Realty Executives Focus

Planning to Sell Your House? Here’s what you need to know

Let’s get the most out of your house – and sell it OVER list price!

Getting ready to sell your house? Then it’s time to roll up your sleeves and get to work! Selling a home, after all, entails a whole lot more than just planting a “For Sale” sign on your front lawn or uploading a few random photos of your place—especially if you’re angling for the most cash. (And, honestly, who isn’t?)

Before you put your house on the market, ask your real estate agent for guidance on improving your home’s presentation. I can tell you what buyers expect in your particular market (Sherwood Park, Fort Saskatchewan, Edmonton, St. Albert and Surrounding Area) and at your home’s price point. You can click here for a FREE Comparative Market Analysis so you know what’s going on in and around your area! The following 10 steps are a way to get a good head start on preparing to sell your home.

1. Welcome buyers. Make your front door visible and accessible to buyers. Paint the door, clear debris and clutter from the walkway and yard, mow the lawn and prune hedges. Pot or plant colourful annuals and perennials to attract attention from the street. Fix broken screens, doorbells, roof tiles, shingles and outdoor lighting, and replace your doormat. Exterior defects can make a poor first impression on buyers.

2. Make it sparkle. Cleanliness implies a home has been well taken care of, so deep cleaning can win points with buyers. Buyers scrutinize homes, especially kitchens and bathrooms. Recaulk and repaint to give these grime-prone rooms a fresh and clean look. Clean rugs and carpets to eliminate unsightly stains or dinginess and eliminate odors. Tidy each room, including cabinets, closets and the garage, before showing. And if it seems daunting to do all that cleaning yourself, consider hiring a professional cleaning company to take care of all of it for you.

3. Start packing. Cramped and cluttered rooms turn buyers off and make your house look smaller. A home packed with your personal belongings also makes it difficult for others to envision living there. Start by storing away excess furniture, toys and personal decorations, such as family photos. Pack up things you don’t use on a daily basis, and put them in storage or ask a friend to hold onto them. Decluttering your house also gives you a head start on your move.

4. Paint wisely. A well-done, no-frills paint job is all you need. Put a fresh coat of paint on white or beige walls, and repaint walls that have eccentric or unconventional colors. Nature- and spa-inspired neutral colors, such as taupe and subtle gray, are the best choices. Definitely don’t forget the trim and molding either. And a fresh paint job on outdated or worn cabinetry goes a long way, too.

5. Fix the small stuff. Repair or replace broken or outdated hardware throughout your home. You can install new door handles, faucets, towel bars and curtain rods – fixtures that are readily visible to homebuyers – rather inexpensively. New hardware in the bathroom, kitchen and on windows and doors also improves the functionality and safety of these components.

6. Update lighting. Replace decorative light fixtures that no longer fit your home’s cleaner, fresher look. Install new bulbs with the appropriate lighting for specific areas of your home. For example, ambient, low-key lighting fills a room, whereas directional or task lighting works better in areas like a reading nook. Use accent lighting to highlight focal points in a room, such as the artwork above a mantle, to draw buyers’ attention to certain selling points.

7. Frame windows. Ensure you have the right window treatments, which enhance natural brightness and boost the appearance of a home. Window treatments also can impact a room’s temperature because they reduce or increase the amount of light entering the space. Adjust window treatments appropriately when showing your home in the mornings, afternoon and evenings.

8. Set the table. Fresh, decorative flowers in the kitchen or on the dining room table are always a nice touch. Also, keep place settings handy for your tables so you can quickly set them out right before showings or an open house. Pull out all the formal stops for a dining room, and keep the table casual in the kitchen.

9. Hide unsightly everyday items. Don’t leave children’s toys and pet belongings out in the open during showings and open houses. Move litter boxes, pet dishes, toys, animal crates and kids’ entertainment to less conspicuous areas of the home, such as an outdoor storage unit or garage before each showing or open house. Also think about where you can store things like dirty laundry and dirty kitchen sponges.

