figures, and a 5.6-per-cent year-to-date increase. Condo townhouses gained 11.4 per cent year-over-year in February sales.
Meanwhile, condominium apartment sales totaled 248 for February 2012, an 11.7-per-cent decline over last-year figures. Despite the 12.7-per-cent year-over-year decline in new listings, inventory levels rose to 1,031 units.
Fewer new city listings are coming to the market, with a year-over-year decline of 10.2 per cent. Inventories also fell by 8.5 per cent over last year’s figures, with a total inventory of 4,736 for the month. The opposite is true in the surrounding towns, where listings recorded a year-over-year improvement of 12.1 per cent and no significant change in inventories.
Pricing showed modest improvement in February 2012 over January, with the single-family MLS® Home Price Index increasing by 1.0 per cent after several months of relatively flat pricing. Single-family prices rose by 3.2 per cent over February 2011. While prices continue to remain below peak levels, the improvement points to stable price growth.
The apartment index rose by 2.1 per cent over January figures, and increased by 0.7 per cent over last year’s levels. Prices remain well below peak levels, but are trending into positive territory, pointing towards recovery in this market. Overall index levels for townhomes remain similar to levels recorded in January 2012.
Despite the variances in the specific property types, all indicators in the Calgary region continue to point towards stable growth in Calgary’s overall housing sector.
So you got ultra lucky and managed to secure a 3.29% fixed 5 year mortgage on your recent home purchase. This incredibly low rate is a consequence of our recent years of economic uncertainty and it is bound to increase in the years to come.
A great way to avoid the shock of the rate change later on is to use the low rate as a double benefit in paying down your mortgage.
Act as if you had a higher rate today and save yourself thousands of dollars in interest costs.
An example: Using a $400,000 mortgage with 30 year amortization and comparing a 3.29% to a 4.29% rate. This would be a common scenario for an average single family home purchase in Calgary. The difference in payment is about 13% or $224 per month. Monthly payments based on 3.29% are $1745 vs a payment of $1968 if the rate was 4.29%.
If you prepare yourself now by opting to raise your regular payments by 13% (using the privileges within the mortgage contract) to $1968 per month you will actually save $21,000 in interest costs which equate to 5.5 years off the mortgage amortization.
Not sure if you can make the change? Add the extra $224 per month into a savings account and put down the lump sum payment on your mortgage once you are comfortable with the payments. If the extra $224 is a challenge, then you know now that you will need to make financial adjustments when your mortgage term expires if rates are higher.
If you want to know all of your options in paying down your mortgage faster, speak to your mortgage advisor.
Numbers supplied by Allan Bowerman, Senior Mortgage Planner, The Mortgage Alliance Company of Canada-S&R Mortgage Group
Driving down Stoney Trail from Tuscany today I noticed the new signs up for the Stoney/Nose Hill Interchange. Folks at the south corners of Tuscany and Scenic Acres will soon start to see some of the initial work for this project. Completion is slated for fall 2014.
There will be a temporary detour down to Bearspaw Dam Road during construction as well so a couple different phases ahead. I'm sure it will be an adjustment for a while, but will be a great additition to the transportation improvements in the outer NW area.
If you are self employed and reviewing a future home purchase, you need to speak to your mortgage broker to get the ball rolling before you fall in love with a property.
The previous methods for qualifying look to be changing and 'stated income' may no longer be possible. You may be required to provide much more information about your income especially if your T4's do not reflect it.
What does this mean to you? Paperwork and a potentially longer qualification time if you have to get the assistance of your accountant.
The January numbers were released from CREB this morning with some minor fluctuations in single family as well as condo stats.
Although the number of sales has dropped a bit since last January, the reduction in inventory and new listings is pushing us towards a balanced market. As previously seen, condos are lagging a bit in the move, but are also moving toward balance.
Some new condo developments have adjusted to the market by presenting product in lower price points (and sizes).
There are pockets of areas where inventory is quite low and well priced and presented homes are getting snapped up within hours/days of going on market. Specifically, the $450,000 - $549,999 category saw a significant jump in January. If you are waiting to list your home for sale, this may be the year to list earlier as you may be able to take advantage of low inventory pockets.
It is interesting to watch the movement trends both on a micro level with my own clients and across the city. City plans, transit/bike and transportation options, schools and accommodation, buying power, and year of design and style preferences drive the market in ways that overall stats just don't show. Review per community, zone and price point reveals the finer details.
I am curious to see how the demographic change in our city will affect the type of property styles that are in demand (condo, villa, townhouse, bungalow, 2 storey, etc.) and how the availability of immediate possession spec homes from new home builders will drive buyer expectations.
This is the time of year lots of folks start looking as they prepare for a spring/summer move. People are playing a bit of wait and see and the weather can dictate timing and motivation. We are continuing to see migration to Calgary from across Canada and other parts of the world. This is helping to push the rental market and if the trend continues we will see the predictions of increasing sales and prices in the numbers as a tighter rental market motivates folks towards home ownership.
The average price and median price numbers continue to move about and make great headlines but a deep look at sales numbers show they are somewhat misleading. Average price can easily be swayed by sales in the higher/lower price categories that change 'average price' but not the resale value of an 'average home'. In February, CREB will begin discussing the MLS Home Price Index (HDI) to report statistical information and that should provide more clarity to the market than 'average price'.
This past Wednesday the Calgary Real Estate Board (CREB) hosted their annual forecast breakfast. Expert presentations were offered. A big takeaway was the 2012 outlook. If you are interested in reviewing the statistics behind the press releases and headlines, then have a read.
