Edmonton Real Estate Blog

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Attract the highest offer for your home with these tips.

If you have a move in your future you are probably wondering how to attract the highest offer for your home. Here are eight tips to get your house ready to go on the market.

Say goodbye to your home now

Many of the things we all care for in our homes are the personal touches – the wallpaper we chose with care when we first decorated, or the cabinet handles we found at a garage sale. But the thing about a personal style is that it is personal, and may not appeal to everyone. It’s important to take the time to let go of the house as your home and look at it instead as a product to be sold. Concentrate on your plan for a new home, or picture yourself enjoying the money that you’ll make from the sale. And then prepare yourself to make the home appeal to the broadest possiblemarket. That may mean the wallpaper has to go.

Choose your experts

Word of mouth is a good way to find an agent – ask friends and neighbours who they would recommend in your area. Feel free to ask agents about their track record in your particular neighbourhood – sometimes a great agent in a slightly different market can end up as only a so-so one in yours. Once you’ve selected an agent, however, take their advice. It’s not worth paying for their expertise if you’re not willing to hear that you need to move the trailer around the back, or repair a cracked windowpane.

You may also want to choose a “design consultant” that’s in your target market. For example, if you are selling a family home that you think will appeal to people with young children, ask people you know in that stage of life to take a brief tour of your home and tell you what appeals to them and what puts them off. If they hate the décor in the bathroom, listen to them.

Get out the handyman gear

Small repair issues can really make or break a deal, particularly when it comes to getting the most money from a seller possible. Some areas you may want to look at are:
• Replace cracked tiles
• Patch holes in walls
• Repair floors or replace vinyl or linoleum flooring
• Fix leaky faucets
• Remove stains and water deposits
• Fix doors that don’t close properly and kitchen drawers that jam.
• Consider painting your walls neutral colors
• Replace burned-out light bulbs
• Re-caulk tubs, showers and sinks.

Your stuff – and what to do with it

You will want to depersonalize your home. When people are looking at homes they are imagining space that will accommodate their family – and seeing yours can be distracting. Pack up personal photographs and family heirlooms.

You’ll also need to declutter. It’s amazing how many things we all collect over the years, especially when we have a comfortable, homey space in which to do so. Be absolutely brutal in determining which things you need and which you don’t – you will be doing this when you move anyway, so it’s one way to get a jump on the job. Donate or throw away things, or you can have a garage sale (just be sure you have a plan to deal with anything that doesn’t sell, so it doesn’t end up filling the actual garage!)

Once you’ve done that pass, then you’ll probably still need to pack some things away. You may want to rent a storage unit, or ask family if you can use some space in their garage or basement. Put your family heirlooms and sports paraphernalia in that space. Pack up things like books and knickknacks to create more of a sense of space on shelves. Make sure all countertops are clear, even if that means packing up some of the good china in the cupboard so that you can store the toaster and the coffee pot in there for a change. Put essential items in a box or basket that can be stored in a closet.

Make the rooms bigger

It might be too late for that big renovation, but there is another way to make your rooms bigger: remove furniture and shelves. (If shelves are built in, besure to do this in time to patch and paint.) If you can possibly accommodate the storage issues, take at least one piece of furniture out of every room, and as much gardening and seasonal equipment out of the garage and basement as well. This will automatically add a sense of space to your home.

What lies beneath

Remember that buyers will be opening closet and cupboard doors, looking the furnace room, and peering into nooks and crannies. Be sure the contents of your closets and cupboards are clean and organized, with hangers in one direction, plates neatly stacked, and so on. The impression left when something falls out of a closet onto a buyer is not the one you want to leave.

Cleanliness is next to… profit

Buyers will be more attracted to space that gleams and sparkles. Consider hiring a cleaning service to come before every open house if your energy is starting to wane – it’s worth the expense. Of course you will also have to keep things tidy and clean in case of individual showings. A partial cleaning list includes:
• Wash windows on both sides – it’s amazing what a difference this makes both to cleanliness and to light within the home
• Spray down sidewalks and the outside of your home with a pressure washer
• Clean out cobwebs weekly
• Polish chrome faucets and mirrors and make the sink shine – one tip for a gleaming sink is to rub it with a very small amount of baby oil after cleaning
• Clean out the refrigerator
• Vacuum daily
• Wax floors
• Dust furniture, ceiling fan blades, and light fixtures
• Bleach dingy grout
• Replace old rugs; steam clean carpets
• Hang up fresh towels
• If you have pets, be sure to clean out cages or litter boxes daily

Do not use air fresheners or sprays – they almost scream “an odour is being hidden here.” Instead air out the home and eliminate the source of any odours. But yes, on the day of the open house it is a good idea to bake bread, or heat up some cinnamon sticks and cloves in a pot of boiling water and let simmer for an hour or so before the open house begins.

