Edmonton Real Estate Blog

To view all picture click on the following link: http://www.findmyhouse.ca/view_listing/Satoo/mls/E3186017

This condo has brand new siding, newer fence, new flooring on main floor, end unit backing on to green belt, with a tandem parking stall, quiet neighbourhood.  Have peace of mind knowing that your children are in walking distance to either their elementary or junior high school.  It is close to all amenities, on a major bus route, & close to the Anthony Henday & the Whitemud for convenience to easily get almost anywhere in the city.  Enjoy watching your children play in the back yard, from your large window in the oversized kitchen. Break out the BBQ and enjoy the summer sun in your fenced backyard.  List price $197,500

When it’s Showtime!

You have inspected your house and taken care of problems. Now you are ready for showings. You will need a plan of action that assigns duties to each family member so the place can quickly be whipped into shape.

• Open all drapes, blinds, etc. and turn on lights to make the house bright.
• Air out the house to get rid of cooking, pet odours, and so on.
• Have fresh flowers in view.
• Pick up clutter and empty garbage.
• Make sure everything is spotless.
• Set your thermostat at a comfortable level.
• Remove pets from the house or put them outside.
• If you have an agent, leave when the house is being shown. If you are selling it yourself, you need to strike a balance between being helpful and crowding the buyer.
• In poor weather, provide a place for boots, overshoes and umbrellas.
• Display photos of the house in summer to show landscaping if selling in the winter months.
• Leave out heating and hydro bills.
• For those on a septic system and/or well, leave out inspection and maintenance information.

Article by: CMHC

This is Part 3 of a 3 Part Series

Virtual Tour: http://www.youtube.com/watch?v=MsEceTeL6Vc        

The best of everything!

This home is a “10” – completely custom built and no expense spared!  Situated in a quiet cul-de-sac, it’s the envy of the neighborhood with front yard gardens and rich green grass (thanks to the underground sprinkler system).  18ft vaulted ceilings in the foyer, living room, and dining area.  Oak and ceramic abound!  Large kitchen and breakfast nook that overlooks maintenance free deck and fully fenced backyard.  Family room has oak and mirror feature wall with fireplace and massive window.  Main floor laundry and lots of storage.  Back yard vegetable garden, fruit trees, and beautifully landscaped flowerbeds.  A 5-piece master ensuite to die for!      

2177 sq ft                                                      2 Storrey  

3 Bedrooms                                                3 Bathrooms    

Price: $524,900      

To view more pictures view our featured listings page!    

For more information call Serge @ 780-488-4000 and have him paged.      

Serge Bourgoin

Re/Max Real Estate 780-488-4000

Now, Let’s Go Indoors

A prospective buyer will usually enter through your front door; so, that is where you should begin your interior inspection. You want your buyer to see a neat, clean, well-lit interior. Get clutter out of sight; ensure that carpets are clean and floors are scrubbed and polished; and that walls and trim show fresh paint (preferably neutral or light colours).

Take a sniff. Are there any unpleasant odours in your home? If there are, track them down and eliminate them. Ensure all your lights work and are free of cobwebs. You want your home to look spacious, bright and fresh.

If you have considerable family memorabilia, consider thinning it out. Your objective is to help potential buyers feel as if they could live in your home. That mental leap becomes more difficult for them if your house resembles a shrine to your family.

Professional realtors and decorators say the most important areas of your home to upgrade and modernize are the kitchen and bathrooms. Buyers also want to see new or recently installed floor coverings throughout.

General Interior

• Check stairs for loose boards, ripped carpeting, and missing or loose handrails and guards.
• Most problems with interior walls are cosmetic and can be repaired with spackling compound and paint.
• Ensure doors open and shut properly. Minor sticking is normal but excessive binding indicates possible structural problems.
• Open and close all windows to ensure they work properly. Fogging between the panes of a sealed window indicates the seal is broken and the unit needs to be replaced.
• Keep furniture to a minimum so rooms do not appear smaller than they are. Ensure that traffic can flow in or through rooms unimpeded. If they contain bookshelves or cabinets overflowing with books, magazines and knick-knacks, remove some of these items.
• Ensure closets look spacious, organized and uncluttered. Create space by getting rid of old clothes and junk.
• Remove or lock away valuables such as jewellery, coins, currency, cameras and compact disks.