The last week has been very busy in the marketplace so this is a great indication for the momentum building for the year.
Another statistic you will soon see in the media is the MLS House Pricing Index (HPI). Coming to Calgary in February, this index is intended to clear up the misinterpretation that often accompanies 'average price'. As average prices can be skewed by the composition of sales, it does not reflect price trends based on the type and features that a home provides. For example, one luxury home sale in a community can raise the 'average price', however that doesn't mean other homes have increased in value.
The MLS® HPI is calculated using a sophisticated statistical model that estimates home prices based on their quantitative and qualitative feature. More information will be available as this new metric is made available and I am curious to see how it is understood and adopted.
At the end of the day, if you want to understand the market and the value of your home, give me a call. You don't need to understand statistical models or the economic forecast, that's where I help out. If you want to understand the numbers that are behind the 30 second tv spot then enjoy the read.
Even on a day like today, with -30 windchills, I am showing properties to prospective buyers. You have to think they are serious buyers. I mean, who else is out in this weather?
As a seller, please take the time to treat us well and welcome us into your home. Leave the front lights on so I can find the lockbox on your front door. If your lockbox is buried and frozen in snow or require me to find it in the snowdrift at the side of your house, I have to tell you that you are not my favourite house today. Please leave out a mat at the front door. We are trying to keep your entrance clean, but we need some help. There are 4 pairs of boots in our group. The mess depends on whether or not the driveway and sidewalk have been cleared.
This is also the time of year that many Calgarians take the opportunity to fly to somewhere warm for a week or 2 or 10. If you have your home on the market, then you have to stay accessible. If you don't want an offer to ruin your holiday than take your home off the market. If you do keep your home on the market than make sure someone is taking care of your home and welcoming us inside.
If I show your home tonight to my buyers and you leave the lights on for me, I appreciate it. Hopefully I bring you an offer.
I hope you enjoyed a wonderful holiday, a very Merry Christmas and are looking forward to a great year in 2012.
The year has started out quickly with the recent upturn in activity resulting in various predictions about the future of the market. The number of listings has reduced significantly over the holidays but is stabilizing in a general sense as well. The number of sales has increased last year especially towards the latter half of the year. Prices remain relatively consistent with last year but it also depends where you are in the city. I personally feel that sales and prices will slowly start to increase this year as long as international economic forces don't once again put a lid on our enthusiasm.
One item of note in the shift of buyers expectations over the last while. As new home builders have added more features and upgrades to their packages to new buyers, some buyers have begun to expect more from resale homes such as hardwood floors, granite counters, updated fixtures, cabinet styles, etc. If you are in an area competing with new construction, it is these upgrades as well as price that are pushing the market. As a result, some neighbourhoods may see the price shift quite differently. Other items such as finished garages or installed audio systems may sway buyers. It is not about price per square foot as buyers are looking to compare builders, quality of construction, features, finishes and upgrades.
If you are considering a sale or looking for a new home, give me a call to get started as this year is going to look different than what we have been used to.
Some numbers of note from the CREB press release:
Calgary residential sales in 2011 increased eight per cent over last year, with 18,568 sales for 2011 compared to 17,267 in 2010. Recovering from tepid sales activity in the first half of 2011, early improvements in employment and migration resulted in a pickup in housing demand in the second half of the year. By the end of June 2011, year-to-date sales activity had only increased by two per cent compared to the second half of the year, where residential sales improved by 15 per cent.
Meanwhile, the condominium market recorded declining sales for nearly half of the year, but favorable pricing and improved economic conditions pushed sales up by double digit rates for the second half of the year. 2011 condo sales totaled 5,382, a 4 per cent increase over the previous year. The rise in sales was complemented by an annual 12 per cent decline in listings. This helped to tighten the condominium market, causing inventories to decline to 1,287 and months of supply to remain just above four months.
“The demand recovery in the condominium market lagged the single family market, as price adjustments in both the single family and condominium markets resulted in more selection for consumers,” Stante says. “For the first time in several years, consumers had additional selection of single family homes at a lower price range, which directly competed with the condominium market.”
Single family average price in 2011 reached $466,402, a one per cent increase over last year. While there have been some strong monthly increases, primarily due to sales in the upper end skewing the prices, overall prices have remained fairly stable. Meanwhile, the year-end median price of 405,000 remains at levels similar to 2010.
Condominium prices have remained persistently low in 2011, while some of the monthly figures have been boosted by high end penthouse sales. By the end of 2011, the average price of $287,172 remained one per cent lower than the previous year.
When it comes to purchasing or selling a home, some fundamental rules have just changed.
1. If you have purchased a home recently, the Inspection Schedule you previously saw has been revised. The schedule now removes any connection of dollar amounts to an inspection conditions. In simple terms it means that if the buyer is not satisfied with the condition, they do not waive and the sale does not complete. Any deposit will be returned to the buyer in this case. If other arrangements were negotiated in the purchase, they have to be clearly stated in the contract.
2. Sellers now have the choice to not post that a sale is pending on MLS so conditional/pending sales can remain marketed as active listings. Buyers may then be looking at homes that are conditionally sold without knowing it until they write an offer. Sellers may also receive additional inquiries and offers once a home is conditionally sold. This change is new to the Calgary market and it is not yet clear how it will be adopted.
There have been a number of changes to the rules and standard practices over the last couple of years. I'd be happy to answer your questions so that you are best prepared to make your move.
We all know that kitchens and bathroom sell houses; in the same breath, what can you do in the kitchen? You can't move the appliances around.
