As technology evolves and improves over time, online home listings get more sophisticated. With features such as 3D home tours now available, it is now possible to view a home and go through the entire home purchase online. This is especially pertinent now, given the current situation surrounding COVID-19 and the stress on social distancing. While many online listings are packed full of great photos and lots of information, going through the home buying process virtually and being unable to view a property in person may leave some things overlooked, as they are not as obvious through a screen.
Here are four things to take into consideration when viewing a house virtually.

3D & Virtual Tours
If doing a physical walk-through of a property isn’t an option, 3D and 360 tours can be a great alternative to give you a feeling of what it would be like to walk through a home. Many realtors now offer 3D tours or virtual walk-throughs for their listings, so now is a great time to take advantage of those! 3D tours are great for allowing you to view a property from the comfort of your own home, while also giving you the freedom to virtually navigate your way through the property. This will give you a chance to get a feel for the floorplan and layout of a home without having to actually set foot on the property.

With the current situation, many realtors are also offering virtual video walk-throughs of their properties that are currently on the market. Many realtors have asked the seller to film a walk-through of their home that they are then able to share with prospective buyers. Utilizing these virtual tours are a great way to get a feel for the property you are looking at and can be useful for helping potential buyers narrow down the different properties they may be interested in.

Analyze the Photos
Many realtors work with professional real estate photographers to take photos of their listings. This is a great asset to potential buyers as the photographers know the best ways to show off the different rooms in a home. Make sure you take a look at all of the photos and spend some time noting where windows are and what rooms look like they will get the best natural light. Another good thing to consider when looking through the photos is how your own furniture will look in the space. If the photos of the home are furniture free, allow yourself to mentally place furniture where you think it may look best. If the property is staged, take into consideration where different furniture pieces are placed and how you could change the furniture layout to work for you and your style.

Take Note of Potential Fixes/Renos
While buying a new construction or newly renovated home is great, some people look for fixer upper’s that they can make their own. If you’re looking at a property online that may not be quite your style or that needs some upgrades, take note of those. See what elements of the home work for you and which areas you would consider renovating or giving some TLC in the future.

Remember that your realtor is going to be the expert, so don’t be afraid to give your realtor a call to chat about a listing you are interested in and get their thoughts. And remember, paint colour is an easy, relatively inexpensive change that make a huge different in a home!

Consider the Outdoor Space
​One thing that many people forget to take into consideration when viewing a home online is the outdoor space. Whether this be a small balcony or a large backyard, outdoor space is definitely something to try to get a feel for when viewing a home virtually. Take account of what furniture you may need to fit into the space or invest in, what sort of maintenance will be involved in the upkeep of the outdoor space. Many realtors ask their sellers to try to have two photos of the exterior of the home, one from the summer and one from the winter. This allows potential buyers to get a feel for what the exterior of the home will look like in every season.
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When it comes to house hunting online, there are lots of things a potential buyer can do to get a feel for a property by simply utilizing the tools that are available online. Realtors are also a great resource to lean on, as they often have lots of information on the property that may not be included in the MLS.

MARCH 2020 STATISTICS RELEASE
Statistics include Fort McMurray and surrounding area

We are in unprecedented times. Real estate has been deemed an essential service by the Provincial
Government of Alberta. This doesn’t mean it is business as usual. All Brokerages have put safety
measures in place to make it safe for showings to continue.

We are asking the public to be intentional with showings. To buyers: Please be sure your pre-approval is
in place before you view any homes. Sellers are making sure their homes are safe for you. Follow all of
the precautions outlined by sellers.

Even though public open houses have been cancelled, recently CREA released a new feature on Realtor.ca that allows for virtual open houses. A great way to stay at home and preview a property.

For further safety measures, Home Inspectors now have board access to lock boxes. During the home
inspection clients may be asked not to attend in order to reduce the risk to the parties involved.

As in May 2016 after the Wildfires hit Fort McMurray there was a drastic change in the market. Numbers
will be skewed over the next several weeks until we are through this current world crisis. Homes are still
selling and being viewed with lots of precautions.

