Edmonton Real Estate Blog

Having your precious Edmonton home inspected before being marketed for sale should be at the top of your priority list. At the end of the day, all Edmonton homes that are for sale would eventually be inspected, that’s part of the process and that’s how it’s going to be. It is not something that you would be able to avoid.

You would be a step ahead of the selling game when you get your home pre-inspected because you’ll instantly know all the defects and issues of your home and have it fixed right there and then. Missing out on this might lead to having the home buyer cancel the purchase agreement, renegotiate the price or simply delay the transaction.

Having your home inspected prior to listing it would give you a good understanding of your homes condition and allow you to focus on fixing it.

You can then provide a full disclosure to the home buyer of all the identified problems that were fixed. This would allow the purchaser to understand the condition of the home from the start of the transaction.

The goal of the pre-listing inspection is to grant you more control over the process of hand-picking efficient home inspectors instead of relying on the homebuyer who might utilize a friend, family or company that is not qualified or is incompetent to do the task.

Ultimately, having your Edmonton home inspected provides you with the ability to manage or eliminate the risk of having serious homebuyers walk away from the transaction because of the poor condition of the house.

Team Leading Edge have partnered with Edmonton’s top home inspectors to help make the process easier for you. Check the directory of Edmonton home inspectors here.

For a glimpse of all the new Edmonton homes for sale out on the market, check out the team’s Edmonton MLS listings page.

Team Leading Edge have grown into an up and coming real estate powerhouse with the addition of 2 new Realtors, Luc Cote and Dwight Jones.

The team is looking into surpassing their achievements in the past year.

Work only with the premier Edmonton specialists when selling or buying Edmonton homes.

Experience high speed access to Edmonton’s newest real estate listings through the Edmonton MLS search tab.

Oftentimes, renovating an older home comes with surprises beyond the control of contractors and home owners. There are times that hidden expenses lurk beyond old walls.

When it comes to forecasting costs, new constructions are much more controllable.

Bear in mind that the process of renovating and improving your Edmonton home should be planned with a budget that is less than you can really afford. Your contractors would have contingency plans as well to cover the mistakes that they “may” have committed.

Yes! Nobody is truly perfect so you can be sure that your chosen constructors would run into problems they might not have foreseen.

That best way to actually get a grip of the actual cost of renovation or home improvement is to get bids from three local firms. Getting the figures from other people is a good plan to get a gauge of how you would have to spend.

Once you get a good picture of the cost, it is to your best interest to provide a buffer of at least 20% additional budget to cover any other surprises.

As a homeowner, you could also use the approach taken by commercial constructions, this is by asking the constructors to bid on a guaranteed max with a shared savings contract. Your builder will provide you with all the construction expenses, overhead costs and gains. Once the project is done, both of you will share in the savings. It is a great way to incentivize contractors to do their work more cost effectively.

It is highly important that you and your chosen contractors have a transparent working relationship. Both of you needs to be on the same page as to who is in charge to decide when to proceed when new costs arises.

Good communication together with your contingency plan in the finances of the project would be your best bet to having a successful home improvement or renovation.

Visit our Edmonton MLS listings for a great list of new homes for sale in Edmonton and nearby areas.

2015 Will Be A Phenomenal Year!

Here’s our little treat to all our beloved readers and clients. Start the year right with this STARTER PACK. Learn the basics of selling your Edmonton home this 2015.

Click Here

Also, check out our newest Edmonton MLS page for best homes for sale.

KICK STARTING THE NEW YEAR BY CELEBRATING OUR VERY OWN JOEY TOLVAY’S NEWEST ACHIEVEMENT!

Rookie of the Month for December 2014 for all of RE/MAX Elite!

Since its Christmas, we thought of posting a light hearted article for a change. This piece from Rochester’s Real Estate Blog caught our attention.

The listed Real Estate myths persist not only in Edmonton, but also all around the world. Check it out if you have also heard of them.

Oh, by the way, remember to check out our new Edmonton MLS Listings when you’re done for the latest and most up-to-date listings of homes for sale in Edmonton. Enjoy!

All Real Estate Agents Are The Same

One of the most common real estate myths is that all real estate agents are the same. This myth can lead to buyers and sellers making big mistakes when selecting a real estate agent to represent their interests. Every agent has different skills, different experience levels, and different traits.

For example, a real estate agent who has been selling real estate for two years and primarily works as a buyers agent is not going to have the same skill set as a real estate agent who has 20 years of experience selling waterfront property.

There is a significant difference between real estate agents who work with sellers and real estate agents who work with buyers. The saying, “All men are created equal,” is the complete opposite when it comes to real estate agents.