10. Don’t forget the back. Keep your backyard looking spacious and functional. Plant or pot colourful flowers and keep the landscaping trimmed and neat. Consistently pick up after your pets so buyers feel comfortable touring the yard.

 Contact me at 780.777.9703 or reach me here and we can get you started today!

Where to find me:

5 Common Myths Among Renters

Debunking 5 Common Myths Among Renters

Fallacies about the buying process keep many renters from exploring the possibility of buying a home, but savvy real estate agents know a little education can go a long way in turning many of these would-be renters into lifelong homeowners. Many renters consider home ownership out of reach, have concerns about economic uncertainty and fear of a housing downturn as reasons to sit on the sidelines, with many preferring to watch the market before making a move to buy.

1. “Renting makes more sense because I may move in 5 years.”

Sure, while it may make more sense to rent than to buy over a short term of a few months, the equation can easily flip with buying being the best value for a homeowner planning to stay for at least five years and, in some cases, as few as two years!

2. “I don’t make enough money to buy.”

Income is important but not as limiting as people may think. Just as there are high income earners who are “house poor” (spending more than 30% of their income on their mortgage), there are people with modest incomes who are able to live comfortably in their own home.

Also, renters must bear in mind that rent is almost always guaranteed to go up, while the payments on a fixed-rate mortgage will not, making ownership the more budget-friendly approach over the long term.

3. “I can’t save enough for a down payment.”

Many are not aware of the many programs such as Home Buyers’ Amount ($5,000), Home Buyer’s Plan (withdraw from RRSP), GST Rebate, and Government Equity Program that allows first-time buyers to close on a house with almost nothing down!

4. “There’s nothing in my price range.”

Once a renter has been pre-approved for a mortgage, they have a good idea of their target price range. Then, when they start looking at the entry-level inventory, they find themselves up against a competitive market.

Here’s where I can help you out! I will guide you as a first-time buyer into looking at different areas where homes are in your price range, but also help you find those rarer listings where a home that’s not necessarily move-in ready yet in a nicer neighbourhood is selling for less.

I have been working alongside Kris Crawford at Innovative Mortgage for a long time and I highly recommend contacting him for mortgage related information!

5. “The perfect house is waiting for me.”

Renters who have watched many real estate TV episodes may have unrealistic expectations about buying a property.

First, they may not be aware that every property has pros and cons. It’s important to remind them that finding an affordable home is going to involve some trade-offs, but ultimately, will offer the security and accomplishment of ownership.

Second, good houses go fast, so first-time buyers must be financially, mentally and emotionally ready to act.

Check out my current listings or if you see a house you like – let’s make something work!

Be sure to check out our new Renter-to-Homeowner program launching soon!

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13 Tips for First Time Home Buyers

If you’ve been thinking about buying a house, you may be wondering you’ll know when it’s “the right time.” If you don’t have a 20% down payment saved up, is it still okay to consider buying? If you can’t afford your forever home, should you still jump into ownership now? Does the Covid-19 pandemic change the rules for first- time home buyers?

This is a summary of the advice I have received over the years (the good parts anyways) along with 15 years of my own industry experience.

1. Ease Into It

Go to a few Open Houses. If you’re with a partner, talk about what you both want and make a list. Try to rank the items. Check out realtor.ca to see listings in different communities in the city. Pay attention to local schools, parks and promixity to transit and retail shopping.

2. Know your numbers – make sure you can afford the home you want.

The more accurate you can be the better. Then develop a budget that includes your projected mortgage payment with estimates for property taxes and maintenance. Trust me on this. Twenty-five years is a long time to owe money. Developing a realistic and manageable budget now will save you a lot of money and stress over the long run.

Many of us dream of buying a home but we also need to be realistic about what kind of properties you can actually afford. Your household income, personal monthly expenses, and home costs like property taxes, condo fees, and heating and electricity bills all factor into the total amount you can borrow.

