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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.

Home Renos and Upgrades

Fri, 16 Sep by Pauline Relkey

Home renovations and upgrades are a smart way to add value to your home. Even simple repairs, regular maintenance, updating fixtures and appliances ensure your home stays in tip-top shape, maximizing not only its value but also its future marketability.

Here are a few areas to focus on:

Renovations that pay back
Kitchens and bathroom overhauls top the list of home improvements that yield the best return on investment. Fast and easy updates such as replacing fixtures, counter tops and resurfacing cabinets can go a long way in transforming these high-traffic areas with a fresh, modern appeal.

Add more space
Expanding your living space, such as finishing the basement, is an excellent value-add to your home and lifestyle, especially if you have a family looking for more room to play and grow.

Repurpose a room
Survey your home with an eye to converting rooms for new functionality. A home office is a great feature to have, and a revamp that still allows the flexibility of easily reverting the room back to its original purpose.

Take a green approach
If planning a home renovation, go green with energy-efficient options that promise a high return relative to cost. Today’s high-efficiency appliances, heating and cooling systems, lighting fixtures and even building materials such as insulation, can help reduce your household’s monthly overhead costs.

renos

Things that Sellers shouldn’t reveal during home showings

Thu, 15 Sep by Pauline Relkey

I believe that sellers should be out of their property when it is being shown, but if for some reason you HAVE to be home when a showing occurs and if you want to improve the odds of selling your home quickly, there are some details you may want to keep to yourself. You don’t want to reveal information that could put you in a compromising situation when offer time rolls around.

Here are some things you shouldn’t divulge if you want to ensure a smooth sale that works to your advantage:

1. Motivation for selling
Revealing too much information as to why you’re selling your home may give buyers the impression that you’re desperate to leave your property behind (hate my neighbours, noisy dog next door, divorce, road noise, etc). When asked why you’re selling, keep your response short and sweet (downsizing, change of plans, etc). A lack of urgency on your part will hopefully eliminate the possibility of a buyer low balling you with an offer simply because they think you’re eager to sell quickly.

2. Things you planned but never did
Always wanted to renovate the kitchen or bathroom, but never got around to it? That’s not the type of information you want to share with home buyers. This might give the impression that the home isn’t move-in ready and that there are many issues with the home that could require costly renovations. Instead, highlight what you have done to the property for upgrades and maintenance and what you love about the home, the street and the area. A good Realtor will ask you these questions when listing your property.

3. The number of showings you’ve had
Sometimes potential buyers will ask you how many people have visited your home. This is their way of determining how much interest there is for your home. While it may be tempting to provide them with a high number, don’t. Since the amount of people who have visited your home doesn’t directly influence whether or not a potential buyer will make an offer, you’re better off remaining vague and saying you’ve had “a few visits.”

4. Number of interested buyers
Revealing that there are a slew of interested buyers (calls and emails and showings) may deter someone from making an offer simply because they feel the competition is too much. On the other hand, saying that there has been no interest in your property could create doubt and cause a potential buyer to believe that there is something wrong with the home. You are not obligated to discuss how many buyers have shown interest in your property.

5. Verbal negotiations
As a seller you could be liable for verbally negotiating and sharing information.  Should a potential buyer ask you if you are willing to negotiate, be very cautious with your response. Only communicate your intentions (and follow through) in writing with the guidance of a real estate agent, in order to protect your interests. Isn’t this one of the many reasons you have hired a Realtor to help you with the sale?

6. Trepidation about selling
Even if it’s your first time selling a property and a month has passed without an offer, don’t let your nerves get the best of you. Stay focused on the fact that you are receiving inquiries and visits which is a good thing. Keep your head up, project confidence and the right buyer will come knocking.img_5203

Preparing Your Home for the Home Inspection

Wed, 06 Apr by Pauline Relkey

PREPARING YOUR HOME FOR THE HOME INSPECTION home inspection

A home inspection is a common request for most home buyers. The inspection is a visual inspection only. The inspector will not open walls or move your contents in the home. A proper inspection will leave the home in the exact condition it was in prior to the inspection.

Every attempt should be made to ensure the inspector and buyer have full access to the home. By restricting the inspection, you are allowing the imagination of the buyer to conjure up any number of problems for the unknown area of the home whereas the true condition of the home is almost always less dramatic than what is imagined. Also a request by the buyer, after the initial inspection, to access the restricted area will often cause delays in removing the home inspection condition on the offer and additional expense to the buyer for the inspector to return to the home.