All Real Estate Agents Make Boatloads of Money

Successful real estate agents certainly can make a very nice income. The amount of time, effort, and money that top producing real estate agents need to put forth is significant. A common real estate myth is that all real estate agents make boatloads of money.

The general consensus is that real estate agents earn 6% of the sale price of a home, no matter what. This is not true. There are many things that effect the percentage of commission earned by real estate agents. First and foremost is the fact that commission is negotiable. Any real estate agent who says otherwise is likely violating rules and regulations.

Let’s assume that a seller is willing to pay 6% of the sale price of their home. The 6% commission is normally divided between the listing and selling brokers. The real estate brokers then take a “cut” of their respective commissions before distributing to the real estate agents involved in the transaction. In addition to their company taking their “cut,” there are many expenses that real estate agents incur that most don’t realize. Items such as health insurance, fuel, car maintenance, and advertising expenses are just a handful of the expenses that real estate professionals are responsible for.

Obtaining a real estate license is not difficult. Many people get their license thinking it’s an easy way to make boatloads of money. There are many considerations that should be made before getting a real estate license.

When Selling a Home, Price It To Leave Room For Negotiations

Correctly pricing a home is one of the top 3 important things when selling a home. Incorrectly pricing a home can be the “kiss of death.” There are several real estate pricing mistakes that sellers commonly make. One of these common pricing mistakes also happens to be a very common real estate myth as well.

Pricing a home higher so that there is room for negotiations with a potential buyer. This real estate myth, if believed by a seller, can lead to tons of frustration and potentially to a home that sits on the market for a long time. If you are selling your home, you need to understand who today’s buyers are and what they are all about. The internet has greatly impacted the real estate industry. Buyers are more savvy and educated than ever before, due to the amount of information available through the internet.

A buyer will not waste their time looking at a home that is overpriced by thousands of dollars. So before you list your home $25,000 higher than a top producing real estate agent suggests to leave room for “negotiating,” you need to understand that most buyers will know it’s over priced and may pass on looking at your home.

Using the listing agent to buy a home doesn’t always mean a better deal

Using the listing agent to buy a home doesn’t always mean a better deal

You Get A Better Deal When Buying a Home Through The Listing Agent

Buying a home can be a complicated process, especially for a first time home buyer. It’s imperative that when buying a home, you have a great real estate agent representing your best interests. A common real estate myth is that when buying a home, using the listing agent will result in a better deal on the home. The thought process behind this myth is the listing agent will cut their commission percentage because they are receiving both “sides” of the transaction.

Sounds like an ideal scenario for a buyer, right? Wrong. What a buyer may not understand is that the listing agent is also still representing the seller. While they do need to be honest, fair, and ethical to all parties and certainly there are real estate professionals out there who can be trusted to represent both parties, it needs to be understood that the listing agent still has to represent the sellers best interest as well.

If you use a listing agent to buy a home, consider how hard the listing agent is going to negotiate the price with the seller, who also happens to be their client. Same goes for any negotiations from the home inspection findings. It’s possible by using the listing agent a better deal could be had, however, the biggest consideration that needs to be taken into account is the representation that will be received.

Getting Pre-Approved Is Done After Finding Your Perfect Home

One of the hardest myth to break for real estate agents relates to financing. Many home buyers believe that getting pre-approved doesn’t need to take place until they have found their perfect home. This is a huge mistake for many reasons.

A buyer should be and want to be pre-approved for a mortgage before they house hunt. House hunting can be time consuming, exciting, frustrating, and many other things. Before getting involved in a full out search for that perfect home, eliminate the chances of any disappointment down the road by getting a pre-approval from a mortgage lender. A buyer can be devastated if they find a home they love, write an offer, and have it accepted only to find out in the future they have been declined for a mortgage.

Another reasons why a buyer should get pre-approved for a mortgage before finding their perfect home is in the event their perfect home is receiving multiple offers. A multiple offer scenario is a dream for a seller and a nightmare for a buyer. A buyer who has been pre-approved has a significant advantage in a multiple offer scenario.

Open Houses Sell Houses

Many sellers love the idea of their home being open every Sunday. A common real estate myth is that an open house is a great way to sell a home. The fact is that according to the National Association of Realtors, 2% of homes are sold as a result of an open house. Can a sale result from an open house, YES. Is it likely, NO.

You’re probably asking yourself why many real estate agents push open houses. When interviewing potential Realtors to sell your home, ask them why they want to hold your home open every Sunday. If the answer is because it will sell your home, you may want to reconsider hiring that prospective Realtor.

The primary reason why a real estate agent would swear by open houses is because they see them as an opportunity to pick up new clients. It’s possible that a buyer walks through an open house and does not have a real estate agent they’re working with. This is a great opportunity for the real estate agent to convert the potential buyer into a client.

