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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.

Lessons learned from Adam Carolla

Tue, 23 Jan by Pauline Relkey

Some of you may have watched his show called To Catch a Contractor.

Before launching a successful career as a TV and radio personality, Adam Carolla was a master carpenter and home builder, so he knows the work of skilled craftsmen when he sees it. Likewise, he can spot shoddy construction, and in this series he trains his eye on building blunders and the contractors responsible for them. With the help of no-nonsense builder Skip Bedell and his wife, private investigator Alison Bedell, Carolla seeks retribution for homeowners who have experienced a construction nightmare, by tracking down unscrupulous contractors and forcing them to face the wronged parties. The contractors are then given a chance to redeem themselves by fixing messes they left behind — all while under Adam’s and Skip’s watchful .

I watched a few of his shows lately and was pleasantly surprised by some of the lessons that rang so true for me.

The first lesson hit home – Don’t work out of your area of expertise.  This is so true for most, if not all occupations.  If you’re not sure of what you are doing, get some help from an experienced person or refer the job/client to them.  I have experienced this situation many times over the last 26 years in real estate and I do feel badly when I have to tell one of my clients, “No, I don’t work in that area of real estate, but I can connect you with someone good that does work in that area.”  I have chosen to work residential in Regina and close areas around Regina, but real estate in commercial, acreages, cottages is not my area of preference or expertise.  Yes I was licensed quite a few years ago and even though my license does include those specific areas, I have not pursued them because I don’t have the interest in them and haven’t pursued more training in those areas.  I let the people that know what they are doing in these fields handle the clients.

Another lesson he talked about was “Don’t undercut your competition to get the job.”  So true.  Real estate commissions are a high number and we turn blue explaining why (our costs from advertising to insurance to memberships to our split with our company and with the buyers company, etc.)  The costs are a lot of money and thankfully they usually come from the sale price of the house as most property sellers don’t happen to have that amount of money just hanging around, waiting to be spent.

Undercutting happens a lot in my business and it hurts all of us.  Usually the agents that undercut other agents will also undercut their work for their client.  Maybe they don’t advertise as much as others, maybe they don’t spend time following up on showings and leads, maybe they don’t keep in contact with their seller, don’t keep on top of the real estate market and share that info with their clients, etc.  Unfortunately the seller doesn’t find this out until it is too late and they have listed with the agent who offered the lowest commission.  Food for thought – if that agent was so quick to give up their money (commission), how quick do you think they will be to give up your money (sale price of your property) when an offer comes in?  I’ve always believed in the saying, you get what you pay for.  Thanks Adam.

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/

City of Regina Infill Report

Fri, 13 Oct by Pauline Relkey

If you are interested in hearing what is happening in Regina with infill properties (building on vacant land or adding onto an existing building or tearing down a building and building new on the same lot) here is all the info that the City of Regina is looking at for guidelines.

This applies to houses, duplexes, triplexes,

Click on this link for the whole scoop.  103 pages but you can fly through the fluff.

Questions to Consider Before Meeting With a Home Designer

Wed, 13 Sep by Pauline Relkey

Designers typically charge an hourly rate for design services, so clients should do their homework before meeting with one. Think about what you want, what you NEED and what you can afford. If you think about these things before you meet with your designer, it can save you time and money.

To create a home that best serves you and your family, designers need to know your lifestyle, how you use your space, who uses the space and more. In other words, a designer needs to get inside your head. To help you prepare, here are things you should be able to answer about your space before meeting with your designer.

1. Who uses the space, and what activities will take place there? Having a list of all the uses for the space will help your designer get a feeling for the overall function. Is the room a personal space, like an office or a bedroom? If so, s/he might need to focus on creating an inspiring or a calming atmosphere.

Or maybe it’s a family room that is used by the entire family and needs to be a multifunctional place where teens do homework and everyone watches tv and plays games. Answering those questions will allow your designer to hone in on the function of the space, who uses it and why.

Also look at how big the space is. Does it allow for segregated areas or do we need to use a table as a multipurpose piece for both dining and homework?

Furniture that has multiple functions is a big space saver. A coffee table with a top surface for playing games and for extra seating, as well as a storage area below for books and toys, provides versatility.

2. Does the traffic pattern work in the space, or does the space feel cramped or underutilized? A major walkway should be at least 40 inches wide and the larger the walkway, the better. If you report that you often feel as though it’s a tight squeeze when multiple people are using a space, then a designer may remove the furniture and reconfigure it to accommodate a better flow.

For a kitchen usually islands are preferred over peninsulas if possible. An island opens up the space from every direction of the kitchen, whereas a peninsula allows for only one walkway. Again, it depends on the space, and your designer will be able to help you configure the best traffic flow. Sitting down and thinking about those times you’ve bumped into a family member as you’re cooking will give us clues to the right solution for you.