Thank you in advance to buyers and sellers for patience during this time. On behalf of all of the Real
Estate Professionals serving Fort McMurray we are working hard to keep you safe! Thank you to all of
the front-line works making us #FortMacStrong. We encourage you to shop locally as much as you can.
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Complete statistics are posted monthly on our website www.fmreb.com.

Selling a home can be stressful in any circumstance, let alone in the midst of a global pandemic. With ongoing uncertainty, and an evolving situation that’s changing by the minute, it can be hard to know what the next step is in the selling process. The world of real estate never stops, as people are always needing to be buying or selling for a host of time sensitive reasons, regardless of what else is going on.

We’ve reached out to our RE/MAX Influencers – a panel of RE/MAX sales associates throughout Canada – to get their expert insights and advice for sellers during this time, and share what RE/MAX agents are doing to ensure your safety during the home selling process. Here’s an overview of the measures that are being taken:

Stay Home

The biggest piece of advice that our RE/MAX Influencers have for sellers is to stay home, and to only be going out if absolutely necessary. That said, there is always going to be necessary preparations that you will need to implement before listing your home. Curtus Collins of RE/MAX Crown Real Estate (North), Regina, SK says, “be prepared for a long sale, it’s anticipated that the market will return when this is all over. Take this time at home to make sure the condition of your home is perfect for when the market does begin to normalize.”

Staying home may be the perfect opportunity to spruce up your home with a fresh coat of paint or a deep clean if you’re planning on selling in the future!

Virtual Tours

One of the most important things to do during this time is to stay listed! Just because potential buyers may not be viewing homes in person, doesn’t mean they won’t be viewing properties online. Many REALTORS® are asking sellers to take small videos of their homes to show to potential buyers, as realtors are also trying to keep their distance to keep everyone healthy and safe. Social media is also a big tool that agents are utilizing to help promote properties to buyers who may be unable to view a home in person.

Agents are encouraging sellers to hang in there and to keep their properties listed. Agents are doing their best to showcase and market seller’s properties in a safe and healthy way and are using a variety of technologies to do so!

Screening Buyers

Given the nature of the COVID-19 pandemic and the need for physical and social distancing, one very important thing that REALTORS® are doing to help maintain the health and safety of their clients is to screen potential buyers when it comes to showing listings. Many agents, as mentioned above, are opting to do virtual tours of properties rather than showing them in person. As open houses are not being allowed at this time, virtual tours are a great way to showcase properties to serious buyers.

Be Patient
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As hard as being patient can be, it is the biggest piece of advice our RE/MAX Influencers have for sellers. Navigating real estate during this time is going to be a learning curve for everyone, as many people will be restricted to online house shopping; but, our agents are determined to do everything they can to facilitate that change while keeping everyone involved safe and healthy.
“Sellers will have to be a little bit more flexible than they would have been a month ago. We expect sellers to be cautious, but this will pass! People will always need a home,” says Dave Beattie, RE/MAX Sea to Sky Real Estate, Whistler, BC.

While many sellers are faced with uncertainty at this time, our RE/MAX Influencers want you to know that they are here for you, and will do whatever they can to make the home buying and selling process as stress-free as possible. “We have contacted all of our sellers to let them know what we are doing during this COVID-19 breakout. Communication and information are key,” says Glenn Dennis, RE/MAX Select Properties, Vancouver, BC. “We have also offered help by picking up medication or groceries and delivering them to any of our clients who cannot get out of their own homes.”

For more articles from our expert Influencers, click here!
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We also asked our Influencer panel for their insights and tips for buyers, so click here to check out that article!

Buying or selling a house in Fort McMurray is a big undertaking under normal circumstances, let alone in the midst of a pandemic. With economic impacts and the uncertainty that accompanies day-to-day life, Canada’s federal, provincial and municipal governments and companies have implemented a number of COVID-19 relief measures to help soften the financial blow.

We’ve compiled a list of some pre-existing and newly announced programs and incentives intended to assist current homeowners, buyers and sellers, along with some links to further inform anyone seeking some COVID-19 relief.

The situation is changing hourly, so REMAX.ca will continue to update this list as things develop.

