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Tom Bushey 403-860-8291E-mail Me Now

 
Monday, January 31, 2011

Beware the "Statistics"

I just received our community newsletter this week - in the mail. As always, there's a full-page advertisement from one of the real estate Associates that occasionally has listings in the neighbourhood. I was embarassed for this agent.

 

I always wonder why someone spends about a thousand dollars advertising 8 homes that are probably no longer even on the market since the print deadline was 7 weeks ago. But, I digress.

 

He's my point: The statistics themselves need interpretation and should not be taken as gospel. It's said in the advertisement that the average days on the market for a home in this community for all of 2010 was 39. And the average selling price of a bungalows was $529,257. Okay that's pretty cool. Homes are selling fast and they're being sold at more money than even at the peak of real estate market in Calgary (2007). Right? Not so fast!

 

Let's look at those numbers.

 

Firstly, average "days on the market." When the typical buyer, seller (or consumer)...
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Monday, January 24, 2011

An On-Line Floor Plan is Worth A 1000 Words

When I first bought my first home in Calgary some 15 years ago, real estate Agents relied on printed MLS® System catalogues which were printed every week and were the size of telephone books.

 

At that time, most Agents caravanned new listings each week and called potential Buyers when a property came on the market which could possibly fit their needs. Otherwise, consumers would have to wait for a newspaper advertisement or a for sale sign to go up in the neighbourhood. Then they would have to call the Seller’s Agent to see the home. The gatekeeper of the information was the real estate Agent. And every Agent worked for the Seller!

 

Today, things are different. Very different!

 

Firstly, Buyers are best served by contracting with their own Agent that works exclusively for them - the Buyer - prior to viewing homes.

 

Secondly, a real estate Agent's value is no longer in being the gatekeeper of information - it's in the interpretation of the information and raw...
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Friday, January 21, 2011

Do You Approve Your Agent's MLS® System Input?

One of the standards of care for my Seller Clients has been to get them to approve my data entry of their home's listing onto Calgary Real Estate Board MLS® System.

 

At the end of the day, you the Seller, are responsible for the content of the information your Agent places on the MLS® System and it's ongoing accuracy. It therefore makes perfect sense to see the completed product (including the private Agent-to-Agent comments) to make sure it is accurate and presents your property in its best possible light.

 

Here are a few tips:
  • Make sure your Agent inputs as many photographs as the system permits and make sure they fill the allotted area. The maximum amount of photos currently on our Calgary MLS® System is 20 - it costs your Agent no more to enter 20 photos instead of just 1 or 2. Few photos or small photos are detrimental to your best interests. These photos should be inputted as soon as the listing is entered. The reason: moments after a listing is inputted into...
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Monday, January 17, 2011

New Mortgage Rules Now Official

Effective March 18, 2011, it will become harder to buy a new home or consolidate debt into your mortgage.

 

That's due to three new changes announced today by Finance Minister Jim Flaherty:
  1. A 30-year maximum amortization on insured mortgages over 80% LTV
  2. An 85% LTV limit on insured refinances
  3. Elimination of government insurance on secured lines of credit (aka HELOCs)
Flaherty says these regulations are meant to "(encourage) hard-working Canadian families to save by investing in their homes and future."

 

Here is the full press release.
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Tuesday, January 4, 2011

Calgary Area Market Stats for December 2010

Home and condo sales in Calgary and area remained relatively unchanged in December 2010, indicating that a full-fledged recovery in the housing market has yet to take hold, according to figures released today by the Calgary Real Estate Board (CREB®).

 

The number of single family home sales in the month of December 2010 were 734, compared with November 2010, when sales were 891 — a decline of about 18 per cent. The number of condominium sales for the month of December 2010 was 320. This was up from the 310 condominium transactions recorded in November 2010.

 

Year-over-year, the number of single family homes sold in December 2010 in the city of Calgary were down 8 per cent. In December 2009, single family home sales totaled 799. Condominium sales saw a decrease of 6 per cent from the same time a year ago. In December 2009, condominium sales were 341.

 

Looking back in 2010, total single family home sales in the city of Calgary were 12,095, a decline of about 16 per...
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Sunday, January 2, 2011

Know the Market Before You Buy

The asking prices of most homes on the market indicate the current state of the market, and usually mirror the prices for which other similar homes in the area have recently sold. In deciding upon a selling price, a home-seller must establish a balance between the desire to draw the highest offer and finding a price that will be reasonable enough to attract an appropriate pool of prospects, and competitive offers. While most selling agents counsel their clients to consider this equation when pricing their home, keep in mind that some homes are not properly priced.

 

It’s important to educate yourself about the current market before approaching the purchase of a home. The market will always influence a property’s value, regardless of the state of a home, or its desirability. Here are the types of market conditions and how they may affect you:
  1. Seller’s Market:
    A seller’s market is considered a “hot” market. This type of market is created when demand...
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