Edmonton Real Estate Blog

When Listing your home, are you leaving money on the table? Do you know where you are losing equity that should be kept?

Factors that leave money on the table are undone repairs, decorated personal choice paint colors, outdated flooring and fixtures, or unappealing curb appeal that needs work.

When you were a buyer, do you remember how you approached other people’s outdated homes or ones that were in disrepair? You walked away, unless you got a SUPER low price.

So now that the tables have turned, the buyers are using their critical eye to determine if they agree with your price based on the amount of work they feel your home requires to make it move in ready.

The buyer will deduct a higher price than it actually would cost to do these repairs or updates. They do this because of the unknown factor and also the stress and time it will take to fix your homes issues.  You basically will pay them for their time and labor to do something that you could have done, or contracted and controlled the costs on.

So, you leave money on the table.

By doing your own updates and controlling costs through management of your contractors, you can KEEP money in your pocket. Your costs to update or paint, will be far less when you are in control. This will initially be an expense but in the long run your asking price will be at market value and  your price will not likely be reduced, plus the carrying costs will be much less due to having a move in ready sale able home.

Don’t leave money on the table!

Keep in mind that as a home owner you should be investing 1-3% of your market value every year to do updates on the home. This will ensure that when you go to sell, you are more likely able to list for market value and not have to do major updates to become a GOOD listing.

Today’s buyers are way too educated to pay market value for a house that need 10k or 40k or more worth of work. Gone are the days when a buyer bought a house and saved up to fix it over the years. Today people want what they see on TV and they will get it. It’s either going to be your house, or your competitors. You can decide.

Source: simply irresistible interiors inc. newsletter

If you are THINKING about buying a home or rental property… NOW is the time. I don’t need a crystal ball to know what’s brewing. Just take a look around and read the news articles.  If you don’t trust the columists/reporters just visit the Alberta Treasury Board and Finance website. A heading for their article is “ Alberta’s economy enters 2014 firing on all cylinder.” What does this all boil down to? Well, the components to create a perfect storm are aligning and the end result will be a new boom in Alberta!  Here are the components we are experiencing:

1)      The dollar is devalued… This means oil is produced in Alberta and paid with Canadian dollars. When sold in the higher U.S. dollars, this is a hike in profit for the oil producers.

2)      Job growth and full employment. Developers out east are viewing Alberta as favorable place to set up shop. We have projects that are delayed simply due to lack of qualified workers. So, not only will Alberta attract people from outside of province, but also out of country.

3)      Net migration into Alberta last year is 43,000 according to Robert Kalcic, Senior Economist with BMO Capital Market. This year that number will big higher.

4)      Low volume of homes sales. Many, we see now have multiple offers.

5)      Close to all time historic low interests

So, let’s add all of that up: low volume of homes, high demand = higher prices or higher rents…The Perfect Storm. So, if you missed the boat, or were too young during the last boom you may want to act now. Dorothy, hold onto your slippers we’re in for a ride!

Give me a call to discuss your financing options. Chita Rattanarasy. 780.932.2225.

I’m excited about some news and I wanted to share it with you! For those who own a home already or looking to buy soon, I’m happy to say Alberta and Edmonton is heading for another boom.

If you are THINKING about buying a home or rental property… NOW is the time. I don’t need a crystal ball to know what’s brewing. Just take a look around and read the news articles.  If you don’t trust the columnists/reporters just visit the Alberta Treasury Board and Finance website. A heading for their article is “ Alberta’s economy enters 2014 firing on all cylinder.” What does this all boil down to? Well, the components to create a perfect storm are aligning and the end result will be a new boom in Alberta!  Here are the components we are experiencing:

1)  The dollar is devalued… This means oil is produced in Alberta and paid with Canadian dollars. When sold in the higher U.S. dollars, this is a hike in profit for the oil producers.
2)  Job growth and full employment. Developers out east are viewing Alberta as favorable place to set up shop. We have projects that are delayed simply due to lack of qualified workers. So, not only will Alberta attract people from outside of province, but also out of country.
3)  Net migration into Alberta last year is 43,000 according to Robert Kalcic, Senior Economist with BMO Capital Market. This year that number will be higher.
4)  Low volume of homes sales. Many, we see now have multiple offers.
5)  Close to all time historic low interests

So, let’s add all of that up: low volume of homes, high demand = higher prices or higher rents…The Perfect Storm. So, if you missed the boat, or were too young during the last boom you may want to act now. Dorothy, hold onto your slippers we’re in for a ride!

What an exciting time to be in Alberta! Give me a call to discuss your financing options.