COVID-19 Relief Measures

Federal Government Pledges Up To $52 Billion in Direct Support to Canadian Workers and Businesses

On March 18, 2020, the Prime Minister announced $27 billion in direct support to Canadian workers and businesses during this challenging time. On March 25, an emergency federal bill received royal assent to increase that amount to $52 billion, including support for workers unable to do their job due to Coronavirus. For more information, click here.

Mortgage Payment Deferral Programs

Many homeowners who’s employment and income have been interrupted due to COVID-19 are struggling to make their mortgage payments. In response to this, Canada Mortgage and Housing Corporation (CMHC) and other mortgage insurers offer tools that can assist homeowners experiencing financial hardship at this time.

In addition to this, a number of Canadian’s large banks will be allowing mortgage payment deferrals for up to six months as part of their measures to help customers who may be struggling with the financial impacts of the COVID-19 pandemic. According to a Tweet from the president of the Canadian Bankers Association, RBC, TD, BMO, Scotiabank, CIBC and National Bank are the banks that are offering these deferrals. We encourage you to talk to your bank if you are under any sort of financial strain.

Bank of Canada Lowering Rates

The Bank of Canada’s benchmark interest rate has been on a downward trend recently. In its latest scheduled interest rate announcement on March 4, the Bank cut its rate from 1.75 to 1.25 per cent. The Bank followed up with an unscheduled announcement on March 16, announcing a further reduction in its key interest rate by a further 50 basis points to 0.75 per cent. On March 27, the Bank again cut its rate by another 50 basis points, to 0.25 per cent, with a goal of bolstering economic activity and keeping inflation low and stable. For more information on what the Bank of Canada is doing, click here.

First Time Home Buyer Incentives

The First Time Home Buyer Incentive was implemented in September 2019 to help qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens. The incentive is a shared-equity mortgage with the Government of Canada and offers a number of different options for first-time homebuyers. You can read more about the First Time Home Buyer Incentive here.

Insured Mortgage Purchase Program (IMPP)

The Government of Canada implemented measures intended to bolster the financial system through the launch of its Insured Mortgage Purchase Program (IMPP). The government is prepared to purchase up to $150 billion of insured mortgage pools through CMHC, increased from the original $50 billion announced on March 16 as part of the Emergency Response Act. This will allow stable funding to banks and mortgage lenders that will help ensure lending to continue to Canadian consumers and businesses. For more information on the Insured Mortgage Purchase Program, click here.

Property Tax Deferrals

Some Canadian cities are allowing property tax deferrals, such as Toronto, Ottawa, Grand Prairie and more, while other cities are considering similar action. These decisions are being made at the municipal level and things are changing daily. We recommend visiting your municipality online to determine if your upcoming payment can be put on hold without repercussion.

Hydro Pricing Reductions

Ontario is eliminating mid-peak and on-peak electricity rates giving residents who have been forced to stay home due to COVID-19 the lowest rate available (off-peak) all day for 45 days. The lowest electricity rate is also being extended to small businesses and farms. For more information on the Ontario hydro rates, click here.

Internet Usage Rules Relaxed by Major Telecommunication Companies

Some major telecommunication companies, such as Telus and Shaw, are changing their phone and internet plans and adapting amidst the COVID-19 pandemic. The Shaw website notes that they do not have data caps on their internet plans, allowing you to keep kids entertained and work from home without having to worry about data caps on your internet.

CRA Sets New Deadline to File your 2019 Income Taxes
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The CRA has announced that there are new tax filing and payment due dates. The new due date for filing individual tax returns has been extended to June 1st, 2020. Taxpayers will have until September 1st, 2020 to pay any 2019 income tax amounts owed. For more information regarding the new dates for filing taxes, click here.

If you are interested in searching homes for sale in Fort McMurray click link below.

COVID-19 has hit 2020 like a wrecking ball, slowly making its way across borders. Social distancing has us all pressing pause, letting go of priorities in favour of time spent indoors, connected only though our screens. Alas, in the real estate market, even amid a global pandemic, there are still sellers who need to sell, and buyers who need to buy.

Lucky for us, in this age of technological glory, real estate agents have access to some great solutions to ensure that processes remain safe, and transactions can continue to take place. This too will pass, and in the meantime, we can all use a little creativity to ensure that our brief pauses don’t turn into a full stop.