3. Get Pre-Approved.

Once you understand your cash flow and you have an idea of how much monthly income you want to commit to your mortgage, get pre-approved and lock in a rate for 120 days. While a pre-approval may not get you the lender’s best rate and it doesn’t guarantee that you will be approved on your full mortgage application (actually purchasing the house), it does give you some rate insurance, and at no cost.

If you’re serious about making an offer, get a lender to run your numbers in detail, to confirm what you can actually spend with confidence – and understand that the house or condo, too, must pass for the deal to work.

4. Don’t try to time the market.

If you buy a solid asset at a fair price and stay in the market for the long haul, you’ve set yourself up for success.

5. Choose a good realtor.

Referrals from someone you trust are always a good option, but if you are starting from scratch besides the usual vetting, try to find someone who does a lot of business in your neighbourhoods of interest (Fort Saskatchewan, Edmonton, Sherwood Park, St. Albert). One easy way to do that is to scan the names of realtors when searching MLS listings in your area. You’ll probably notice a few that pop up frequently, and the busy ones are usually that way for reason.

6. Location, location, location.

It’s a well-known cliche, but doesn’t that also make the ultimate proof statement?

7. Future-proof your buying decision.

Think seriously about what your plans for the future are! That means assessing where you’re going to be comfortable today, and for the next five years – without underestimating what the next few years will bring.

It’s important to consider not only what you can afford now, but what you’ll be able to swing if a baby comes along, your career goes off-track, the property you buy needs a major repair or something so unexpected as the COVID-19 pandemic!

IIs the commute that seems tolerable when you test it on a Sunday still manageable at 6 a.m. on a Monday in February? If you hate the kitchen in a place you buy, and proceed with the deal anyways because “we’ll just renovate it later,” have you got a solid plan for the $20,000 to $30,00 price tag—or more—for that renovation? And if you don’t, can you live with the unrenovated kitchen for the foreseeable future? 

“Future-proofing” the deal means getting into a situation you can enjoy not only now, but as your life inevitably changes over time.

8. Consider using a Mortgage Broker.

Did you know mortgage brokers can get you a mortgage with a Big Bank, but at lower rates?

Mortgage brokers compare mortgages from a variety of banks and financial institutions, to find the best options for their clients.

In addition to the Big Banks, mortgage brokers have access to mortgage products and special rates from trust companies and credit unions. They also work with smaller lenders who don’t have the same overhead costs as the Big Banks (and therefore often have lower rates and fewer fees).

The best part? Most mortgage brokers don’t charge you for their services. It is the lender that pays the broker’s commission. All the negotiating and paperwork is handled by the broker and they will assist you in the application process, from pre-approval to home appraisal.

9. Get a Home Inspection.

A good home inspection costs about $500 but is worth every penny. If you only have 5% down, and you are stretched to pull it together, you can’t afford a house with unknown problems that come to light after you buy – because you don’t have enough money to fix them. Do your homework beforehand. Specifically, ask about the experience and background of the person the inspection company is sending out.

In order to make your home-buying situation work, you need to make sure you have the resources available to handle the inevitable extra costs (leaks, breaks, and unavoidable maintenance and repairs) that come with home ownership.

I have a great list of vendors if you are looking out for any! Feel free to reach out at 780-777-9703.

10. Consider taking out a First-Time Home Buyer’s RRSP loan.

 This allows you to borrow up to $35,000 from your RRSP (each), and the funds can be put toward your down payment or used to cover closing costs, moving expenses and/or home renovations. Borrowers should especially consider this option if it will increase their down payment to 20% of their purchase price and eliminate the need for high-ratio default insurance.

