A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.
Calgary house prices are still 4.6% below their previous peak (in 2007).
Canadian home prices in May were up 1.3% from the previous month. This rise took the index to a new high of 142.27 (June 2005 = 100). It was the second consecutive monthly increase exceeding 1% and the largest since July 2010. It was also the sixth consecutive monthly rise, coming after three straight monthly declines. As in April, prices were up in all six of the metropolitan markets surveyed. The 12-month gain of the composite index in May was 4.4%, the same as in April.
A few days ago, one of my colleagues in San Diego shared some insights that were released in June from a recent California Association of REALTORS® (CAR) report on understanding home buyers for REALTORS®.
Here are some of the findings on how the buyers responded:
94% of buyers used an agent (So, 6% ended up representing themselves in the transaction.)
58% of buyers found their agent on-line (That's probably double the number of agents that even use websites.)
56% of buyers interviewed at least 2 agents
51% "Googled" their agent
93% were receptive to receiving information via "social media"
54% would work with the same agent again.
That's pretty interesting. Here are some more insights:
Question: What was the single most important reason for selecting the agent that you used in your recent home purchase?
They were the most responsive 28%
Worked with that REALTOR® before 18% - (That's incredibly low, based on my experience)
Recently, I had a potential home seller call me and he asked, "If we list my home for sale this summer and it doesn't sell, can we re-list it for sale and raise the asking price in the fall when the demand is higher?"
Um, let me get this straight: You wish to have your home listed for sale for about 90 days at a particular price... and if it doesn't sell - meaning that the market has determined that your home is over-priced... you wish to immediately raise the price to see if it will sell then?
I had already informed him that there were 173 homes in his area similar to his and based on recent sales for the last month or so for both his neighbourhood and community that would most likely take an appropriately priced home in the neighbourhood of 15 - 17 weeks to sell.
Now, does that really sound like a good pricing strategy to you?
Of course at this point I had not yet established an Agency Relationship with the individual nor agreed to represent him, so I couldn't...
It seems that every time we talk about real estate today the conversation immediately goes to the financial aspects of buying a home. Where are prices headed? Where are interest rates headed? Should I wait to try and get a ‘better buy’? Should I wait until I can get a ‘steal’?
The odd thing about all these questions is that survey after survey keeps telling us that price is not the reason families actually buy a home. When money is considered at all, it is in light of not paying rent to a landlord. Let’s look at two recent surveys as examples:
National Housing Survey
The top five reasons given in the survey for buying a home, in order, are:
It means having a good place to raise children and provide them with a good education
You have a physical structure where you and your family feel safe
It allows you to have more space for your family
It gives you control of what you do with your living space (renovations and updates)
Curious about whether or not you will be able to obtain a mortgage after bankruptcy? You may be surprised to find that it isn’t that difficult provided that you do all of the following:
Get Discharged Once you have been discharged from bankruptcy for at least two years it will show that you are now free from the financial issues that you were facing.
Look at Your Credit Report Just because you have received your discharge papers it doesn’t necessarily mean that your credit is cleared up. Mistakes can be made that will result in a misleading credit score. Take a look to ensure that everything that was included in your bankruptcy has been removed. Request a free copy of your credit report from Equifax. If you find that some errors have been made they can be cleared up once you send them your discharge papers.
Accumulate New Credit Now that you essentially have a fresh start, it’s time to re-establish your credit. In order to prove yourself worthy of obtaining a mortgage you will need to acquire...
Location, location, location: "3111 VARSITY" A fabulous, main floor apartment across the street from the University of Calgary. Ideal for an executive rental or a graduate student. Upgraded, bright and airy corner suite featureing designer ceramic flooring, maple cabinets, built-in shelving, desk area, in-suite washer/dryer and a master bedroom with a spacious walk-in closet, lots of storage space and a separate door to the 4-piece bathroom with a soaker tub. Underground, titled parking is included.
Clean and well maintained upgraded bi-level on a quiet street steps to public transit, community center, walking paths and shopping. 4 bedrooms total plus 2 full baths. Big west facing deck off sunny kitchen and double detached garage. Newer appliances, upgraded kitchen cabinets and newer shingles. This home is ready for the new buyer. Great opportunity!!
1301 8 Street SW, Suite 100, Calgary, AB, T2R 1B7Direct: 403-860-8291 | Tom@TomBushey.ca
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