Great News for Buyers

Finally, a silver lining to COVID-19 mark on the markets: if financially possible, it can be a great time to buy a home with interest rates being the lowest we have seen.

In response to the viral outbreak, banks worldwide have been cutting interest rates. The Bank of Canada cut the interest rate for Canadians by a full percentage point earlier this month. As a result, prospective home buyers looking to get a mortgage can now expect to borrow at a decreased rate. With fixed term mortgage rates also on the decline, home buyers have the flexibility to borrow more and aim for a higher home price or get a better mortgage rate and have less expensive mortgage payments.
So, with buyers in a good position to buy, how are real estate agents helping to make home sales happen, particularly in the wake of temporary social distancing?

Leverage Technology for Real Estate!

Big advances in technology have ignited a fundamental shift in the real estate industry, and it is now easier than ever to gain a wealth of knowledge about a home, condo, townhouse or any listing from the online listing alone.

Floor plans, detailed descriptions, panoramic pictures, and video tours allow the buyer to get a good feel for a home, before ever setting foot within the property.

With a greater segment of the population glued to their screens during isolation measures, there could be a marked increase in recreational and serious buyers browsing the online marketplace. Agents will be ensuring more than ever that their online listings are as detailed and alluring as possible.

These tools will help the real estate market move online, at least until isolation measures have passed:
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• 360 Virtual Video Tours

More agents are working with photographers specializing in 360 home video tours as a way to create an immersive experience for the home buyer.

By helping to bring the property listing to life, buyers like that they can get a feel for the space without being there. A good virtual video tour is navigable, interactive, and controlled by the viewer. The resolution should be high, and the control tools should be intuitive.
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The ultimate goal is to replicate the experience of walking through each room, in person. During COVID-19, 360-home tours are a recommended alternative to an open house.

• Ditching the Paperwork

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We may be hoarding toilet paper supplies, but we can a least give the printer paper a rest by moving to electronic signing methods once you’re ready to sign on the bottom line.

There are a number of downloadable apps available, allowing signatories to sign a PDF or word document directly through your phone or tablet. Many of which real estate agents are already using to facilitate real estate deals.

Limited contact, limited paper. Online signing methods can be encrypted with a tamper-evident seal and audit trail. This ensures the legality of the signed documents and allows you and your agent to view what was signed, and when.
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• Screen-to-Screen Selling

While face-to-face contact is challenged during the period of social distancing, there are other ways to maintain a personal connection with your agent. Video calling tools such as FaceTime and WhatsApp, can help mimic a meeting with your agent more effectively than a phone call, and can also prove to be useful if you wish to view aspects of a property not shown through the listing.

Above all, it’s important that you’re taking precautions to ensure your personal safety, and the safety of others during your home search. And remember that “necessity is the mother of invention”; perhaps some of these temporary adjustments will prove to be viable long-term solutions for the real estate industry.  In the meantime, with a little bit of creativity, real estate agents can maintain their commitments to their clients, in a way that keeps all of our communities safe. 

There’s one thing every homebuyer has in common, regardless of the city they’re buying in, the market conditions or the type of property – you have to make an offer. Whether you’re still in the browsing stages of the home hunt, or you’ve started to put your plan into action, prospective buyers would be wise to do some legwork and gain insight on how to make an offer on a house. While your real estate agent is there to guide you, the more you know about the home-buying process, the smoother it will be.

How to make an offer on a house

The Paperwork:
When you’re ready to make on offer on a house, your agent will draw up the necessary paperwork. In order to be valid, your offer documents much include some specific details, according to Canada Mortgage and Housing Corp.:

• your legal name, the name of the seller and the address of the property
• the amount you’re offering to pay (the purchase price) and the amount of your deposit
• inclusions and exclusions (for example, are the window coverings included in the purchase?)
• the date you want to take possession (“closing day”)
• a request for a current land survey
• the date the offer expires
• any other conditions that must be met before the contract is finalized (for example, a satisfactory home inspection)

The Price:

When making an offer on a house, be prepared to negotiate. Your negotiating power will depend on a few factors. The current market conditions in the immediate neighbourhood will dictate whether you can make a lowball offer – a likely scenario in a buyer’s market – or perhaps an offer that’s higher than the asking price, which can happen in a seller’s market. The demand for homes in the area, amount of housing inventory and the number of days on market will impact the type of market you’re in.

