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Millennials

Thu, 28 Nov by Pauline Relkey

I found this article very interesting about the changing lifestyles of millennials. Some surprising info like napkin usage and less home buyers and drivers.

Take a read through this informative article in this site https://www.icepop.com/millennials-spending-habits-refusing-purchase/

 

Saskatchewan Crime Watch Advisory – Fraudulent attempts to rent properties for sale

Mon, 19 Aug by Pauline Relkey

This applies to anyone that has a property for rent or for sale and also for people looking to rent. Home owners, google your property address regularly and look for false ads. If you find any, contact your local police or RCMP. Renters, google the rental address you are inquiring about to see if it is listed for sale also. If so, contact the realtor to see if this is a false rental ad.

The following advisory went out this past weekend:

This is a message from the RCMP Saskatchewan Crime Watch Advisory Network.

Fraudulent attempts to rent sale properties – Yorkton RCMP file # 20191183436.

It has been brought to the attention of the Yorkton RCMP that culprits have tried to secure damage and rental deposits for sale properties which are not theirs.

This is a reminder to exercise caution when replying to ads for rental properties. Ensure you speak directly with the REALTOR® or homeowner. Do not e-transfer, wire or mail any money if you can not verify the property representative’s identity and information.

Thank you.

If you have information related to this advisory please call 9 1 1 or 310-RCMP.

To sign up please go to www.saskcrimewatch.ca.

Why Put Money into a House You are Leaving?

Mon, 08 Apr by Pauline Relkey

I received some great info from a home stager that I work with, Dianne Thompson with Simply Stunning Designs.

“I am selling! Why would I put money into a house I am leaving?” I would say this is the most common question professional stagers field every day! On the surface, you can certainly understand why the question is being asked. There are many reasons to support the process of staging a property before showing it to the public.

Who Is Buying?
Whether you know it or believe it, it is true; the buyer will determine if, when, and for what price your house will sell. You can have your hopes, wants and dreams but ultimately the power lies with the buyer. A great staging professional is knowledgeable about which demographic is most likely to purchase your property and will make recommendations to improve condition and presentation. The largest property buying demographic today is the millennials. The younger members of this generation may still favour renting; however, once they hit their thirties and begin to settle down, they want their version of a great house.

What they want is move-in ready. Why? Pressing student debt is already a worry, so they scrape together as much as possible for the down payment and simply don’t have extra cash to invest in fixing up the things you couldn’t get to do. The other factor to consider is this group of people do not want to be DIY Weekend Warriors; they want to have fun on the weekends! Also, they don’t have the skills to do the work and they aren’t interested in learning how to do it.

You many have finished with this property, but to them it is their new home. They want it to look and feel fresh and new. In fact, research shows they want the feel of new so much; most of them are willing to pay more money to get it. What that means to you is this: If you choose to bring your property onto the market “as-is,” you risk:
a) being on the market longer than you want or
b) having offers for less than you expect.

Why Stage?
Staging is a service for selling property that has measurable value. Whether the market is a buyers market, sellers market or a balanced market, staging is a powerful marketing tool that should never be discounted because of the outlay of money. If you were selling your vehicle, wouldn’t you clean, fix and polish it to make it feel new? Why would your house be any different? Especially when the return of investment comes at a much greater margin.

The largest investment most people ever make is in real estate. Sellers want the most money possible in the shortest time for no effort and no money. But, that’s a pipe dream. 97% of prospective buyers look on the internet first, which means you need lots of great photos to capture interest and get on the must-see list. Don’t play with your investment! When you are competing with new houses, your house must look and feel new too. Failure to meet this expectation will just have millenials favouring other properties.

   

The Difference Between a Banker and a Broker

Tue, 26 Feb by Pauline Relkey
A mortgage banker works for a bank or similar lending institution which actually provides you the money for the mortgage. A mortgage broker works with many lending institutions to shop for a loan for a specific individual. The broker is a middleman between you and the lender.

The difference between a banker and a broker comes down to the products each can offer and where their allegiances lie.

While using a mortgage broker seems like it would save you money because they have access to many lenders and programs, brokers are paid commissions by the mortgage company and some lenders pay more than others or offer perks. When working with a Bank, that loan officer only has access to their own mortgage  programs and mortgage rates. A banker is paid by the bank, to make the bank money, by selling you services, while a mortgage broker is paid by the lender they choose for your mortgage provider.

Either way has its pros and cons.

Both have access to various mortgages. The broker might have more companies to work with, but banks and credit unions are becoming more flexible with their products in order to compete.  You still need to shop around. Word of mouth from a trusted friend or family or from your realtor is a good way to start. Friends and family do mean well, but as a Realtor I can tell you that I have come into contact with many bankers and mortgage brokers over the last 28 years and always try to find you the best match.

You will likely have to meet with either a mortgage banker or mortgage broker, as they need some basic info about you and your income and expenses.  You typically don’t pay either for their research or time. When you choose your mortgage and get it in place, either will then be paid.

You will still negotiate on terms and rates with either.

Renewal Time?

If you have a mortgage up for renewal, or you would like to refinance, it is always in your best interest to check around with a mortgage broker and/or with the lender who currently holds your mortgage. Just because they were the best option previously, that doesn’t mean they will be the best option in the future.