3. What kind of tasks do you need lighting for? Do you read a lot? Crochet? Or do you watch movies in the dark? The right lighting scheme will make your space more functional for all your tasks. If you tell your designer what you intend to do in your space, s/he can formulate the best lighting approach using task, pendant, undercabinet, recessed, ambient or natural light (via light tubes, skylights or a window), along with wall sconces and uplights.

For recessed lighting, use dimmer switches, which are great for low light while watching movies and giving off a soft ambient glow for entertaining. A table light or floor lamp is good for tasks or reading. Uplights are accent lights that can highlight artwork and collectibles.

4. What items are kept in this room? Let’s say you have one bathroom that’s shared by several family members, and you’re looking to remodel it. When you describe all the things that are stored in the space, the number of people who use it and so on, a designer will help you come up with the right storage solutions while keeping style in mind. For example, open shelving with baskets would give each family member his or her own basket, and would look great. Shallow wall built-ins, such as a medicine cabinet, would provide storage for shampoos, creams and toiletries.

A good designer can help solve storage issues but needs to know what issues should be addressed.

Here’s another example. If your counters are full of mail, keys, homework, magazines, electronic devices and so on, then maybe a main station is for you. A piece of furniture that has numerous compartments or drawers can help store those miscellaneous items.

If clutter collects in your family room, you might consider side tables with drawers or open side tables with a large basket or wooden crate for magazines, books and knitting supplies. Or maybe an ottoman that allows for storing items inside, such as blankets, pillows and things that are used sparingly.

Or maybe the solution is to add a functional piece of furniture storage in one room to help clear out space in another room, like a large armoire in your dining room that can store infrequently used dishware to free up space in your kitchen.

Think of how you do laundry. Do you need one hamper or four? Maybe you prefer to hang clothing rather than fold items after they come out of the dryer. Do you like to stand and fold clothes, or do you put them in a basket and fold them in another room? Do you need a place to iron or just the storage space to keep the iron and ironing board? Again, these are things that will help a designer quickly come up with the right design for you.

5. What look or feel do you want the space to have? Think of what you like in terms of colors, style and overall feel. If you’re looking for a calming environment in the bedroom, then maybe white walls, bedding and furniture are a good approach.

Ii’s recommended that clients create their own ideabook for each space and add comments on each photograph. Think about what it is in each photograph that inspires you, such as the color on the walls, the artwork, a piece of furniture or the overall feeling. Include information and pictures of appliances, plumbing fixtures, lighting fixtures, cabinet and door hardware, and flooring materials if these will be elements in your project.

Consider what speaks to you. Is there anything you personally cherish, example a colorful silk scarf that you love. This could set the tone for your family room. Paint the walls white to provide a neutral backdrop that allows you to add color throughout. Then add a tan sofa with colorful pillows and an accent piece of furniture painted a color taken from the vibrant scarf. A neutral rug can ground the space, and you can bring the scarf colors into other areas of your home through art and accessories, making it a cohesive home.

Don’t box yourself in with one design style, either. Be open to hearing a designer’s pitch on a combination of styles that might surprise you and also save time and money. For example, they might consider looking in other rooms of your home to swap out furnishings that will refresh and bring a new feeling to a room rather than buying all-new pieces. That old vintage chair in the basement could be just the piece you were searching for to break up a modern room.

6. What do you like about the space, and what do you most want to change and why? Not every room needs a total overhaul. In one room you may like a few things, such as the furniture and size of the room, but not the wall colors and rug. Sometimes just adding a few pillows and accessories is all a room needs.

You may like the overall feel of a space, but it may feel cramped with too much furniture. Designers can put together a floor plan for the best use of your space while considering focal points, large windows, art and so on. They know the space requirements for furniture and can map out the best traffic path.

A good designer will work with your list, making it a space that is right for your lifestyle while keeping the things you like and removing the things you don’t. Don’t be shy. Make clear what your likes and dislikes are. This is your space, after all.

7. How much money do you want to devote to your project? Setting budget expectations is important to the success of any remodeling or new construction project. Be realistic. A total average kitchen remodel can run as much as $80,000 and up. A basic kitchen remodel, keeping existing cabinets and floors, can cost about $16,000, depending on a variety of factors. If you’re on a strict budget, consider changes you need to have and which would be nice to have.

Share your budget right away with your designer, as this will set the tone of the makeover and will eliminate unnecessary backtracking later.

8. How much do you want to be involved in your project? Do you want a designer who will work with you, or do you want the designer to take charge and provide you with options? Clarifying your expectations will help you and the designer communicate well and ensure the result you want.

In the end, doing your homework will save you money that you can then put back into your project.

Regina Property Prices Stable Despite Number for Sale up 20%

Wed, 09 Aug by Pauline Relkey

Today’s Leader Post had an article about our latest real estate stats.