Before deciding whether an open house is something you would want to take part in when selling your home, consider all the possible drawbacks of an open house.

Selling For Sale By Owner Can End Up Costing a Seller Thousands of Dollars

Selling For Sale By Owner Can End Up Costing a Seller Thousands of Dollars

Selling A Home “For Sale By Owner” Saves Lots of Money

The main reason sellers believe that selling their home “for sale by owner” (FSBO) is a good idea is because it will save them lots of money. This is a common real estate myth. Many sellers who attempt to sell their home FSBO believe that selling homes is easy. It would be great if selling homes was as simple as putting a for-sale sign in the front yard of a home, input the home into the MLS, and watch it sell, but it is not.

FSBO’s often will end up losing money by not hiring a professional real estate agent. This could be due to several different reasons. Did the FSBO overprice their home and it didn’t sell for 6 months? Was the transaction mishandled ending up in a buyer being declined after 3 months under contract? Did the FSBO not know how to negotiate the best price and terms for their home?

Real Estate Agents Only Can Show Their Own Companies Listings

Real estate agents who belong to their local real estate board and MLS have access to any listing that is multiple listed. A common real estate myth is that real estate agents can only show their own listings or their own companies listings. This is false.

For example, if a real estate agent works for Nothnagle Realtors, my Rochester, NY real estate company, they also can show properties that are currently listed by other real estate companies, such as Re/Max or Hunt Real Estate.

Real Estate Agents Say And Do Anything To Make A Sale

Real estate agents are held to a very strict code of ethics and also many rules and regulations. Many believe, however, that real estate agents will say and do anything to make a sale, because they don’t get paid until a home closes. This real estate myth can certainly be possible as there are real estate professionals who will say and do anything to make a sale, however, the majority of real estate agents will not.

Most real estate agents business relies heavily on referral business, word of mouth business, and repeat business. A real estate agent who blatantly lies to clients just to make a sale, is unlikely to receive any of the above mentioned business. When buying or selling a home, it’s extremely important to select a very trustworthy real estate agent who you can trust and are comfortable with.

A Home Doesn’t Need To Be Prepared For Sale

The real estate myth that homes don’t need to be prepared for a sale can cost a seller thousands of dollars. Properly preparing a home for sale can be the difference between it selling in a relatively quick amount of time or it sitting on the market and developing a negative stigma. It’s very important that you don’t list your home before it’s ready.

Why is it important to prepare a home for sale? First and foremost, today’s buyers are more often than not looking for a home that is move-in condition. Additionally, the first 3-4 weeks on the market are the most critical. If a home is priced properly, prepared properly, and marketed correctly, it should be under contract in the 3-4 weeks on the market. Simple preparations, such as staging tips, general cleaning, minor improvements, and pre-listing inspections can all help minimize time on market while maximizing the sale price.

The above real estate myths are too commonly thought of by the general public. While it’s understanding why these real estate myths could be true, they certainly are not.

This article was originally published at Rochester’s Real Estate Blog.

Always, there’s that never dying question whether to keep your Edmonton house on the market or not this holiday season. The last thing on homebuyers’ mind and priority list is buying a new home, right? This is one of the main reason why most Edmontonians prefer to remove their home listings from the MLS temporarily and just wait it out until the New Year.

Before you jump into the bandwagon, here’s a few pointers that you might change just your mind.

First and foremost, the amount of listings on the market significantly drops, there are ever so few new homes for sale in this time of the year which means fewer competition on your side of the business. The fewer competition, the better chances your home will be sold faster.

Second, during the holiday season, home buyers are more motivated to spend. And these home buyers are typically the ones that are really serious about buying-they’re not the window shopping type. They would not waste your time.

Lastly, companies usually transfer employees in the first quarter of the New Year, these employees usually chose to buy homes right away because they can’t wait. Since Edmonton’s economy is on the rise, you’ll see more of this kind of transactions.

As a bonus, the winter months make homes better for open houses because the decorations pop-out, the fire place makes it warm and cozy (selling point right there) and the smell of cookies baking just make it irresistible!

If you’re ready to sell, call us at 780-634-8151. For a list of houses for sale right now, do check out our Edmonton MLS listings.

Risk management is all about controlling and minimizing your exposure to the negative impacts of forces beyond your control. We here at Team Leading Edge have gathered the top 5 things we consider a must-do to avoid all those unnecessary loses in your Edmonton real estate investments.