Don’t forget curb appeal

Buyers will often do a “drive-by” before making an appointment to see your home. If they don’t like what they see, you’ll never get them inside. Clear clutter. Make sure the lawn is well maintained and that the sidewalks are clear. Trim your bushes and maintain garden areas. Paint faded or peeling trim. Consider adding some window boxes or potted plants to up the lush, green feeling. Replace old mailboxes and other worn fixtures with new ones. Check outdoor light bulbs. And make sure your house numbers are clearly visible from the street.

With these improvements, your home will be ready to go – and then it’s on to happy house

source: Jennifer Gruden, 50Plus.com

To view and search all Edmonton and area MLS listed homes visit www.FindMyHouse.ca

The number of properties sold via the MLS® in Canada edged down further in December 2008 to reach the lowest level for the month since December 2000, according to CREA.
Seasonally adjusted residential MLS® sales activity numbered 27,357 units in December 2008, a decline of 1.8% compared to the previous month. However, seasonally adjusted activity was up in more than half of Canadian housing markets. Activity declines in Montreal, Calgary and Edmonton more than offset a rebound in the number of transactions in Vancouver, resulting in a small monthly decline in national sales activity.
The small month-over-month decline in national MLS® seasonally adjusted sales activity in December followed double digit declines in September (-14.9%) and October (-12.1%). Activity plummeted 22.2% in the fourth quarter of 2008 to 86,879 units, with seasonally adjusted quarterly declines in activity in all provinces. The sharp drop in fourth quarter activity accounted for over half of the decline in transactions since the peak in 2007.
Year-over-year declines in the MLS® average home price were reported in about half of local markets in December. Lower activity and average prices compared to one year ago remain most pronounced in Canada’s more expensive housing markets. This continues to weigh on the national MLS® residential average price.
The MLS® national average price of homes in December 2008 declined by 11% from where it stood a year ago. The major market price trend was similar to the national trend, down by 9.9% year over year in December 2008.
“Moderating home prices in Canada should not be confused with the downturn in the U.S. housing market,” says CREA President Calvin Lindberg. “But any local real estate market is not immune to global economic challenges, and that is what we face today. Low prices are not the concern as much as the perception of doom and gloom. Buyers are waiting to see if the real estate market has hit bottom, and that is a very complex thing to try and calculate. Most of us will only be affected by the market correction psychologically, because the majority of Canadians will not buy or sell property in the coming year.”
Seasonally adjusted new MLS® residential listings numbered 72,931 units in December, down 3% from levels recorded in November. New listings are trending lower. In December, they stood 8.1% below the peak reached in May 2008.
Resale housing market balance is represented by sales as a percentage of new listings. The rise in the number of new listings in the first half of last year along with declining sales activity, particularly in the fourth quarter, resulted in an increasingly balanced resale housing market over the course of 2008.
Sales as a percentage of new listings in the fourth quarter of 2008 fell to the lowest level since the mid 1990s. New listings are trending down from the peak reached in the second quarter of 2008. If this trend continues, the balance of supply and demand will stabilize in 2009.
“Average prices will remain under downward pressure during the Canadian economic recession,” said CREA Chief Economist Gregory Klump. “Shaky financial market confidence is pulling down business and consumer confidence. The consensus economic forecast predicts the economy will rebound in the second half of 2009, so housing market trends should strengthen next year.”

Source:Realtors Association of Edmonton

To view and search all Edmonton and area MLS listed homes visit www.FindMyHouse.ca