Deposit:

While the terms “deposit” and “down payment” are often used interchangeably, they are different. At the time of the offer, the buyer should come prepared to make a deposit on the home they hope to buy. The deposit will be rolled in with your down payment, and shows the seller that you’re serious about buying the home and have your finances in order. If the buyer walks away from the deal, in most cases he or she will forfeit their deposit.
There’s no standard deposit amount. It will vary based on the type of property and how badly the buyer wants this particular home. The way the deposit is handles also varies by province, but it’s generally given to the seller’s agent, to be held is trust until the deal is firm.

Down Payment:

Unless you’re planning to pay cash for the house, you’ll need to secure financing.  The minimum down payment in Canada is five per cent. It’s a good idea to get pre-approved for a mortgage. In case you have to move quickly with your offer, you’ll be ready in terms of your financing. As a buyer, you’ll know exactly how much you can spend, and the seller also wants the reassurance that you will not back out of the purchase based on financing.

Firm versus Conditional Offer:

Your offer to purchase a home can be firm, meaning it has no conditions attached to it. On the other hand, a conditional offer means that in order for the offer to be valid, certain terms must be met. Some common conditions include:

• Purchase conditional on financing: This is a common condition for first-time homebuyers making an offer on a house, and it requires the sign-off of the mortgage lender in order for the deal to go through. The buyer will have a few days to get this, and the process will include a home appraisal. If the lender does not agree to finance the property, the buyer will notify the seller and the offer becomes null and void.
• Purchase conditional on home inspection: A home is likely the biggest purchase you’ll make in your lifetime, so it’s always recommended that the offer be conditional on a satisfactory home inspection. A professional home inspector will look at things in and around the home that are openly visible (that’s right, he or she will not be opening up walls or floors). The inspector will examine things like the structure, roof, plumbing, heating and electrical systems, to ensure the house is in good condition. If the home isn’t up to par, this condition allows the buyer to return to the seller and request repairs, a reduction in the price, or can rescind the offer entirely.
• Purchase conditional on the sale of a home: If a prospective homebuyer already owns a home, he or she may want to ensure that it is sold before agreeing to purchase a new property. This isn’t ideal for the seller, as every condition has a potential domino effect.
• A firm offer is common in a hot market. With all other things being equal, a seller is more likely to accept the unconditional offer over one that could potentially fall through for a number of reasons

Negotiations:

There could be room to negotiate a lower price on the property that you’re eyeing, but remember that negotiating doesn’t stop at price. You can also try for more favourable terms as part of your purchase agreement, such as repairs, inclusions, and a longer or shorter closing date.

An experienced real estate agent will be able to advise you on what you can realistically negotiate, depending on the market conditions. In a buyer’s market, you hold the cards knowing that there are plenty of other options on the market. In a seller’s market, you’re in competition with other buyers vying for the same property, so quick action and a strong offer are more likely to work in your favour.

Legal:

Your offer is a legal document, so ensure you read and understand everything outlined in the paperwork. The buyer has the option to take the offer to a lawyer for review prior to signing anything. And remember, if you don’t understand it, don’t sign it.
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Buying a home is a big deal, from the shopping and vetting process, to the financial and emotional commitment you’re about to make. The offer is also a legally binding document. All your questions around how to make an offer on a house are valid, as these seemingly small details will have a domino effect throughout the rest of the purchasing process and even long after you’ve taken possession. Work with an experienced real estate agent and a good real estate lawyer to ensure your best interests come first.

FEBRUARY 2020 STATISTICS RELEASE
Statistics include Fort McMurray and surrounding area
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Welcome to the Roaring 20’s of Real Estate in Fort McMurray. February was another strong month of Single family home sales. It is a balance market with inventory 11% lower than last year at this time. The year to dates sales, this year over last year has a 67% increase.

Duplex home sales year to date sales are up 26% comparted to 2019.

Townhomes has seen a decrease in sales from last year but also a decrease in inventory by
18.89%

Condo Apt: Sales, inventory and price are all down from last year.

