Of course, you love your home. After all, you picked it, right? Unfortunately, nothing stays the same forever – not even you! Careers change, families grow, lifestyles evolve and, as a result, you may find your home isn’t meeting your needs the way it used to.

Have you outgrown your current home? Here’s how to tell:

1. You’re Bursting at the Seams With Stuff….

If you need to clear a path to make it from one end of your home to another, it might be time for a new one. Even if you’ve managed to keep clutter out from underfoot, if your closets are bursting at the seams (no matter how many times you purge and organize), a home with more storage will make life a lot easier.

See our previous post:  20 Things to Get Rid of When Decluttering…

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Looking to buy or sell a home in the Edmonton area? Good news! Edmonton’s real estate market is demonstrating some noticeably positive activity. While much of this bounce-back can be attributed to the province’s re-opening, buyers and sellers are eager to take advantage of the many perks our current market has to offer.

1. Ultra-Low Interest Rates 

With Canada’s interest rates sitting at a historic low of 0.25%, the Edmonton real estate market has seen an influx of buyers eager to secure an affordable fixed or variable mortgage at a great rate. While the Bank of Canada has cut its key overnight interest rate three times in light of COVID 19, experts predict that rates will stay low even as the pandemic ends.

2. A Buyers (and Sellers)…

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Effective July 1st, 2020, the Canada Mortgage and Housing Corporation (CMHC) is expected to tighten requirements surrounding insured mortgages. How will the changes affect home buyers and the Edmonton real estate market? Here’s what to expect:

What Are the Changes and Why? 

According to officials, COVID 19 has made Canada’s financial markets more vulnerable and, as a result, measures must be taken to protect the economy. Specific measures include:

1. Increasing the minimum credit score to qualify for a mortgage from 600 to 680 (for at least one borrower).

2. Limiting the Gross Debt Service Ratio (GDS) from the standard 39% annual income to 35%.

*Your GDS Ratio is the percentage of income required to pay all monthly housing-related costs…

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Thinking about buying a home? Here are six common and costly mistakes to avoid:

1. Avoiding the Pre-Approval 

When it comes to home buying, few things are more disheartening than falling in love with a property only to discover it’s out of your price range. That’s why it’s essential to know how much home you can afford before you hit the market. Not only will a pre-approval letter help you narrow down your home search (saving you a ton of time), but it will also ensure you’re taken more seriously by sellers.

2. Overlooking Closing Costs… 

Closing costs are additional one-time fees associated with purchasing a home – they’re also frequently overlooked by buyers. Typically ranging between 1.5-4% of a home’s overall purchase price,…

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In light of the COVID-19 pandemic, both the Real Estate Council of Alberta (RECA) and the Alberta Real Estate Association  (AREA) have put active protocols in place to ensure the health and safety of home buyers, sellers and their agents. While now is still a great time for real estate in the capital region, if you’re thinking about buying or selling a home, here’s what you need to know:

Social Distancing

Tour homes and meet one on one with your REALTOR® from the comfort of your living room. To help flatten the curve, reputable agents are taking to online applications such as Zoom or Skype to conduct virtual showings and attend to the needs of their clients. When an in-person meeting is deemed necessary, be sure to maintain a regular social…

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Bulk-up your down payment savings with the help of these simple, practical strategies:

Finding Money in the Margins 

Save your down payment faster by doing away with lavish expenses and saving any additional funds that come your way: 

  • Amass windfalls – Instead of looking at work bonuses, raises, or other unexpected monies as a reason to spend, consider them a reason to save (if feasible, you may even want to consider asking for a raise).
  • Consider a staycation – Trading in your tropical getaway for a week at home may not sound glamourous, but it will be worth the sacrifice when you’re holding the keys to your new home.
  • Sell some stuff – If you have any stocks, now is a good time to cash in. Otherwise, you may be able to capitalize on…

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Spring is upon us and with it brings the most popular time of year for real estate in Edmonton – and for good reason! If you’ve been thinking about buying a home in the capital region this spring, here are five key advantages to look forward to.

1. It’s a Buyer’s Market 

In real estate, a buyer’s market refers to when the number of homes available on the market outweighs the current demand – ultimately resulting in lower sale prices. And, although spring typically sees more Edmonton homebuyers than any other time of year, this buyer-favouring trend is expected to continue. Other advantages of a buyer’s market include:

  • Less Competition
  • More Room For Negotiation
  • Fewer Bidding Wars
  • More Buyer Concessions
  • Etc.

2. More Homes…

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Avoid unwelcome surprises when purchasing your next home by preparing for these additional home buying expenses.

Home Inspection 

While home inspections are optional, any good REALTOR® will encourage you to have one done before putting in an offer. This is an essential step if you hope to avoid costly repairs, maintenance or other home-related issues later on.

Estimated Cost: $200 – $500

Adjustments 

In short, adjustments are costs accumulated between your closing day and when you begin making your first payments. These might include interest charges and other prorated costs associated with utilities, fees or property taxes prepaid by the seller.

Estimated Cost: $400 – $700

Property Taxes

First-time buyers, especially, need to…

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Although selling your current home before buying your next one is an ideal scenario for most homeowners, things don’t always go as planned. Maybe you stumbled across your new dream home before you were ready to list your existing one. Or perhaps you’ve accepted a new job position that requires you to pack up and leave in a hurry.

Whatever the case, it IS possible to buy a new home before selling your old one. Here’s how:

HELOC 

Otherwise known as a Home Equity Line of Credit, a HELOC is a revolving line of credit secured against your home. In short, this allows you to put your existing home equity to work as a loan, accompanied by a set interest rate and monthly payments.

While homeowners opt for HELOC loans for a variety of reasons (i.e.…

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The New Year is just around the corner, and with it comes some great news for Edmonton home buyers. Here are five reasons why now is the right time to purchase a new Edmonton home:

1. Record-Low Home Prices 

According to a recent report released by the Canadian Real Estate Association, Edmonton’s benchmark home price has now reached the ultra-affordable low of $316,200. Having fallen 8.29% over the last several years, homes are now being sold at prices not seen since the buyer’s market of 2013 – where the benchmark price was only slightly less at $314,500.

Home buyers interested in detached single-family dwellings and townhomes can expect to see some particularly substantial savings compared to last year, with average prices dropping over…

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