Weekly Real Estate Update: Mon Feb 16 – Mon Feb 23

Calgary
5616 homes for sale in metro Calgary
1180 homes sold in the last 30 days
4.76 months worth of inventory
21% of the homes statistically to sell in the next 30 days
Market Conditions: Buyers
Average List Price : $476,918
Average Sale Price : $465,660
Average days on market : 36
Average list to sale price ratio : 97.6%

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Edmonton
3788 homes for sale in metro Edmonton
691 homes sold in the last 30 days
5.48 months worth of inventory
Market conditions : Buyers
18% of the homes statistically to sell in the next 30 days
Average List Price : $370,190
Average Sale Price : $360,607
Average days on market : 42
Average list to sale price ratio : 97.4%

 

Weekly Real Estate Update: Mon Feb 9 – Tues Feb 17

Calgary
5437 homes for sale in metro Calgary
1107 homes sold in the last 30 days
4.91 months worth of inventory
20% of the homes statistically to sell in the next 30 days
Market Conditions: Buyers
Average List Price : $477,583
Average Sale Price : $466,523
Average days on market : 36
Average list to sale price ratio : 97.7%

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Edmonton
3689 homes for sale in metro Edmonton
632 homes sold in the last 30 days
5.84 months worth of inventory
Market conditions : Buyers
17% of the homes statistically to sell in the next 30 days
Average List Price : $373,627
Average Sale Price : $364,328
Average days on market : 47
Average list to sale price ratio : 97.5%

Inspection Initiative

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Some say it’s really the home inspector that sellers should be concerned about. Don’t get caught by a big surprise – examine (and repair as needed) these major components before listing your house.

  1. HVAC equipment: You might be selling your home in the dead of winter, but that doesn’t necessarily mean your air conditioning won’t be checked.
  2. Plumbing system: Low pressure, leaky pipes, dripping faucets, backed-up drains, running or clogged toilets – you may have learned to live with such flaws, but the inspector will be looking for them.
  3. Electrical system: Test all light switches and outlets (regular and GFCIs), and turn all your breaker switches or fuses off then on, one at a time, to make sure everything is working properly.
  4. Appliances: The inspector will be testing all your appliances to make sure they’re in good working order, so now’s the time to fix that dishwasher or washing machine that’s been on the fritz – or delete it from the contract.
  5. Roof: The inspector will be looking for signs of damage to the shingles, roofing underneath, chimney, flashing, eaves, gutters and downspouts.
  6. Basement/attic: You’ll want to take a close look before the inspector does, checking for signs of mold and mildew, as well as moisture.

If you’re interested in more home prep tips, call us today! 403-818-3907

Weekly Real Estate Update: Mon Feb 2 – Mon Feb 9

Calgary
5221 homes for sale in metro Calgary
1001 homes sold in the last 30 days
5.22 months worth of inventory
19% of the homes statistically to sell in the next 30 days
Market Conditions: Buyers
Average List Price : $476,999
Average Sale Price : $465,572
Average days on market : 38
Average list to sale price ratio : 97.6%

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Edmonton
3485 homes for sale in metro Edmonton
565 homes sold in the last 30 days
6.17 months worth of inventory
Market conditions : Buyers
16% of the homes statistically to sell in the next 30 days
Average List Price : $372,464
Average Sale Price : $363,530
Average days on market : 50
Average list to sale price ratio : 97.6%

Overpricing Implications

Overpricing their home is the biggest mistake sellers make, though many don’t fully understand the implications of doing so. Here’s why overpricing is so problematic.

A property never generates so much interest as it does during it’s first few weeks on market. When you enter the market overpriced, you squander this time by scaring away buyers and, more crucially, real estate representatives looking for properties to show clients. As a result you can affect the number of showings during those critical first weeks.

Few to no showings mean few to no offers. And that can potentially mean no sale. Even if you do manage to get an offer, it’s possible the buyer won’t qualify for financing due to a low appraisal of your home (a side effect of overpricing); again, that means no sale.

