When you test your smoke detector it may beep but it may longer be able to detect smoke in your home if it is more than 10 years old.

 
At almost every home inspection, I hear the inspector advise buyers to swap out the smoke detectors. In many cases they are beyond their useful date, but owners don't realize that they are no longer functioning.  It also advised that owners replace the old smoke detectors with a smoke/carbon monoxide detector. 
 
Having a smoke detector or smoke alarm can save your life or help you avoid serious injury. Many injuries in fires are a result of smoke alone.
 
Top tips:
  • Test all smoke alarms in your home once a month by pressing the alarm’s test button and replace the batteries of each smoke alarm at least once a year. Do not use rechargeable batteries.
  • Replace smoke alarms after 10 years.
 
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The Calgary real estate market is undeniably strong right now. The summer heat will slow things down a touch, but the fundamentals of a strong market continue. This poses a challenge for a few reasons.

 

1. Trying to buy a home before you sell a home is very difficult unless financially you can carry both. The 'subject to sale' clause is typically a non-starter these days especially in the more popular price points or in high demand areas. Most folks will instead choose to sell with a long possession or find other means to make the buy/sell timelines work for them.

 

2. The timing - inventory turnover - is quick. Buyers that typically want to see many properties often find that a few on the list are sold before they even make it out to their car! Alternatively, sellers receive offers, but don't commit as they are hedging that a better offer may be just around the corner. Some buyers may wait it out but some may find the tactic 'not in good faith' and move on to another property so both the seller and prospective buyer lose.

 

The great thing about this market is that most properties do sell if priced appropriately and presented well. Saavy staging and a sound marketing strategy can fetch higher prices. Some sellers are clearly over pricing their homes and that always happens but that's where solid market advice is needed. There's a reason some homes are selling in the first 2 weeks and some are sitting 60-70 days with multiple price drops.

 

The 'interesting' thing that happens in this type of market is that homes sell with urgency and pace that otherwise wouldn't sell so easily in a slower market. People get hurried and forgo property inspections, condo reviews or other due diligence to get 'a deal'. The Alberta market is based on a concept of 'buyer beware'. The sellers only obligation is to disclose 'material latent defects'. They do not have to disclose any other issues with the property, stigma or any other items. So take a deep breath and then find that perfect property while still protecting yourself by the conditions and terms set out in the purchase contract and ask lots of questions.

 

That's what I'm here for so don't hesitate to contact me with any questions regarding the sale or purchase of your home.

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June was a busy month in the Calgary real estate market with increased sales numbers and pricing adjustments that continue the upward trend. New listings are coming on market to ease things, but looking at the details it isn't having much impact on single family homes under $500,000. The high end market is seeing the most inventory but even then we are seeing record sales numbers. The details of the adjustments are in the CREB stats, but the general numbers won't tell you much other than the trend because there is just a real variant across the city and year to year comparisons are not an accurate reflection due to the June 2013 floods.

 

The one item that I wanted to point out especially to buyers is that the number of active listings is deceiving. In the past when a seller accepted a purchase contract, a listing would be marked 'under contract' or 'pending' on the system so we would know how many were actually available and how many were in the pending state before they were officially sold. Now a large number of properties are kept as 'active' even in the pending state.

 

For example, last weekend a client sent me 12 properties she wished to view. Once screened, only 3 were actually active. The same for other clients though it depends on price point and area how quickly properties are moving. I've been successful in helping clients secure properties right on listing recently and I don't think the listing was even on the public MLS system before it was under contract.

 

In terms of condos there seems to be more available and a large number of projects proposed in the last few weeks so there are going to be good opportunities for buyers if they are willing to wait on new construction. As always, ask lots of questions especially about condo documents and fees so you understand your long term cost.

 

CREB Stats Package

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