If you or someone you know is considering a new mortgage or renewal, let’s connect to get you the best mortgage options available!

Tips for the First-Time Home Buyer

Wed, 25 Apr by Pauline Relkey

When venturing into the world of home ownership, first-time buyers often find themselves having to make important, fast decisions in what feels like a surreal situation — after all, it might have only been a few weeks since owning a home seemed more like a far-off daydream than an immediate reality. A few common sense tips will help you navigate these unfamiliar landscapes as you move towards one of the biggest financial decisions of your life.

1. Get pre-approved
Though a pre-approval isn’t a guarantee that you’ll get a mortgage when you’re find a property, having one can give you a firm grasp on what you can afford before you start looking. A pre-approval from your bank or lender will save you time by narrowing your search to a more precise selection of homes, and this, in turn, can protect you from the all-too-common disappointment that follows setting your heart on a house you can’t afford.

2. Don’t expect your standards of living to change
It’s bound to happen: you see a house that maxes out your budget, but you imagine you can make it work by cutting out things like morning coffees, cellular data and cable TV. Remember, ‘roughing it’ for the sake of your house quickly loses its charm, and you’ll soon regret the lack of wiggle room for things like new furniture, redecorating, or unexpected repairs. Don’t regret your first home — avoid becoming ‘house poor’ by staying below the upper limit of what your bank is willing to lend you.

3. Make a list and check it as many times as it takes
Each property you consider will have its own unique combination of pros and cons, and going through them can feel a little like comparing apples to oranges. Don’t expect to stay clear-headed when the house with the poor walking score has the kitchen of your dreams; instead, stay on track by building a list of “must haves” and “nice to haves.” Though your list might evolve over time (especially if the “must haves” are rare for your price range), having a set of self-imposed guidelines can keep your search on course when you’re feeling overwhelmed by options.

4. Don’t confuse “first home” with “forever home”
Most first-time buyers start out a little starry-eyed, imagining that new home will be stylish, spacious, efficient … basically, everything they’ve been dreaming of. In reality, being able to afford a house that has everything you want is pretty rare in the first go-round, which can make you feel so discouraged you start closing yourself off to the available options. Remember, your ‘starter home’ doesn’t have to meet all the criteria of your ‘dream home,’ and the equity you’ll build for the next few years will get you closer to your goal.

With so much new information to absorb, steps to take, and decisions to make, buying a first home can feel like a rollercoaster ride. It’s important not to lose your head throughout all of it. Taking a few steps to keep your expectations rooted firmly in reality can help you glide through the process and feel confident in your final decision.

Want to be on TV?

Tue, 24 Apr by Pauline Relkey

I have been contacted by CBC to see if I have owners selling houses/looking to downsize/interesting stories/also if anyone is buying a cottage and what that experience is like for Canadians across the country.

The casting call will be sent out soon.

Four days of filming.

Selling between June and October 2018.

Let me know.

January Residential Sales and Home Prices Move In Opposite Direction

Mon, 12 Feb by Pauline Relkey

2018 has started off to a solid start compared to the 2 previous years in Regina. (Personally I am saying not much of a change).

143 sales in Regina compared to 139 in 2017 = 2.8%.

The Home Price Index reported a price of $279,400 down from $293,600 one year ago. The downward direction on prices is because of the over supply of properties and it’s pushing sellers to keep reducing their asking prices.

We have 1,133 active residential listings on the market at the end of January, over 20% increase from 2017.

The ratio of sales to new listings for the month was 30% (meaning only 30% of listings sold). Still a buyer’s market.  Condos make up almost 30% of the listings which is high.

Click here for the full report.

What Home Inspectors Want Buyers and Sellers to Know

Fri, 08 Dec by Pauline Relkey

The home inspection process can be terrifying to go through, whether you are the seller or buyer.

For sellers, it’s like having your annual physical and you are being reprimanded by your doctor for not eating right and not exercising, etc.

For the buyers, it can be like finding your soulmate then discovering they are already married.

Don’t let the inspection stress you out. That’s not what your inspector wants either. All he wants is to do his job and provide you with an inspection report so that you are a happy customer.

Work with your home inspector to make the process easier and more effective. Knowledge is key! Here are 7 essential things you should keep in mind.

For sellers

1. Move your pets
We know your puppy/cat/snake is adorable and totally considered a family member, but even if your home inspector loves dogs or cats, pets on the loose while the inspection is happening makes the job much more difficult. For example, inspections require opening exterior doors, offering pets far too many opportunities to run out the door. Or the home inspector is afraid of your pet. When you leave the premises for the inspection—and many inspectors and agents ask sellers to do so – please take your pets with you.

2. Don’t forget to clean
Whether you plan on being there for the inspection or not, make sure to clean up beforehand. No, you don’t need to turn your house into an isolation ward by cleaning like a mad person — an inspector won’t ding you because your fridge has fingerprints on the door. But all that clutter? Yeah, that’s all got to go. It makes a huge difference when the inspector walks into a property where everything is put away.