Kitchen and Bathrooms

• People splash water around in the kitchen and bathrooms so check around sinks, tubs and toilets for rotting countertops and floors. Problems could be due to poor caulking or plumbing leaks. Fogged windows, moulds and sweating toilet tanks indicate high humidity levels, which you can remedy with exhaust fans.
• In the kitchen, clean all appliances, including your oven. Clean or replace your greasy stove hood filter. Clean your cabinets inside and out, as well as your countertops and backsplashes. Repair dripping faucets.
• Remove anything stored on top of your fridge and remove artwork and magnets.
• Remove any items stored on countertops.
• Remove items stored under the sink.
• In bathrooms, scrub sinks, tubs and toilets, taking care to remove any rust stains. Remove mildew from showers and bathtubs. Fix dripping faucets or trickling toilets, and vacuum your fan grill.
• Clean mirrors, light switch plates and cupboard handles.
• Consider installing new 6-litre toilets if you currently have water-guzzlers.
• If you have ceramic tile in either your kitchen or bathroom, ensure grouting is intact and clean.

Basement

The condition of the foundation and main structural members in the basement are critical to the fitness of any house. The purpose of your inspection is to make sure these are sound and durable.

• Look for cracks, water seepage, efflorescence (white powder-like substance), crumbling mortar or concrete, and rotting wood. If any of these problems are present, you need to do further research to learn about causes and possible solutions.
• If your basement is damp or musty, consider using a dehumidifier.
• Like all other areas of your home, your basement should be organized and clutter-free.
• Change the filters in the furnace and have it cleaned-this is the number one item purchasers want done after a home inspection.
• If you have a pet with a litterbox, ensure the litterbox is clean.

Garage

• Get rid of the broken tools, old car parts, discarded bicycles, empty paint cans and the hundreds of other useless items that accumulate in garages. Again, you want a clutter-free zone.
• Use cleaning solutions to remove oil stains from the floor.

Article by: CMHC

Tomorrow is Part 3 of a 3 Part Series

At the mid-point of the year, the REALTORS® Association of Edmonton is confident that the local real estate market has regained stability. The 9,741 sales of residential properties sold through the Multiple Listing Service® in the first six months surpassed the six month year-to-date figure for last year (9,567) and residential sales in June set a new record for the month. Residential sales in June totalled 2,552 units which surpassed the 2007 record of 2,203 units sold and was the third best month for unit sales in MLS® System history.  

“Buyer confidence, especially among first time buyers, was evident in Edmonton despite lingering economic concerns in other markets,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “When mortgage rates looked like they might start to rise, many potential buyers locked in lower mortgage rates and then went searching for a qualifying home.”

Listing activity slowed slightly from last month (down 0.03%) with 3,179 residential listings. The strong sales drove the sales to listing ratio to 80% from 68% last month. Prices continue to climb with one month increases of 0.6% for single family dwellings and 1% increases for condominiums. The average* SFD sold for $369,859 in June as compared to $367,672 in May or $351,870 on January 1. Condominiums sold for $247,071 on average in June; up from $244,734 in May and $234,286 at the start of the year. At the end of 2008 Q2, SFDs sold for $381,384 and condos sold for $262,365.

“Last year prices fell from the high point in March. This year prices have just continued to climb,” said Ponde. “Prices typically decline slightly in the second half of the year but the drop, if it occurs, will not be precipitous.”

The average days on market was 60 days or more early in the year but dropped to 49 in June; another indicator of buyer enthusiasm. At the end of June there were 6,785 residential properties active on the MLS® System (2.65 month supply at current sales volumes) which offers a wide range of choice for those eager buyers.

Highlights of MLS® activity

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual prices, which may vary.

Source: The Realtors Association of Edmonton

When getting your home ready to sell, you need to look at your house in a new way. Think of your house as a product about to go on the market where it is probably competing with brand new housing. It needs to show well-which means clutter-free and well kept.