1. TRUST YOUR GUT INSTINCT, NEVER LISTEN TO OTHERS WHO HAVE TO REAL ESTATE INVESTMENT. Top of the list, we would like to put strong emphasize on this. Just as you would not trust a medical prescription being given by a non-medical person, so should you not also listen to those real estate opinions and advises being given by non-real estate investors.
2. NOT TAKING THE REPAIRS SERIOUSLY. Underestimating the repairs that should be done in your real estate investment could and would be a very costly one. Avoid this trap by hiring professional contractors to assess and fix all needed repairs.
3. NOT HAVING THE STOMACH FOR VOLATILITY. Like any other investment, the real estate market is also a volatile place, although not as crazy as the stock market, but still, volatile. Even as the Edmonton housing market right now is on a strong projected growth, as an investor, you should not put your guards down. Swings in the market a real! In order to avoid any huge loses, stand firm on your ground and keep at it even if the market is down.
4. CASH FLOW>APPRECIATION.Cash flow would always be king in the long run. Americans fell hard when their economy collapsed because of the real estate bubbles. People there thought they could make money through appreciation-they were dead wrong. Their country almost got bankrupt out of it. Avoid this mistake by investing with cash flow in mind, rentals with a net of 10% and up would be the most ideal.
5. NEVER THINK YOU KNOW EVERYTHING. It’s typically a beginner’s mistake. Books, web articles, seminars, all of those are great materials for gaining knowledge but nothing would ever beat experience. If you’re seriously sticking in this real estate game, it would be wise to find a seasoned coach. A veteran mentor that have the “been there, done that” kind of stuff. Reduce the learning curve by investing with such a mentor-the things you’ll learn would be priceless!

If you’re looking for new real estate investments, you’re in luck! We have one of the best real estate projects in town. A Team Leading Edge exclusive, newly built available for you. Check all of the out here.

It’s been almost a mythical belief that the best time to sell an Edmonton home is during spring and summer season. That is most certainly not true. Although, selling in spring and summer poses “some” advantages, listing your home today would be one of best strategies you could do.

It is possible to sell your home quickly and for a better price this off-season due to a shortage in inventory. Remember, most Edmontonians are busy preparing for the holidays so there are few competitions out in the market!

During the spring and summer time, there’s an influx of newly built homes so that gives buyers more options, which in turn could force you (or the other sellers) to reduce the selling price.

Again, to emphasize, the off-season will provide you with less competition. Yes, we needed to underscore that part. Most people hibernate by this time of the year, some would just choose to watch the Edmonton Oilers game (like Serge and Dan) rather than sell their homes so all the odds are within your favor!

Lastly, off-season buyers would love it when they know and see for themselves that your most cherished house have been performing terribly well against damaging weather conditions; heavy rains, freezing temperatures.

Pick-up your phone and call Team Leading Edge now at 780-634-8151 so we could start selling your home.

Your house is one of the biggest investments you would ever have in your lifetime so it is but right to protect this valuable investment in the best way possible. Here at Team Leading Edge, we care not only in assisting you find a home in Edmonton but also in helping you protect against the loss of it.

Home insurance is the best form of protection against any unforeseen tragic events towards your home, here are 5 of the most important things to remember when getting home insurance.

1. AMOUNT OF COVERAGE: Any disastrous event towards the home can be well compensated by choosing the right coverage. The amount of coverage an insurance policy would get is most of the time decided by the home insurance provider, they usually require homeowners to purchase a policy that would be equal to the amount of mortgage.

   Like life insurance policies, the bigger the amount of coverage, the higher your premium would be.

   

2. VALUABLE ITEMS = EXTRA INSURANCE: There is a certain limit to your home’s insurance coverage. If you keep pricey items such as expensive paintings and jewelries, it is advisable that you purchase additional amount of coverage for this special items.

   

3. ADD SECURITY SYSTEMS: An alarm system provides two beneficial things; it would protect your family and might contribute in lowering the premium you have to pay for the insurance coverage.

   Provided that you could prove that an alarm system is regularly tracked, certain insurance providers will give you a hefty discount since they will consider you as a low-risk client.

   

4. CLAIM PROCESS: Don’t just sign on the dotted line, one of the most important things that you should keep in mind is to understand the process of claiming your coverage. Take note to double check if the contract specifies that you will get your compensation in portions or in lump-sum.

   Bottom line, understand the insurance contract and if you have doubts or questions, clarify it immediately with the insurance agent/broker until you are satisfied. If something seems off, move on to the next insurance provider.

   

5. ANNUAL CHECK-UP OF INSURANCE POLICY: As you add more features and home improvements over time that kind activity tends to create more value to your home. It is prudent to check your insurance policy every year in order to analyze if you have sufficient coverage. Schedule an annual meeting with your insurance provider to go through any revisions of your policy.

Remember, there are some things in life that are beyond your control, so being thoroughly prepared for unforeseen events is the best possible way to counter its negative impact.

Team Leading Edge can assist you in choosing the right home insurance provider in Edmonton. Call the team now at (780) 634-8151 to get you started.