Mobiles with Land for February was a seller’s market with 2.83 months of inventory. There was an increase in average price by 12%

The year to date average price for a lot is $106,475 which is up by 7% from last year.

Reminder Single Family Home inventory is still low. Now is a great time to contact your local Real Estate Agent in Fort McMurray about getting your home ready for the spring market.
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Complete statistics are posted monthly on our website www.fmreb.com.

With technology always on hand and information literally at their fingertips, the hyper-connected Millennial generation has taken a do-it-yourself approach when it comes to consumables, including everything from products and services, to purchases of every kind – including real estate. Generation Y might as well be called Generation DIY. The appeal in DIY lies in the flexibility, customization and let’s face it, the cost-effectiveness. As a consumer, job one is educating yourself, weighing your options, and making an informed decision. When it comes to real estate, an FSBO could be the right decision for those who want to save the commission fee and take the reins when it comes to all aspects of their transaction. But buyer and seller beware – an FSBO has some drawbacks as well. Here are five things to know about FSBO.

5 Facts About FSBOs

What is an FSBO, anyway?

​FSBO is an acronym for “For Sale By Owner,” meaning the seller hasn’t retained the services of a professional agent to assist with the sale of their home. By doing all the legwork in selling your property yourself, the seller will save on the commission fees he or she would be required to pay to both the selling agent and the buyer’s agent.

Selling a home is a full-time job.

Now, we’re not saying you can’t sell your home yourself, because you can. There are plenty of resources out there to help you DIY. We’re just saying that a professional, experienced real estate agent can do a better job of it, and get you more money too. While saving on the agent’s commission might be tempting, consider what you get as part of the price you pay, including (but not limited to!):

• Setting the right asking price
• Preparing your home for sale
• Marketing the listing
• Showing the home
• Reviewing and negotiating offers
• ALL THAT PAPERWORK!

All this takes know-how and time. And you likely already have a full-time job, right? And remember that for avid home hunters, listings get stale fast. If you home’s been on the market for an extended period, due to delays related to home staging, marketing and showing, prospective buyers will lose interest fast. Remember: you only have one chance to make a first impression.

Some hard stats:

While Canadian statistics on FSBOs are limited, the US-based National Association of Realtors has done some research on the subject:

• FSBOs represented 7% of home sales in 2017.
• The typical FSBO home sold for $200,000, versus to $265,500 for agent-assisted transactions.
• FSBO methods used to market a listing:

Yard sign: 22%
Friends, relatives, or neighbours: 18%
Online classified advertisements: 6%
Open house: 10%
FSBO websites: 5%
Social media: 12%
Multiple Listing Service (MLS) website: 4%
Print newspaper advertisement: 2%
Direct mail (flyers, postcards, etc.): 2%
Video: 1%
No advertising: 49%

• Most difficult tasks reported by FSBO sellers:
Getting the right price: 17%
Understanding and performing paperwork: 12%
Selling within the planned length of time: 5%
Preparing/fixing up the home for sale: 8%
Having enough time to devote to all aspects of the sale: 3%

Risks and rewards

For novices, the FSBO transaction can be tricky. As with all things, the more you do something, the better you’ll be at it. Experienced real estate agents can be worth their weight in gold. Again, we’re not saying you can’t sell your home yourself, and in fact, many people do. But there are risks that can be mitigated by working with someone who’s been there, done that. Potential pitfalls include:
• Pricing that could turn off prospective buyers.
• Misunderstood legal matters disclosed in writing.
• Safety concerns with showing your own home.
• Poor negotiation that leaves money on the table.
• Unrealistic promises as part of the deal.

Your agent is a Boy Scout: always prepared.

As a seller, how do you get the phone to ring? Generating interest from potential buyers is the key objective of listing agents. Especially in a buyer’s market, yard signs won’t cut it. If you’re not a real estate agent, or a marketing or advertising professional, you likely don’t know where to start – and who could blame you? Marketing through yard signs, brochures, and online and print advertising can help spread the word. How does a virtual tour sound? Do you plan to host an open house for buyers? What about an open house for agents and brokers? Beyond marketing, an FSBO means you get to juggle third parties such as a home stager, photographer, appraiser, the buyer’s agent (or if they’re DYI-ing it as well, the buyers), then throw in a pile of paperwork, just for fun – NOT.

