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.
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.
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
Have you ever wondered what steps you need to take selling your home? There are a few things to consider. The spring and summer time are a very busy time for real estate agents. Therefore it is important to make sure that you get your home in the best condition. This will help attract maximum interest and hopefully sell your home faster. Here are some basic tips for you.
Clean It Out
Go through your entire house and make an assessment. People are very attracted to a tidy and organized house. The first step is to remove the things that clutter your home and the things you don’t want to keep in your next move. Choose a designated place to put this stuff away, and go through the rest of your house. The change in weather from winter to summer means that you can put away all your heavy outerwear. You’ll be happy to have less to pack on moving day and your house will be more appealing to potential buyers. A garage sale or for the more techy people, Varagesale, is also a great way to get rid of some things that you may not need or want anymore.
Fix Things Up
Determine what house maintenance you need before you sell. Repairs may be needed to pass a home inspection. It is better to take care of these issues right away! This will make it easier when you are ready to sell and will improve your sales opportunities. Simple repairs are also worth the effort that they take. Painting shutters, replacing the broken banister rail and patching up the walls will provide a return. This helps with creating the right impression on the first visit.
Think like a Potential Buyer
This is a hard step because we love our homes and generally assume others will like them as much as us. Accept that potential buyers have different tastes. You may also consider hiring a house staging professional who can objectively determine what needs to change from a design perspective. Consider basic staging techniques such as removing clutter as mentioned above. It is also beneficial to put away personal items like photos and trophies as well as cleaning your house thoroughly. It is also important that your house smells good to eliminate pet and food odors. Make the entrance to your home attractive and add character to your backyard to make it more appealing. Buyers pay attention to these things!