11. Take advantage of Firs-Time Home Buyer programs.

As a first-time homebuyer, you’ll want to be familiar with various programs that apply to your situation. Whether it’s a rebate you may qualify for or a tax-efficient way of funding your down payment, there are a number of government programs listed below that can help you potentially save some money when you buy your first home:

  • The Home Buyers’ Tax Credit currently works out to a rebate of $750 for all eligible first-time home buyers.
  • The Canadian government’s Home Buyers’ Plan (HBP) allows first-time home buyers to know up to $5,000 from your RRSP for a down payment, tax-free.

12. Don’t rush a major renovation.

If at all possible, live in your house for a while before you renovate. You’ll develop a better sense of where you want things to go and how you want to use each part of the home.

13. Have fun with it!

Buying your first house is an adventure of discovery and an experience you’ll remember for the rest of your life. There will be times when the process is stressful (especially on offer night) but done right, it can fun and very rewarding.

The Bottom Line: 

We make our best decisions when we feel secure in the knowledge that we have planned properly and have approached big decisions in a methodical, measured way. Do that, and you give yourself the best possible chance for success and happiness.

The COVID-19 pandemic has added new uncertainties for today’s prospective homebuyers. The price of housing, the stability of income, and the overall health of the Canadian economy have all been impacted by the pandemic – and the effects are still unfolding. However, these 13 tips of practical advice can help you out during these strange and unexpected times!

Check out previous blog posts:

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Edmonton 2021 Real Estate Trends and Price Forecast

Well… cheers to 2021 and the endless possibilities! Last January, I attended the 2020 RAE Housing and Economic Forecast at the Edmonton Event Center. With the COVID-19, it has also undergone a digital transformation. Nonetheless, the event was great as there was a chance to review 2020 and the year to come. This was a great chance to understanding the impacts of COVID-19 to not only the real estate industry but to every other industry sector – such as retail, restaurants, etc. Lynette Tremblay gives us great information on Edmonton’s position as a global leader in technology.

  • 2020 Year in Review: Jennifer Lucas, Past Chair – REALTORS® Association of Edmonton
  • “After the Winter” – CIBC Economic Outlook: Benjamin Tal, Managing Director – Deputy Chief Economist – CIBC World Markets Inc.
  • 2021 Regional Economic & Housing Outlook – Edmonton Global: Lynette Tremblay, Vice President Strategy and Innovation – Edmonton Global
  • 2021 Market Forecast: Tom Shearer, 2021 Board Chair – REALTORS® Association of Edmonton

If you are interested in getting to know more… continue reading or feel free to reach out! @jarettjohnson

Summary of 2020

  • Average price of an all-residential in 2020: $365,638
  • Total listings for all-residential in 2020: 17,094
  • Total unit sales for all-residential in 2020: 17,036

Summary of 2021 Forecast

  • Average price forecasted for an all-residential in 2021: $345,564
  • Total listings forecasted for 2021: 17,000 (-0.5% decrease)
  • Decrease 4.7% in unit sales as inventory is at its lowest.

Real Estate in 2020

  • In 2020, pent up demand pushed sales numbers up, with buyers looking for properties with more recreational space, larger yards, and, when possible, home office space.
  • Apartment-style condos are oversupplied, with detached homes and townhomes being the most in-demand.
  • The best market in 2020 was rowhomes and townhouses, where home purchases grew by 17%! Purchases in the single-family house market grew by a steady 5%, but purchases in the condominium apartment market shrank by 8%.
  • Edmonton pre-sale and new construction prices accelerated toward end of 2020.
  • Edmonton apartment values have been trending downward over hte long-run. In the summer of 2020, they had a boost. The median value rose much more than the benchmark value and this implies that condo buyers have chosen to buy more space (livable square feet).

Real Estate in 2021

  • Despite lower interest rates, due to COVID-19’s impacts, short-term core demand for homes will likely be much lower in 2021.
  • Move up buyers are currently driving demand in the Edmonton real estate market, which is expected to continue in 2021. The most popular property type among move-up buyers in Edmonton is single-detached houses and townhouses.
  • The average price spent on a property by a first-time homebuyer is approximately $300,000. It is expected to be more difficult to enter the market as a first-time homebuyer in 2021, as there is expected to be less inventory, making it tough for buyers to find the right property.