Then there’s the legal stuff…

Once you have a buyer who is interested in purchasing your home, consider the legal side of things. The buyer will submit an offer, and when you’re confident that you have a good deal on the table (you are confident that it’s a good offer, right?), a contract will need to be signed by yourself and your buyer. Remember, if it’s not written in the contract and signed, then it doesn’t count. An Agreement of Purchase and Sale will include details about the buyer, the seller and the property. It will outline the purchase price, the deposit, fixtures and chattels, title searches, closing arrangements, conditions and clauses. A real estate lawyer can help with this step of the process. The benefit of working with an agent is that oftentimes, they already have a lawyer they regularly work with, to ensure all legal matters are handled correctly and in a timely manner.
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Your home is likely your biggest asset. When you’re ready to sell the place, ensure you’re well-represented – whether you represent yourself, or are backed by a professional real estate agent. A “minor” mistake can mean the difference between a lucrative sale, or tens of thousands of dollars left on the table. As the consumer, do your due diligence and make an informed decision before you start the selling process.

There’s no denying that Canadians value the idea of buying real estate. In spite of all the housing policies and promises, bubble rumours, speculation and trepidation, 51 per cent of Canadians are still planning to purchase a home in the next five years. This number is up from 36 per cent at the same time last year.

Home ownership is a great way to build future wealth, but it’s not for everyone. Ultimately, buying a home is a very personal decision that depends on a number of factors, such as your financial fitness, your future plans and your overall comfort level. The good news is, professional real estate agents, mortgage brokers and real estate lawyers are there to advise you before you dive in.
To help get you thinking about whether home ownership is right for you, here are five important questions to ask yourself.

Can I afford buying real estate?
Buying real estate involves up-front costs, which can include things like your deposit, downpayment, home inspection and appraisal fees, property insurance, Land Transfer Tax, title insurance, legal fees and moving expenses. Click HERE to get into the nitty-gritty of these costs.
Then, there are your ongoing costs that include property tax, regular maintenance, condo fees and utilities. If you’re saving some money up-front by buying a fixer-upper, also factor in renovation costs.
Here are some strategies to spend less, and save more.

Do I have too much debt?
When buying real estate, most people will take on a mortgage. Lenders evaluate your costs versus income to determine your qualification. Your Gross Debt Service ratio is your housing costs (mortgage principal and interest + property taxes + heat + 50% of your condo fees, if applicable) divided by your pre-tax income. The result should be 32 per cent or less.

Then, lenders look at your Total Debt Service ratio: all debt (GDS + car payments + alimony + other loans + the remaining 50% of your condo fees) divided by your pre-tax income. This should be less than 40 per cent.

Click HERE for to calculate your GDS and TDS.

Am I secure in my job?
Think about this honestly. Is business bustling? Is the industry on an upward or downward trend? Are you comfortable with the financial commitment of home ownership?
Speak to your supervisor to get some additional insight. Mortgage lenders like to see stable employment, and you’ll need to provide proof of income in the form of an employment letter or current pay stub, your position and length of employment, and if you’re self-employed, Notices of Assessment from the Canada Revenue Agency for the past two years.
Click HERE to find out what else mortgage lenders look for.

Am I sticking around?
Buying real estate has historically proven to be a good long-term investment. Ask your parents how much they paid for their home 30 years ago, and compare that to the home’s value today. On the other hand, a quick sale can mean financial losses if the home’s appreciation doesn’t surpass closing costs, which are estimated at 1.5 to five per cent of a home’s value.
Typically, the magic number to stay in the home before putting it back on the market is five years – hence the five-year plan.

Do I even want to own a home?
People buy homes for a slew of different reasons. Home ownership is a method of forced savings for retirement and future generations, while also fulfilling the basic need of providing you shelter. It’s also a great source of pride for many.
It’s a place to live, but also the lifestyle that comes with it. What does “liveability” mean to you? Picture yourself in five years. Do you plan to relocate at some point? Where will you work? What’s your family structure? Then, consider how home ownership fits into that vision.

Click HERE for more on buying versus renting.