Today’s homebuyers lead busy lives and may not be interested in taking on major repairs or improvements upon moving in. You need to make your house a 10.

Fix It First

If you need to make improvements to your home, do the work before it goes on the market. Potential buyers are not interested in hearing about your good intentions to look after defects before a transfer of ownership takes place. Even if fix-up work is underway, buyers may not be able to visualize what your home will look like when the work is finished. They will just remember it being in a state of disrepair.

Check Your House’s Curb Appeal

How does your house look from the street? That is where prospective buyers will be when they first see your home; and, that is where they will form that all-important first impression. Stand at the curb in front of your house and note what you see.

 Remove any clutter in your yard.

 Repair cracked or uneven driveway or walkway surfaces.

 If your lawn has bald spots, apply some top dressing and re-seed. Prune trees and shrubs of dead wood. Weed and mulch flower beds, if you have them. If it is the right time of year, consider buying some flower-filled planters to enhance the eye appeal of your property. Make sure your lawn is mowed regularly. Ensure composter area is tidy.

 Are your windows and walls clean?

 Does your front door need paint?

 Ensure your eaves and downspouts are clear of debris and in good repair.

 Are your backyard deck and walkways clean? If not, use a power washer and do any necessary painting, staining, or sealing.

 If you have a swimming pool, are the deck and pool clean (when in season)?

 Do all outside lights work? Replace any burned out bulbs, and clean fixtures of dirt and cobwebs.

 Is there a shed? Does it look presentable?

 Do windows and exterior doors need recaulking? Even at 6-7 years of age, the caulking may be dried out and in need of replacement.

 Do you have decorative wooden poles on the porch? Is the wood at the bottom in good condition? Overall, does it need a new coat of paint?

 If you have a gate, is it well oiled?

When you have completed the curb appeal inspection, carefully check the rest of your home’s exterior.

Tomorrow is Part 2 of a 3 Part Series

 Article written by: CMHC

New Home, Previously Owned or Build Your Own?

When thinking about the kind of home you want, the first thing you should consider is whether you want a previously owned home (often called a resale) or a new home. Here are some characteristics that may help you decide:

New Home

• Modern design. A new home has an up-to-date design that takes into account the latest trends, materials and features.
• Personalized choices. You may be able to upgrade or choose certain items such as siding, flooring, cabinets, plumbing and electrical fixtures.
• Up-to-date with the latest codes/standards. The latest building codes, electrical and energy-efficiency standards will be applied.
• Maintenance costs. Lower maintenance costs because everything is new and many items are covered by a warranty. You should still set aside money every year for future maintenance costs.
• Builder warranty. This is a warranty that may be provided by the builder of the home. Be sure to check all the conditions of the warranty. A homebuilder’s warranty can be important if a major system such as plumbing or heating breaks down.
• New Home Warranty programs. Generally new home warranty programs are provided by provincial and territorial governments, but there are private new home warranty programs. These warranty programs are not available in Nunavut and the Northwest Territories. Check with your real estate agent or lawyer/notary to find out what the new home warranty program in your province or territory covers.
• Neighbourhood amenities such as schools, shopping malls and other services may not be complete for years.
• Taxes such as the Goods and Services Tax (GST) (or, in certain provinces, the Harmonized Sales Tax (HST)) will apply. However, you may qualify for a rebate of part of the GST or HST on homes that cost less than $450,000. For more information about the GST New Housing Rebate program, visit the Canada Revenue Agency website at www.cra-arc.gc.ca
• Extra costs. You may have to pay extra if you want to add a fireplace, plant trees and sod, or pave your driveway. Make sure you know exactly what’s included in the price of your home.

Resale Home

• You can see what you are buying. Easy access to services. Probably established in a neighbourhood with schools, shopping malls and other services.
• Landscaping is usually done and fencing installed. Previously owned homes may have extras like fireplaces or finished basements or swimming pools.
• No GST/HST. You don’t have to pay the GST/HST unless the house has been renovated substantially, and then the taxes are applied as if it were a new house.
• Possible redecorating and renovations. You may need to redecorate, renovate or do major repairs such as replacing the furnace, roof, windows or doors.