For buyers

1. Any property will have issues/problems
Your home inspector will likely come up with a seemingly endless list of problems after the walk-through. Don’t panic! The inspector has been hired by you to do his job and report on what he discovers.  Put it all in perspective.  If you have never owned property, you might be overwhelmed, but speak to a home owner and they will totally understand. Every property including the realtor’s and the inspector’s, have problems and/or maintenance things. You are not alone. But there are times when you should worry, as in a major, costly fix (foundation, roof, etc). But not every issue is critical. Your inspector will explain which problems you should tackle first and even give you an idea of the approximate cost.

2. Almost anything can be fixed
There are a few scary home inspection terms that seem to be in everyone’s vocabulary: mold, basement walls and asbestos. Yes, they are scary, but no scarier than a roof that needs replacing. Don’t worry so much about mold and radon! Everything is upgradable, fixable, or replaceable. You just need to have a list of what those things are and decide how you want to address them. That’s another of the many reasons you should have a realtor on your side helping you. We will explain all your options at that point.

3. One thing you should worry about is water
Here is one issue that you might want to stress out about (just a little) – water. No, it’s not a deal breaker. Remember that part where I said almost anything can be fixed? But it’s important to address any water-related issues before the deal closes—or at least immediately afterward. Make note of issues such as water marks, mold and leaky ceilings. And give special attention to the basement. Addressing water problems in the basement can be an expensive and difficult proposition.

4. Home inspectors can’t predict the future
You might want to know how many more years the roof will hold up—and while your inspector might be able to give you a rough estimate, he can’t give you a precise timeline. Inspectors don’t have X-ray vision to see through walls or examine the motherboard in that funky new fridge that talks to you. He can’t tell you how long some things will last, but he can comment on the shape it is in, but remember that is relevant to the age of what he is talking about. Yes a furnace might be old but if it’s working fine and doesn’t need major repairs yet, then keep using it until you are ready to buy a new one.

5. Find the balance between your emotions and facts
I see this happen a lot with buying couples. One buyer is emotional at the beginning and the other is practical. Then after the purchase, they  reverse roles and the emotional one becomes practical and the practical buyer becomes emotional. It’s easy to forget your love for the home when you’re counting the dollar signs and hours you might have to spend on repairs. Just remember to take a deep breath, think rationally, and consider whether it’s a smart investment in your future. The justification can sometimes be a horrible process, because our brains are all about money and time and thinking about ‘What kind of mistake am I making?”

Barring any major renovations needed—such as a new roof or mold removal—your inspector’s visit will simply provide a to-do list. But not everything needs fixing immediately, so don’t let a long list dampen your love for the home. Just take things one at a time.

Regina Home Sales Down, Listings at an all time high

Tue, 28 Nov by Pauline Relkey

My summary – even though the above title is true, sellers aren’t budging much when it comes to price.

Listings in Regina reached a record high for October with 1,444 homes for sale.

Sales numbers in and around the city dropped to their lowest level since 2008.

Average time to sell was 61 days which is the longest average listing to sale time in the last decade. The average sale price for October dropped by 1%.

Causes are overbuilding and lack of pressure on both buyers and sellers.

Diversified economy means people still have jobs and thusly sellers don’t feel pressured to sell at lower prices. Sluggish provincial economy causes buyer uncertainty. Buyers feel that prices might soon decrease. Regina has not seen big changes in prices as in other major cities.

Mortgage rules are tighter which reduces buying power.

The complete article is here.

Energy Rebates Resources for Provinces

Wed, 25 Oct by Pauline Relkey

Well I have to say I am disappointed with my province of Saskatchewan as you can see from the list below that most of Canada’s provinces and territories have some kind of energy rebate program in place.  Newfoundland, Nunavut and Saskatchewan have to giddy up and get on it.

Ontario Enbridge Home Winterproofing Program
https://www.enbridgegas.com/homes/manage-energy/rebates-incentive-programs/winterproofing/index.aspx

British Columbia – BC Hydro – Home Renovation Rebates
http://www.bchydro.com/powersmart/residential/savings-and-rebates/current-rebates-buy-backs/home-renovation-rebates.html

PEI Heat Pump Rebate Program
https://www.princeedwardisland.ca/en/information/transportation-infrastructure-and-energy/heat-pump-rebate-program

Nova Scotia Your Energy Rebate Program
http://www.novascotia.ca/sns/access/business/your-energy-rebate/about-the-program.asp

New Brunswick Home Insulation Energy Savings Program
https://www.nbpower.com/en/smart-habits/energy-efficiency-programs/home-insulation-energy-savings-program/

Quebec – RénoVert Tax Credit
http://www.revenuquebec.ca/en/citoyen/credits/renovert/default.aspx

Manitoba Power Smart Home Insulation Program
https://www.hydro.mb.ca/your_home/insulation/program/index.shtml

Yukon Good Energy Program
http://goodenergyyukon.ca/?utm_source=oldresidentialpage

Northwest Territories Energy Efficiency Incentive Program
http://aea.nt.ca/programs/energy-efficiency-incentive-program

Energy Efficiency Alberta
https://www.efficiencyalberta.ca/

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Association of Regina REALTORS® Inc.. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.