Jan. 22 (Bloomberg) — The Bank of Canada said the economy this quarter will plunge instead of stalling, while anticipating a “faster” recovery than in earlier recessions as access to credit and exports rebound.
The central bank slashed its economic growth forecast for the first quarter, saying output will shrink at a 4.8 percent annualized pace after predicting in October that it would be unchanged. Gross domestic product will shrink at a 1 percent pace in the second quarter before expanding through 2010.
“The projected return to balance of the Canadian economy is faster than either of the recoveries following the 1981-82 and 1990-92 recessions,” the Ottawa-based central bank said today in an update to its October Monetary Policy Report. “Canadian credit conditions remain better than those in other major countries” and “exports are also expected to recover next year,” the bank said.
Governor Mark Carney two days ago cut borrowing costs by half a point to 1 percent, the lowest since the central bank was founded in 1934, and said he would “carefully” assess how much more stimulus may be needed. The world’s eighth-largest economy is shrinking because of slower foreign orders for goods such as cars and commodities such as crude oil, combined with the global credit crisis which has made banks reluctant to lend.
Currency Falls
The Canadian dollar weakened 0.7 percent to C$1.2637 per U.S. dollar at 11:53 a.m. in Toronto, from C$1.2551 yesterday.
The economy will contract 1.2 percent this year, marking Canada’s first recession since 1992, and then grow 3.8 percent in 2010, the central bank said. That’s almost double the 2 percent expansion predicted by economists in a Bloomberg News survey.
“We would love the Bank of Canada’s growth projections to turn out correctly, and maybe they will, but fear they are too optimistic on 2010,” Derek Holt, an economist with Scotia Capital Inc., wrote today in a note to clients. The bank may be “erring on the side of a relatively sanguine view of Canadian credit markets,” he said.
Exports will shave 2.6 percentage points off of economic growth this year, then add 2.1 percentage points in 2010, aided by a weaker currency and a rebound in U.S. demand, the bank said.
Even amid the financial crisis that has crippled access to credit in the world’s biggest economies, lending to businesses in Canada “grew at a solid pace” through November and household credit “has slowed only moderately,” the central bank said. The cost of borrowing for commercial lenders has fallen by 1 percentage point since October, the bank said, citing reductions in its own benchmark interest rate.
Gaining ‘Traction’
Also, actions taken by Canada and other countries to shore up credit markets and economies “are starting to gain traction,” the central bank said.
The report repeated that the Bank of Canada will assess “to what extent further monetary stimulus will be required” to meet its chief goal of keeping inflation at 2 percent.
Inflation will decline by 0.6 percent in the second quarter and 1 percent in the third and won’t return to the bank’s target until the first half of 2011, the bank said.
Consumer prices haven’t dropped for two or more consecutive quarters since 1953, according to Statistics Canada.
The Bank of Canada didn’t refer to its projection as a bout of deflation, saying risks to its inflation forecast are “roughly balanced.”
Further Tools
Deflation can freeze spending by business and consumers if they hold off on purchases in anticipation of ever-lower prices. Reversing deflation can be harder than inflation because central banks can only cut interest rates so low to encourage demand.
There was also no reference in the report to whether the central bank may eventually use policy tools other than interest-rate cuts to boost credit markets in Canada.
Carney, 43, said after his Oct. 23 forecast paper that Canada doesn’t need to consider buying direct stakes in banks as in the U.S. and some European countries, where governments are trying to catch up to Canadian lenders’ level of capitalization. In December, he said after a speech that it was “premature” to discuss such moves.
Still, Bank of Canada officials and Finance Minister Jim Flaherty have said the country’s banks, rated the soundest last year by the World Economic Forum, have scope to expand lending.
The next rate decision is scheduled for March 3.
The 1 percent policy rate that the Bank of Canada set two days ago is lower than a previous record of 1.12 percent in 1958 when the rate was based on treasury-bill yields.
To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net. Last Updated: January 22, 2009 11:57 EST

To view and search all MLS listed homes in the Edmonton area visit me at www.FindMyHouse.ca

As of this morning there are 2,395 single family dwellings listed in Edmonton proper. In the last 30 days there were also 249 sales of single family dwellings in Edmonton proper.

With those numbers that gives me a listing to sales ration of 9.62:1. That is over double the 4:1 needed for a neutral market. To me that indicates that we are going to see continued downward pressure on valuations.

So if you are thinking of selling this year the sooner you put your home on the market the better the chance of getting the most money possible.

If you are thinking of selling please feel free to give me a call anytime @ 780-995-6520 and ask for a free market analysis of the value of your home.

To view and seach all Edmonton and area MLS listed homes visit me at www.FindMyHouse.ca

This edition of Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all – our service is “free”.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)
• Our Best Rates
• Explore Mortgage Scenarios with Helpful Calculators on dominionlending.ca

Terms / Posted Rates / Our Rates
1 YEAR / 5.60% / 4.00%
2 YEARS / 6.25% / 4.99%
3 YEARS / 6.25% / 4.95%
4 YEARS / 6.09% / 4.85%
5 YEARS / 6.75% / 4.95%
7 YEARS / 7.20% / 5.80%
10 YEARS / 7.55% / 5.95%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 3.50%.
Variable rate mortgages from as low as Prime + .80%

Rates are subject to change without notice. Fixed mortgage rates shown in table above and quoted variable mortgage rates are available nationally to qualified individuals. Some conditions may apply. Lower rates may be available in certain regions, or to those with higher credit scores or higher net worth – check with your Dominion Lending Centres Mortgage Expert for full details.