Now you face a new problem:stigmatization. The longer a property lingers on the market, and the more times its asking price is slashed, the more people will assume there’s something inherently wrong with it. Now they have new reason to stay away.

In the meantime, you’re stuck making mortgage payments on a property you’d no doubt planned on having sold already, which can be devastating for those who’ve already bought their next home.

Desperate, you may be forced to accept any offer, however lowball, that comes your way. It’s for this reason that many sellers of overpriced properties often end up getting even less for their homes than they would have had they listed at a competitive price to begin with.

Avoid these pitfalls – contact us today to ask which price is right for your home!

Overpriced Diagram

Floor War

Alternatives like bamboo and cork are becoming increasingly popular, but for most homeowners installing new flooring in a home they’re moving into, selling, or renovating, the choice comes down to carpet versus hardwood. To help you decide which is best fit for your lifestyle and circumstances, let’s look at the benefits and drawbacks of each.

Carpet – Pros

  • Price: carpet is less expensive per square foot than hardwood, costs less to install, and is easier and less time-consuming to put down
  • Comfort: soft and warm, carpet is cozy. The fact it helps cushion falls makes it an appealing choice in homes with toddlers or older adults.
  • Noise: carpeting provides sound insulation, ideal for homes where impact noise is a concern, such as condos.
  • Selection: with so many colors, patterns and textures to choose from, carpet’s the covering that makes to easier to have floors that are more personalized to your particular taste and decor.

Carpet – Cons

  • Heath: if anyone in your home suffers from asthma or allergies, hardwood may be the more health-conscious choice, as carpet fibers harbor dust, dancer and other allergens.
  • Wear: carpeting doesn’t retain its good looks as long as  (well maintained) hardwood does. This count be a problem in hgih-traffic areas like halls and living rooms.
  • Cleanliness: removing stains and odors from carpeting is much harder. Again, that’s something to consider when you’re deciding where to install it (low, or high, traffic areas), and if you have kids and/or pets.

Hardwood – Pros

  • Durability: unlike carpet, hardwood can last – and not just last, but continue to look attractive – for decades if it’s well maintained. For many homewoners, this helps justify hardwood’s relatively high initial costs.
  • Value: because they’re so long lasting, and because they’re perceived as being high end, hardwood floors add value to your home. Carpet, on the other hand, is seldom considered a selling feature.
  • Reparability: when hardwood floors become stained, scratched or dulled, they can be refinished. Sand them down, buff and re-stain them – it’s a big job, but your hardwood will look like new.
  • Cleanliness: there’s little place for dirt and odor to hide in hardwood. Debris and spills can be swept away in a snap.

Hardwood – Cons

  • Damage: hardwood floors are susceptible to scratches and dents, so you’ll want to be careful about where you install them, but knowing they can be refinished makes this con less of a deal breaker.
  • Vulnerability to moisture: wood expands and contracts. Humidity levels can cause warping of and gaps between planks, and direct contact with liquids from drops, spills, or leaks can cause stains, cupping, crowning and buckling.

Original source: Market Connections – Volume 11, Issue 2

Weekly Real Estate Update: Mon Jan 26 – Mon Feb 2

Calgary
4819 homes for sale in metro Calgary
852 homes sold in the last 30 days
5.66 months worth of inventory
18% of the homes statistically to sell in the next 30 days
Market Conditions: Buyers
Average List Price : $474,580
Average Sale Price : $463,042
Average days on market : 41
Average list to sale price ratio : 97.6%

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Edmonton
3227 homes for sale in metro Edmonton
506 homes sold in the last 30 days
6.38 months worth of inventory
Market conditions : Buyers
16% of the homes statistically to sell in the next 30 days
Average List Price : $373,694
Average Sale Price : $363,536
Average days on market : 56
Average list to sale price ratio : 97.3%