Our Association of Regina Realtors showed that at the end of July there were 1,512 residential properties for sale compared to 1,263 properties in July 2016. 30% of these listings are condos which is high.

Sask Trends Monitor says that this pattern of slightly fewer homes trading hands at slightly higher prices has been going on for several years now. We are at a maturing or leveling out of our housing market since the boom that happened in the mid-2000’s.

I personally have encountered quite a few price drops in the last 5 years so, as always, take this article, as the old saying goes, with a grain of salt.

For the full article, click here

House prices down in Canada

Tue, 18 Jul by Pauline Relkey

Take a look at what the Canadian Real Estate Association said about Canada’s housing situation.

CREA said home sales fell by 6.7 per cent last month compared to May — the sharpest monthly decline since 2010 and the third straight monthly contraction.

For the report, please click here.

Home Fixes Before Selling

Thu, 13 Jul by Pauline Relkey

Prioritize the projects that will bring the most value

Fix it to sell.

Structural is just as important as cosmetic.

Give the buyers what they want — create the “wow” factor.

The process of getting a property ready to put on the market can seem daunting enough. There is clearing the clutter, cleaning, organizing and scrutinizing your property with a fine-tooth comb. What needs attention and what can you leave alone?

Welcome to the new world of “fixing to sell.” Gone are the days of throwing it on the market and seeing what happens. Prepping for sale is a highly choreographed dance of repair along with a bit of renovation and presentation.

Pay attention to these 7 areas.

1.Structural and mechanical
It might not be glamorous, but buyers are looking at big-ticket items like the age and condition of the roof, air conditioning and heating systems, electrical panel and pipes.

You don’t have to replace all, but if any of these components are on their last leg, you might seriously need to consider replacing them as these items could factor into the kind of financing the buyer is able to obtain as well as insurability of the property.

Appraisers can be notorious for requiring a roof to be replaced, for example, as a condition of a loan. Replacing a roof that is at the end of its life before putting your home on the market will go a long way to solidifying buyer confidence in deciding to make an offer. The buyer (and you) won’t have to sweat what an inspector says, deal with a potential renegotiation before closing or face a price reduction. The last thing you want to be doing is putting on a new roof in the midst of trying to pack.

If you lack the budget to replace these items, get estimates on the cost involved to replace. You can always offer to contribute to the replacement cost in the form of a credit to the buyer’s closing costs.

2. Exterior

How does the exterior of your home look? Is there any wood rot? When was the last time it was painted? Are there any stucco cracks that need attention?

First impressions start from the outside, and the exterior will show up in photos across a multitude of websites, etc. This is definitely an area worth spending the money.

3. Landscaping

Speaking of the exterior, how does your landscaping look? Are the trees and shrubs overgrown, worn and wilted? What about the ground cover? Are the planting beds in need of some fresh mulch, pine straw, rock, etc.? Are there any overgrown tree limbs hanging over the house or blocking the home’s view? For a relatively inexpensive investment, you can transform how your exterior looks by trimming back and freshening things up with new plants and landscaping.

4. Cosmetic

Buyers buy with their eyes, so now is the time to go through the interior in detail. Are there dents and dings on the walls, scratched moldings or worn paint? Now is the time to spruce up the inside with a fresh coat of paint. Pick light, neutral and on-trend colors. Choose a neutral palette that will transition well with any buyer’s furniture. The latest trend is a combination of grey and beige.

Look at your light fixtures, ceiling fans and light switches — these are relatively inexpensive things to update and replace, yet they go a long way toward creating value. The front door? This is critical! Does it need a fresh coat of paint or new hardware? Consider adding a glass panel to create light that evokes a sunny and warm space.

5. Kitchen

This area is always huge with buyers. Even if the buyers barely know how to boil water, they always envision themselves in the kitchen cooking and entertaining or perhaps auditioning to be the next Food Network TV star surrounded by sleek appliances and cabinetry.
Here’s where you need to give them the look for less. Think new hardware on cabinets, adding or changing out a dated tile backsplash and updating appliances. Also, consider changing out counters — you might be able to find a reasonably price remnant of a granite slab.

6. Bathrooms

Simple and clean rules the day. Sprucing up your bathrooms to sell can be as simple as having the grout on the existing tile steam cleaned or regrouting where needed. Caulking, new plumbing and light fixtures along with mirrors can create value.

7. Flooring

What you walk on creates value. If you can only afford to make the investment in one significant part of your home, consider updating the flooring. There are a ton of low-cost options to choose from that include wood plank tiles and highly upgraded laminate flooring — think wide plank, light colored or hand-scraped styles. New flooring can totally transform the look of your space and give it the “wow” factor that buyers desire. New flooring can transform the look of your space and give it the ‘wow’ factor that buyers desire.

In undertaking for sale preparation, strike a delicate balance between what to fix and what to leave alone, but in the end, make the right improvements that will result in a faster sale for top dollar.

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.