Information provided by Debbie Forbes –

Debbie Forbes – Dominion Lending Centres Cornerstone Mortgage And Leasing Inc.
780-991-8787

To view and search all Edmonton and area MLS listed homes visit me at http://www.findmyhouse.ca/

Well we are off to a new year with all hopes and expectations of a great year.

Currently there are 2,319 single family homes on the market in Edmonton proper. However in the last 30 days there only has been 230 sales. That gives us a listings to sales ratio of 10.08:1

That is the highest I have seen this ratio since the market turned in mid 2007. Now part of that has to be attributed to the fact that these numbers reflect the activity in December which historically has been one of the slowest months of the year.

Having said that the ratio is still way to high and I would expect there will be more pressure on valuations in the incoming few weeks of the new year.

To view and search all Edmonton and area MLS listings visit me at http://www.FindMyHouse.ca

I currently have access to some homes that can be purchased with low down and assumable mortgages. Call me today as they will not last long. Serge 780-488-4000 and have me paged to call you.

Serge Bourgoin
Senior Managing Partner
Team Leading Edge
Re/Max Real Estate
780-488-4000

To view and search all Edmonton and area MLS listings visit me at: www.findmyhouse.ca

Homes built prior to the 1950’s probably still have some lead or galvanized pipes, which can pose several problems and constitute a health hazard. You should replace all of this type of piping.
Galvanized PipingThis is steel pipe that is coated with zinc to resist corrosion. It is dull silver or grey in color and is threaded to appliances and at joints. In older homes it was commonly used for distribution within the house.

Problems associated with galvanized piping:

it leaks at the joints because it is thinner at the threaded connections
as the pipe wears, rust and minerals accumulate on the inside, restricting flow
water may appear brownish due to the rust
it corrodes quickly when it comes into contact with copper
it fractures more easily than copper
it has a limited life, which by now has expired.

THIS IS AN EXCERPT FROM PILLAR TO POST® HOME INFORMATION SERIESCONTACT YOUR LOCAL HOME INSPECTOR FOR A FULL VERSION

To view and search all Edmonton and area MLS listed homes for free visit me at: www.Findmyhouse.ca

As of this morning there were 2,982 single family homes available in Edmonton proper. In the past 30 days 415 single family homes were sold in Edmonton proper. That would give us a listing to sales ratio of 7.19:1

With a ratio still significantly higher than the 4:1 required for a neutral or balanced market I expect there to be continued downward pressure on valuations.

To view and search all Edmonton and area MLS listed homes visit me at: http://www.findmyhouse.ca/

You’ve been in your new home now for all four of the seasons; you may have learned about a leak in the basement during the winter or a sticky window during the spring, but what other issues might you have missed? New homes are often plagued with structural defects and flaws in construction – both minor and major – that slowly come to light during the first year of occupancy. A professional inspection of your new home while it is still under warranty can help you find and address many of these issues at a minimal cost to you. It is prudent to have an inspection done after eleven months to ensure you have enough time to bring any flaws or defects to your builder’s attention before your warranty expires.

Here are a few examples of the kinds of issues that a new home warranty inspection will address:

* Has the builder correctly installed attic framing components and proper insulation?
If an attic has not been built with proper ventilation, there is potential for moisture buildup and rot. Proper air flow in your attic reduces humidity and heat, which are elements that can compromise the energy efficiency of your home and the life expectancy of your roof.

* Is the water heater installed per the manufacturer’s warranty requirements?
Are there missing furnace vent caps? This could potentially allow water to enter the heat exchanger and cause premature rust and failure.

* Are doors sagging and windows no longer easy to open or to lock?
An out-of-square window can also be an indication of a greater structural problem.

* Are any of the roof tiles broken or cracked?
It’s typical to discover problems in the flashing details, where the chimney meets the roof, or where the roof changes directions.

* Has water penetrated into the basement through foundation walls?
If the ground of the backyard is graded so that it slopes toward the house, it is very likely that water is collecting and may find its way into your home.

* Are there any areas of the floor that are “soft”? Are any of the floor joists cut improperly?
These could be indications of damaged or defective framing and may compromise the structural integrity of the floor.