Here are links to the news articles and data that I’ve extracted my information from:

http://www2.canada.com/edmontonjournal/news/business/story.html?id=ab10cab1-c242-44f4-99db-bf23a39ac9c4

http://www.edmontonsun.com/2014/03/14/hicks-on-biz-a-boom-is-happening

http://www.theglobeandmail.com/report-on-business/economy/housing/alberta-housing-market-set-to-
surge-bmo/article17493280/

http://globalnews.ca/news/1220698/migration-to-alberta-is-exploding/

http://www.finance.alberta.ca/aboutalberta/economic-trends/current-economic-trends.pdf

Written by Chita Metcalf – Contact her today to get yourself pre-approved for a new mortgage.

The Mortgage Group

Phone: 780-932-2225

Website: www.EdmontonMortgageSource.com

Inspecting your home on a regular basis and following good maintenance practices is the best way to protect the investment you have in your home. Spring is here, and an important season regarding home maintenance. We may get more spring storms but I can promise eventually all the snow will melt.  So here you go, some tips to maintain your home through the spring prepare your home for summer.

• Check your eaves troughs and downspouts for loose joints and secure attachment to your home, clear any obstructions and ensure water is flowing away from your foundation.
• Check your sump pump. It will work very hard during the spring thaw. Is it operating properly? Clear any obstructions from the discharge pipe and make sure it allows water to drain away from the foundation.
• Examine your foundation wall for signs of cracks, leaks or moisture and repair as necessary.
• Assess all painted wood surfaces (window and door frames, wood siding, accent trim, decks and fences) make a plan to paint surfaces as required in the summer when the temperature is warmer during the over night period.
• Inspect all railings and stairs for safety.
• Using binoculars inspect the roof for missing or curled shingles, damaged air vents and anything that seems unusual, consult a roofer if you observe damage.
• Check all the places air enters or exhausts from the home. Are the grates clean, do the exhaust vents have functioning flappers. Check the dryer vent for lint. Vacuum all your bathroom exhaust fan grates and since you have the vacuum out do the same for your smoke detectors and carbon monoxide detectors.
• Test your smoke detectors with smoke (light a candle and blow it out close to your smoke detector)
• In mid April it is time to clean your humidifiers and put them away for the season.  If your humidifier is attached to the furnace shut it off for the summer. If you use a de-humidifier in the summer, clean it, set it up and test it.
• Clean or replace your furnace filter.
• If your house is equipped with air conditioning, uncover the compressor unit, inspect the insulation on the lines and clean debris from the condenser. Check the breaker and turn it on, consider having your air conditioner serviced (recommended every 2-3 years). Do not test the unit until the outside temperature exceeds 15 degrees Celsius.
• Have fireplace and wood stove chimney’s cleaned, I also recommend a WETT inspection.
• Turn off pilot lights on anything you may not use for the summer, like a garage furnace.
• Check all your window screens and hardware. Replace storm window with screens if you have an older home, clean all the window tracks for smooth operation this summer.
• Open your outside hose bib once all danger of frost is gone, inspect it for leaks.
• Maintain your landscape. Check for any grading issues and correct as needed. Cut back tree branches that are close to or overhanging the house and overhead electric service.
• Finally get the BBQ cleaned up, BBQ season is just around the corner!

Click here to register or call 780-634-8151.

In a good year the winter in Edmonton lasts until mid-June so technically the season of Spring has a unicorn status as far as Edmontonians are concerned. However, that doesn’t mean we avoid Spring clean-up. Once the snow melts there is a significant amount of leaf or debris build-up around the exterior of your house and a few other problems that every home owner should attend to before enjoying the sun. Read below for a list of home maintenance items to get your house ready for Spring:

Inspect your gutters. The winter can make them loose or leaky and improper drainage can result in water in the basement. Ensure that downspouts drain away from the foundation and free of any obstructions.

Examine your yard for low areas. Rain in the Spring can lead to yard flooding which can lead to foundation flooding and damage.

Check out the wood trim around windows, doors, railings and decks. Make repairs to these items before the rain does more damage to the exposed wood.

Take a look at the chimney exterior for any signs of damage. Get the flue (the duct pipe that lets out the exhaust gases from the fireplace) cleaned and inspected by a certified chimney sweep.

Inspect the hose faucets for freeze damage. A proper inspection would be turning on the water and placing your thumb over the opening, if you can stop the flow then it is extremely likely the pipe inside the home is defective and should be replaced.

Look at the concrete for signs of cracks or shifting. Every exterior slab should drain away from the foundation. Fill in the cracks with crack filler or silicone caulk.

Source: Full Scope Home Inspections Inc.