Building Your Own Home

Some people prefer the challenge and flexibility of building their own home. On one hand, you make all the decisions about size, design, location, quality of material, level of energy-efficiency and so on. However, you should expect to invest lots of time and energy.

Article written by: Canada Mortgage and Housing Corporation

Great starter home in a family-oriented neighborhoud.  This home features all the bedrooms on the upper level.  The master bedroom has a walk-through closet and a door to the 4pce bath. The upstairs bathroom has a modern sink and vanity, as well as a linen closet. The kitchen has lots if cupboard and counter space.  The backyard is fenced and features a firepit and storage shed. Cement pad in the back for parking.  Close to schools, shopping, and public transportation.

1014 sq ft                                                      3 Level Split

3 Bedrooms                                                2 Bathrooms

Price: $269,900

Call Serge today for more information (780) 995-6520

Should we be surprised??

Wow it is amazing how quickly the market can change.  Maybe we should not be so surprised, as I was astounded at how quickly the market changed back in May/June 2007.

In the recent weeks in working with buyers for homes under $350,000 it has been a real challenge.  If they were nice homes and priced well they were either sold or by the time we had a chance to write up an offer we were competing with other offers.  As usual, with multiple offers the homes end up selling for more than they were asking for originally.

At the time of my writing this article (June 03, 2009) in Edmonton proper there are 2,289 single family homes listed for sale.  In the past 30 days there has been 1,028 single family sold in Edmonton proper.  That would give us a listing to sales ratio of 2.23:1. 

In the last several weeks that ratio has dropped even further every week and is well below the 4:1 ratio we need in Edmonton for a balanced market.  So there is no doubt in my mind that valuations are rising and they are rising at a rate much higher than the average selling price is rising.  Remember there is a big difference between average selling price and valuations.

Average selling price reflects what the average individual is willing and capable of paying for a home.  Most people go to their bank or mortgage broker and find out how much of a mortgage they can qualify for and that is what they go out and buy.

However, valuation is a reflection of what you are getting for that dollar and that is what is really changing.  If you are thinking of buying and waiting then you are going to end up with a lesser home for the same amount of money.  So you better act now before prices go up higher. 

This is even more important for someone who is thinking of upgrading to a bigger or more expensive home.  Think of it this way: Your home is worth $300,000 and the home you are going to buy is worth $500,000.  Valuations rise by 10% which would mean your home went up $30,000 in value.  This sounds appealing but the home you were going to buy has now gone up $50,000.  Waiting ultimately cost you $20,000 on your mortgage.

Also it should be noted that right now the greatest increases in valuations are homes under the $350,000 price range as it represents 56.81% of all the single family homes sold.  The second highest group is the $350,000 – $450,000 price range representing 26.07% of the single family homes sold.  And finally the over $450,000 price range representing 18.68 %

Even though at the moment the greatest increases are the homes under $350K, we will soon see the valuations of the higher price ranges start to increase as the sellers of these homes under $350K are now in the market in the higher price ranges. 

For those of you who have been following my blog (http://Blog.FindMyHouse.ca) you should not be surprised at what is currently happening, as I have been forecasting this for weeks!

Ultimately what I am saying is stop waiting for the bottom as it’s already come and gone,  and get out and buy now.

And that is my two cents… Serge

I am amazed to see the listing to sales ratio continue to drop each week like we have seen in recent weeks.  There is no doubt in my mind that valuations specially in the under $350,000 is rising.  That is mainly due to the fact that the affordability and low interest rates has allowed the first time buyer to come back into the market.

As of this morning there were 2,289 single family homes listed for sale in Edmonton proper.  In the last 30 days 904 single family homes were sold.  That gives us a listing to sales ratio of 2.53:1 again a further drop from last week, and dropping us below the 4:1 benchmark needed for a balance market.

Eventually we should see the increased sales volume and valuation increases in the upper price ranges as the market continues to improve and we see the individuals who have sold their homes in  the lower prices purchase their new homes in the upper price ranges.

Let’s see what next weeks brings us…