COVID-19 in 2021

Vaccines

  • As of January, vaccination has started and will be expanded to the entire population throughout 2021 as vaccine supply increases.
  • Health Canada continues to monitor the safety and effectiveness of COVID-19 vaccines.
  • It is currently estimated that the COVID-19 vaccine will be available to the general public in Fall 2021. (Note: Alberta does not currently have a waitlist).

Let our family show your family the way home.

realty executives focus

The Edmonton region is the best place to build a business, home, and family.

Edmonton Global

Click here to check out the presentations from the RAE 2021 Forecast!

October Real Estate Stats 2020 – Edmonton and Area

Residential Unit Sales up 26.34% compared to October 2019.

Jarett Johnson Real Estate

Edmonton, November 2, 2020: Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for October 2020 increased 26.34% compared to October 2019 and decreased 0.21% from September 2020. The number of new residential listings is up year over year, increasing 14.75% from October 2019. New residential listings are down month over month, decreasing 7.43% from September 2020. Overall inventory in the Edmonton CMA fell 12.10% from October of last year and decreased 3.88% from September 2020.

For the month of October, single family home unit sales are up 38.02% from October 2019 and decreased 5.89% from September 2020 at 1,118. Condo unit sales increased 2.37% from October 2019 and decreased 13.28% from September 2020.

All residential average prices are up to $382,060, a 7.97% increase from October 2019, and up 1.50% from September 2020. Single family homes sold for an average of $442,854, a 5.05% year-over-year increase from October 2019, and a 0.72% increase from September 2020. Condominiums sold for an average of $231,608, a 1.67% increase year-over-year, and prices are down 1.34% compared to September 2020. Duplex prices increased 2.34% from October 2019, selling at $336,314, which was a 1.23% decrease from September 2020.

“The Edmonton market has seen an increase in year-over-year unit sales, compared to a slight decrease in month-to-month sales,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “There have also been more sales of single-family homes, condos and duplexes compared to October of last year, while we’ve seen stable or decreasing month over month sales in all markets, which is typical for this time of year. We’re pleased to see year-over-year increases in pricing across all markets, with single family home pricing up 5.05%, duplexes up 2.34%, and condos up 1.67%.”

Single family homes averaged 47 days on the market, a thirteen-day decrease from last year. Condos decreased to an average of 58 days on the market, an eighteen-day decrease from last year, while duplexes averaged 50 days on market, a thirteen-day decrease compared to October 2019. Overall, all residential listings averaged 50 days on market, decreasing by 15 days on market year-over-year and three days compared to the previous month.

INFORMATION ABOVE COURTESY RAE WEBSITE – REALTORS ASSOCIATION OF EDMONTON

https://realtorsofedmonton.com/web/RAE_Public/Market_Statistics/Monthly_Market_Stats.aspx

Sneak Peak! 16111 79A Ave FOR SALE SOON

Fully Renovated Home Coming Soon to Elmwood – Edmonton. Do not miss this one. Thompson and Thompson are hard at work putting in the finishing touches and staging this home for the Edmonton Real Estate Market. This 5 Bedroom 2 Bathroom home will be complete from top to bottom and move in ready soon. Do not forget the huge front and rear deck, oversized double detached garage, upgraded kitchen, and so much more!

For more information and price contact me at 780-777-9703

OPEN HOUSE PRE-BOOKED FOR October 25, 2020 from 1 – 3 PM

To schedule a viewing outside of the open house schedule please let me know.

Sales up? Check it out! 77.27% in June!

This is very eye opening. I am seeing and expect numbers to be even stronger for July. Stay tuned!