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Need a heated double garage & heated workshop? PRIDE OF OWNERSHIP THROUGHOUT! 4 bdr, 2 full bath, bi-?-level home has been well maintained & upgraded through the years. The garage is over sized at 22×24 feet! Featuring Oak Hardwood Floors & Tile on the main floor. There is a large island kitchen with oak cabinets. Basement features a large family room with wood stove. Newer paint, newer 50 yr. shingles, siding with additional foam Insulation under siding. New eaves troughs, soffits & facia have also been upgraded recently. This home has triple pane windows. It has a built in vac. system. In the back you are welcomed to a large covered deck backing onto a large pie shaped lot. A huge bonus is the backyard, which has a 20×20 Heated workshop wired for 220 volts. Close to public transportation, shopping amenities & schools, & quick access to all parts of the city.

For more info view: http://www.edmontonhomesforsale.biz/listing/edmonton/dunluce/e3365022-656-warwick-rd

Team Leading Edge
Re/Max Elite
780-634-8151
780-406-4000

Everyone who gets a dog or cat soon learns that a certain amount of vigilance goes with pet ownership. Puppies and kittens especially can get into everything and escape through the tiniest opening. Some of the better-known dangers are toxic plants and food. But do you know about the other dangers that might lurk in your home and garden? From the bathroom and laundry room to the office, kitchen, garage and even the great outdoors, there are some expected and unexpected hazards your pet might face.

There is good news. First, a lot of these potential dangers are things your pet will probably ignore. More good news: You can easily take care of most of these potential problems. Some of the rules are simply common sense: Keep small objects and items that can be easily eaten or swallowed out of their way. As for other dangers, just look around from your pet’s point of view and see what might be tempting and troublesome. Consider pet-proofing your home to be much like baby-proofing; you’re simply making sure that pets and possible problems don’t mix.

Also remember, while dogs may seem to be more trouble-prone than cats, cats can get into far more — and higher — spaces in your home.

There’s even a bonus to these precautions: a tidier house. Storing things safely away after using them also turns out to be much easier than coaxing them away from a pet determined to destroy them, or even worse, making an emergency trip to the vet. And it will leave you with much more room for you and your pet to play with the things that are safe.

Kitchens. Food is, of course, the most common kitchen-related problem. The best-known problem food is probably chocolate, but other possibly toxic foods include avocados, grapes and raisins, macadamia nuts, onions, garlic and coffee. Other things to watch out for are sharp knives and little things like twist ties that can easily be swallowed.

You may want to install a door or gate to keep animals out of the kitchen while you’re cooking. If it looks as nice as this, it’s a bonus.

Bathrooms and laundry rooms. Some hazards are obvious: cleansers, detergents, fabric softeners, bleach, medications, vitamins and even dental floss can all be dangerous if eaten or swallowed.

Dogs in particular may be tempted to chew on, and potentially swallow, towels and stray socks (and you were blaming the dryer for eating them), which can lead to severe gastrointestinal problems.

There are some other dangers in the bathroom and laundry area that you might overlook. In addition to the “yuck” factor, drinking out of the toilet isn’t good for pets, especially if you use chemical cleansers. Sinks and tubs filled with water and left unattended can pose a drowning hazard for small pets.

Washers and dryers can be a tempting spot for a nap, especially for cats, and you may not notice them if you put in a load of clothes. Keep the doors on appliances closed.

Gathering areas. There generally aren’t too many dangers lurking in these rooms, but there are a few possible trouble spots. The fireplace is a big one; pets can be harmed by flames and flying ashes. A simple screen is probably all you need.

Another overlooked danger is fire-starter sticks. They’re somewhat sweet, and some dogs can’t resist eating them.

Wires and cords can also be a problem; chewing on a plugged-in cord can electrocute a pet. Tucking cords away or covering them will keep them out of your pet’s way and also will leave your room looking neater.

As a general precaution, put anything you value or anything that’s a chewing or choking hazard (puzzle pieces, small toys and so on) out of reach when you’re not around.

Open doors and windows are great for letting in fresh air, but not great if they tempt your animal out into a world of cars and other dangers.

Be sure that if pets can get out, they’ll be heading into a safe place, such as a fenced yard. Otherwise, screens are a great compromise. You can even find ones that are almost invisible.

Bedrooms. Aside from the danger of a puppy’s chewing on your good shoes, bedrooms are generally fairly benign when it comes to pet danger. But to be on the safe side, keep jewelry, hair clips, pins and bands away from exploring pets.

One potential serious hazard, though, is mothballs. They’re toxic, so if you use them, be sure they’re in a place your pet absolutely can’t reach.