• Ensure the attic access is accessible If located in a closet, remove the contents and shelves in the closet. If the access is sealed shut, cut the seal, as the inspector will not damage any part of your home.

• Any crawlspace access should be made accessible.

• Clear away contents in front of the electrical panel, furnace and water heater.

• Ensure the sump pit is accessible.

• If the appliances are included in the sale of the home, ensure the washer is empty as the inspector will not test this unit and risk damaging your clothes.

• If the home is vacant, ensure the water is turned on and the furnace/water are also operable. A home inspector will not operate water shut off valves or light pilot lights.

• Light the fireplace pilot light and test the unit. If the fireplace has not been operated in some time, disclose this to the buyer or hire a qualified contractor to service and start the fireplace.

• When the buyer is meeting with the inspector in the home, don’t be there. You want the buyer and inspector to be comfortable discussing all aspects of the home. Any questions that may arise during the inspection can be handled by the realtors after the inspection.

• When in doubt, ask your realtor. They are there to assist you in all areas of the sale of your home.

Thanks to Ryan Spriggs, owner and operator of Spriggs Inspection Inc. for providing this important information.

Profile of Home Buyers and Sellers

Thu, 15 Jan by Pauline Relkey

2014 Profile of Home Buyers and Sellers

In July 2014, NAR (National Association of REALTORS) mailed out a 127 question survey to 72,000 recent home buyers. The recent home buyers had to have purchased a home between July 2013 and June 2014. The survey had a response rate of 9.4 percent.

Highlights

88% of buyers would use their agent again or recommend to others and 63% of buyers who purchased their home in the last year have recommended their agent to other buyers.

  • 88% of home buyers financed their recent home purchase at 90%.
  • The share of 1st time buyers who financed their home purchase was 95% compared to 84% of repeat buyers.
  • 46% of home buyers reported they have made some sacrifices such as reducing spending on luxury items, entertainment or clothing.
  • 12% of buyers overall cited saving for a down payment was the most difficult task in the home buying process. Among those buyers, 48% report credit card debt, 44% reported student loan debt and 36% car loans delayed them saving for a down payment.
  • Eight in 10 buyers believe their home is a good financial investment.

Home Sellers and Their Selling Experience

  • 40% of home sellers traded up to a larger sized home, 47% purchased a more expensive home and 53% purchased a newer home.
  • The typical seller lived in their home for 10 years. The median tenure has increased in recent years. In 2007, the typical tenure in home was only 6 years.
  • 88% of sellers were assisted by a real estate agent when selling their home.
  • Recent sellers typically sold their homes for 97% of the listing price and 45% reported they reduced the initial asking price at least once.
  • 17% of recent sellers had to delay or stall selling their home because the value of their home was worth less than their mortgage.

Home Selling and Real Estate Professionals

  • 38% of sellers who used a real estate agent found their agents through a referral by friends or family and 22% used the agent they worked with previously to buy or sell a home.
  • 70% of home sellers only contacted 1 agent before selecting the one to assist with their home sale.
  • 91% of sellers reported that their home was listed or advertised on the multiple listing (MLS) website.
  • Among recent sellers who used an agent, 83% reported they would definitely (68%) or probably (15%) use that real estate agent again or recommend to others

For-Sale-by-Owner (FSBO) Sellers

  • The share of home sellers who sold their home without the assistance of a real estate agent was 9%. 44% knew the buyer prior to home purchase.
  • Among sellers who did not know the buyer of the home previously, 15% were contacted by a buyer they did not know to buy the home.
  • FSBOs typically have a lower median selling price: $208,700 compared to $235,000. Thus, the typical agent-assisted home sale typically has a 13% higher sales price than the typical FSBO sale.
  • Half of FSBO sellers took no action to market their home and 73% did not offer any incentives to attract.

Methodology

Consumer names and addresses were obtained from Experian, a firm that maintains an extensive database of recent home buyers derived from county records. Information about sellers comes from those buyers who also sold a home. All information in this Profile is characteristic of the 12-month period ending June 2014, with the exception of income data, which are reported for 2013. In some sections comparisons are also given for results obtained in previous surveys. Not all results are directly comparable due to changes in questionnaire design and sample size. Some results are presented for the four U.S. Census regions: Northeast, Midwest, South and West. The median is the primary statistical measure used throughout this report. Due to rounding and omissions for space, percentage distributions may not add to 100% buyers.

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.