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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.

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.

Canadian Homes Sale hit record highs in June

Thu, 16 Jul by Pauline Relkey

up and down arrowsSome days the stories in the news drive me crazy. Here we are talking about a slow year in Regina home sales and then you see the above title without the word Canadian in it. I just added that word to clarify the info.

Yes we have low interest rates and they just got reduced again this week which is great for buyers. But they aren’t breaking down our doors to buy. Why is that? Still waiting for lower prices? lower interest rates? I really don’t know.

I was working with a wonderful first time buyer and after looking at quite a few places, asking a lot of questions and doing research, I thought this buyer was going to buy. But something still wasn’t right and no go. That’s how life goes. I believe in listening to your gut feeling and if the time is not right, then it’s not right.

Getting back to the Leader Post article from today’s paper, Vancouver and Toronto continue to drive the housing market in Canada. So what’s new?

And the prairies continue to face the toughest conditions in the wake of lower oil prices, but BMO says they’ve also shown signs of turning around or stabilizing in the latest 3 months.

Click here for the article.

PS How come they NEVER take a picture of MY signs?

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