Areas with odds and ends. Everyday objects such as batteries, buttons, coins, paper clips and rubber bands can all cause problems if chewed or swallowed. If you’re into crafts, be sure sharp objects, including needles, are out of reach. Plastic bags and plastic wrap can cause suffocation.

Garages and basements. These are storage areas for lots of things, including things that can be a problem if your pets get into them. The simple solution is to keep things like pesticides, gasoline, solvents, antifreeze, coolants and oils either high up or in a closed cabinet. The same is true for small things, like screws, nuts, bolts and nails.

If you live in a snowy climate, be aware that de-icing compounds may also contain dangerous chemicals, so look for ones that are safe for pets.

The great outdoors. Just as food in the kitchen can be a problem for pets, so can plants in the garden. There are any number of plants that can cause problems; for some of the most common ones, see the Houzz guide, 22 Plants to Keep Away From Pets.

Compost, cocoa-based mulches, pesticides, insecticides, fertilizers and other garden chemicals can all cause problems for pets. Your first line of defense is keeping things stored away safely and out of reach.

Between Naps on the Porch

Traditional snail and slug bait is also toxic. If you need to keep your vegetables and other plants safe from these mauraders, look for barrier methods or pet-friendly bait formulations.

Gleicher Design – Architecture & Interiors

Balconies may seem safe, but it’s easy for small pets to slip through the railings or get stuck halfway.

Between Naps on the Porch

Of course, it also would be hard to resist this railing, even if your cat could get over or around it.

Be sure latticework is in good repair as well, so pets won’t get stuck or crawl into spaces where they shouldn’t go.

Just as fireplaces can be a danger indoors, ashes and flames from fire pits and barbecues can be hazardous. Keep an eye on both the fire and your pets, and if you’re barbecuing, keep the lighter fluid out of reach.

Chemicals are an obvious source of trouble if pets drink from pools and spas, but there are other dangers as well. Even if pets can swim, they can still drown in pools and spas if they can’t get out. Long, low steps may help, but your best approach is to keep pets away from the water, either with covers or fencing or by keeping them inside unless accompanied.

As with pools and spas, ponds might pose a problem if a pet falls in and can’t get out. A sloping side to a pond will provide better footing and give your pond a more natural look.

Ponds are also prone to forming algae, which may be toxic by itself or because of the chemicals added to destroy it.

Source: Houzz.com

Homeowners who decide they’re ready to become move-up buyers face a chicken-or-egg dilemma: Should they sell their current home first and then buy another, or buy a new one and then sell? The answer depends on several factors, including your local market conditions, your financing options and your feelings about potentially moving twice if you sell your home before your next residence is available.

Market Conditions

Before you blithely assume that your real estate market is a buyer’s market or a seller’s market, you need to realize that you must be very specific about the market for your particular neighborhood, the style of home you own, and the price range for your property. In addition, you need to assess the availability of homes that meet your criteria. You’ll need to work with a knowledgeable, professional REALTOR® who can talk to you about how quickly homes that are similar to yours are selling and for how much. On the buying side, you should do some preview shopping to get an idea of what you want and how easy it is to find it. For example, if you must live in a particular, popular school district, you may want to consider buying a home first so that you’re sure you have a place you want.

Financial Options

In an ideal world, everyone would have the funds to pay cash for their next home, but the reality is that most people need the equity from the sale of their current home for the down payment on the next house. One option is to sell your home and then negotiate to rent it back from your buyers, but remember THAT you’ll need to pay them for the rental. Also, lenders will limit the rent-back term to a maximum of 60 days because a rental lasting longer than that would be considered an investment property.

Alternatively, you can temporarily live with friends or family or in a short-term rental while you’re between homes. In that case, you might need to pay for a storage facility for your possessions.

A drawback to selling your home first is that you may be unable to find a home to buy, or you may feel rushed into taking a place that doesn’t meet your expectations.

If you can qualify for the mortgage loan on both your current home and the next home, you can access the equity in your current home with a line of credit. You’ll need to take out the line of credit before you put your home on the market and then you can pay it back at settlement.

You may also be able to borrow money for a down payment from relatives that you can repay after your home sells.

Some lenders also offer bridge loans for transitioning homeowners as long as they have excellent credit and sufficient equity in their current home. A lender can help you evaluate your options.

Risk Aversion and a Plan B

You’ll have to ask yourself what scares you most: selling first and having nowhere to live or buying first and being stuck with two mortgage payments. The answer depends on your finances and your local market, but in either case you should have a back-up plan to deal with the worst case scenario – either another source of income for those mortgage payments or an identified place to live for a few weeks or months while you shop for a home.

Source: Realtor.com