Sneak peak at our new logo for hats and jackets – Realty Execuitves FOCUS

Welcome to another instalment of spring real estate in the Edmonton and Area. Sales are up. I have a few ideas why. I have written about 20 offers in the last 3 weeks in the Edmonton and Area (Sherwood Park, St. Albert, Fort Saskatchewan, Spruce Grove, and a bunch of Edmonton communities). I have been doing lots of house shopping lately and have a strong feel for the real estate pulse. Quality homes quality prices are getting tons of action. In fact I have been in 7 multiple offer situations recently.

My first guess is everyone who wanted to buy in March-May decided to take a break and see how things would unfold with the current health and economic climates in our market. This makes a lot of sense to me as some of my recent buyers are those who did exactly that. I also think this is a lot of folks who want to move (sell their homes) before any other changes in the market price and economic factors. Mortgage rates are as low as they have ever been. Just did a bunch of deals between 1.99 – 2.29%! (Mortgage Calculator – Mortgage Broker) Finally, there is a bunch of folks I have been dealing with that are selling their home as fast and cheap as possible to hedge their position in case things do drop in the fall/winter going into 2021. Either way people are buying. Do not be fooled though, there are properties that are very difficult to sell. No more important of a time to call me to discuss your market.

Check out the Realtors Association of Edmonton’s most recent update on real estate stats. Tells the story.

Residential Unit Sales Up 77.27% from last month. | RAE July 3, 2020

Edmonton, July 3, 2020: Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for June 2020 increased 13.69% compared to June 2019 and increased 77.27% from May 2020. The number of new residential listings is up year over year, increasing 16.57% from June 2019. New residential listings are up month over month, increasing 20.22% from May 2020. Overall inventory in the Edmonton CMA fell 15.91% from June of last year but increased 2.54% from May 2020.

For the month of June, single family home unit sales are up 11.16% from June 2019 and up 71.26% from May 2020. Condo unit sales increased 11.03% from June 2019 and increased 116.36.% from May 2020.

All residential average prices are down to $360,179, a 1.54% decrease from June 2019, and up 1.76% from May 2020. Single family homes sold for an average of $423,184, a 0.20% year-over-year decrease from June 2019, and a 2.63% increase from May 2020. Condominiums sold for an average of $219,832, a 7.57% decrease year-over-year, and prices are up 7.57% compared to May 2020. Duplex prices dropped 2.49% from June 2019, selling at $329,377, which was a 1.27% increase from May 2020.

“The Edmonton market prices have declined in June, however there has been a slight increase in year-over-year unit sales,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “There have also been more sales of single-family homes, condos and duplexes compared to June of last year. Single family home pricing decreased 0.20%, duplexes are down 2.49%, and condos are down 7.57% year-over-year.”

Single family homes averaged 54 days on the market, a one-day increase from last year. Condos remained stable at 66 days on the market while duplexes averaged 64 days on market, a two-day decrease compared to June 2019. Overall, all residential listings averaged 59 days on market, the same year-over-year, and decreased by seven days compared to the previous month.

https://realtorsofedmonton.com/web/RAE_Public/Market_Statistics/Monthly_Market_Stats.aspx

CMHC Rule Changes for July 2020

Hey everyone! This is a quick post with regards to the CMHC rule changes for July 2020. This will effect those obtaining an insured mortgage (under 20% down payment) after July 1. If you need to ensure this rule does not prevent you from purchasing your next home give me a call or reach out to Kris Crawford with Innovative Mortgage Solutions.

The other big mortgage insurance company, Genworth, is not changing their rules. When shopping for a home it is always best to talk to you bank and talk to a mortgage broker. Get the right advice and ensure the best deal possible!

Lots of great opportunity out there to find the perfect property! Any questions let me know! Check out my dream home finder – good place to start.

March 2020 Real Estate and COVID – 19

I would like to make a quick message about my thoughts on this current health pandemic and how it is effecting the real estate market. I can only briefly speculate on how the future will look this year, but given what I can see and what I have heard I am not as optimistic as I would like.

Continue reading →