One of the benefits of choosing to purchase a home rather than rent is the opportunity for your investment to grow, giving you a larger return. As a seller, you want your home to attract top dollar, but determining the right asking price can be tricky. If the home is priced too high, you run the risk of turning away sales for more reasonably priced homes in your neighbourhood.
Tips for Determining the Value of your Home:
Explore Comparables: To find the true value of your home, start by doing some research. Explore previous and current listings to see if any have similar features to your home. If they do, you can look at the prices to get a rough estimate of what you could list your home for.
Talk to a Realtor: Our RE/MAX agents are always willing to help with all of your real estate questions. They not only know the local market inside and out, but they have experience pricing and selling homes in your area. Visit remax.ca to get in touch with a local RE/MAX realtor.
Hire an Appraiser: An appraiser is a professional who will be able to provide you with an unbiased current valuation of your home. When choosing an appraiser, make sure you choose one that is accredited by the Appraisal Institute of Canada.
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The following is the November Press Release from the Fort McMurray Real Estate Board.
OCTOBER 2018 STATISTICS RELEASE
Statistics include Fort McMurray and surrounding area
Winter is upon us but that doesn’t mean our market has gone cold! Once again, we have seen an increase in the amount of sales when compared to the same time last year. This increase in sales applies to all property types from single family to vacant lots. Prices however are still on the decline with apartment units seeing the biggest drop at over 20% from last years averages.
Overall new listings are still down from this time last year resulting in lower inventory levels which will
continue to help stabilize our market.
Contact your friendly neighborhood real estate professional to see if it is the right time for you to make your move.
As always the best advice is the trusted advice from your Real Estate Professional.
Complete statistics are posted monthly on our website www.fmreb.com.
It’s a question that most Canadians will ask themselves at one point or another in their lifetime: should you buy or rent a home? Those who take the rental route often wonder if they’re wasting money. Meanwhile, those who buy may wonder whether or not their investment will be worth it in the long run.
Though it’s clear that home ownership offers many benefits, the decision to buy or rent is a personal one that should be based on several factors.
MARKET CONDITIONS: What is the price of real estate in your market? It’s important to understand how local factors may affect prices before you decide to whether buy or rent.
JOB STABILITY: Do you have a stable job and roots within your community? If your plan is to continue living in your community for the foreseeable future, home ownership may be the best option for you.
LIFE STAGE: What stage of life are you in? If you have a family, home ownership can provide a stable living situation without some of the uncertainties that are associated with renting.
DOWN PAYMENT: Do you have enough money saved up for an adequate down payment?
FINANCIAL INVESTMENT: Your monthly mortgage payment creates equity for you, not your landlord.
QUALITY OF LIFE: Owning a home can provide a sense of stability and control that you don’t often get from renting. There is a great feeling about coming home to a place that you own.
FREEDOM: When you own your own home, there’s no need to get approval before you paint a wall or hang a piece of art. You can choose what minor and major renovations you make to the place you live in.
How RE/MAX can help
RE/MAX Agents are experienced professionals who can help you out if you’ve decided that home ownership is the next step for you. Their expertise can help you find the house most suitable for your needs. We’ve also created a guide to help explain all of the costs that are encountered during home ownership.
As a potential buyer, you want the facts, and we want to give them to you. When is the best time to buy a house?
Before planning room colours, or picking out the perfect couch, it’s important to hit the books and do some research on home ownership. Below, we have listed two important things to consider when deciding whether now is the right time to buy.
Economics on Housing Costs: When doing your research, it’s easy to find yourself sitting in front of a blank computer screen wondering where to begin. That’s normal! The best place to start is to research housing costs in the area you are interested in, as they will vary greatly depending on location. You can contact your local RE/MAX Real Estate Office to find the most current, up to date information on your local housing market and visit remax.ca or multiple listing search sites like mls.ca.
So, you know the price of house, now what?
Understand your Financial Situation: Before you decide to buy, you need to explore the reality of your finances. This decision requires more than simply a down payment and a monthly income. You need to make sure your finances are stable before you can confidently conquer your dream of home ownership. Take some time to review your current monthly expenses, and then factor in the additional costs of purchasing a new home to see where your budget nets out. Luckily, we’ve designed a monthly home budget planner to help get you started. Home prices and interest rates will mean nothing if you aren’t prepared to not only purchase, but maintain a home.
"The last step is to determine if your budget matches up with the current cost of homes in the area you are interested in. If not, it’s a good time to explore other areas, or determine what financial goals you need to hit before making the purchase decision."
This may not be the most glamorous step you will take on your road to home ownership, but it is the most important. All good homes are built on a solid foundation that will help it stand strong for years to come. Consider this step the foundation to your many years as a successful homeowner.
Still have unanswered questions about home ownership? Check out our other posts on buying a home or download our guide to help you navigate through the Top Home Buying Questions and Answers.
How can you increase property value? It’s the eternal question being asked by homeowners, real estate investors and renovators. While the answer may seem simple enough, the wrong upgrades can actually decrease the value of your home.
According to television host, celebrity contractor and real estate investor Scott McGillivray, “It’s doing the right renovations that provide value to the people.”
Whether you’re buying a fixer-upper home, are renovating an existing house to suit your needs, or you’re planning to sell and want to get the biggest return on your investment, here are some tips to increase property value.
Scott McGillivray’s Top 5 Renos for ROI
Don’t discount the value (or rather, the potential value!) of your flooring. Pull up your dingy carpets, and particularly in older homes, you’re quite likely to find a treasure buried beneath! Oftentimes, hardwood floors will have been covered up for years, and could be in great condition. Refinishing those floors could be all it takes to update the look – and boost the value – of your home.
For a quick, easy and inexpensive home update, swap out the fixtures throughout your home. Every room has them, which means every room has… well, room for improvement! Replace damaged, worn-out or mis-matched door knobs, cabinet pulls, faucets and fixtures, to give your home a more modern edge.
Scott says paint is a simple and quick value-add to your home. “Use colour to enhance spaces and make changes. Change the way a space feels,” he says. For example, if you have a small, dark kitchen, consider repainting the walls and re-finishing cabinet in lighter, fresher hues to create the illusion of a larger space. Lighter, cooler colours make walls recede, so this is a great trick for any small room.
Believe it or not, adding a bathroom in an unconventional space is a growing trend that Scott is no stranger to himself. “What we’ve done a lot of times is under a staircase, we’ll add a powder room or a two-piece bathroom. You will add a lot of value.” If you’re short on space (or budget!) and adding a bathroom isn’t in the plan, renovate an existing bathroom. What’s trending? According to Scott, frameless walk-in showers make a big splash (pun intended!).
Number one on Scott’s list of ways to increase property value is (drum roll please…) renovate the kitchen. There are many areas to consider, and they all come at a cost. Scott says to tackle the task, start at the top and work your way down.
Take a good look at your home and see what you can do to improve property value. Once you do, you may never want to leave!
This article was originally published by Toronto Home Shows.
RE/MAX Fit to Sell
Phase 2 of the exclusive RE/MAX program Fit to Sell features 9 new videos of tips on how to properly prepare your home for sale from expert home stager, Carla Woolnough. Visit www.remax.ca for more details or to find a RE/MAX agent today.
When the “For Sale” signs start popping up all over town, you know you’ll need to do something special to get the price you want for your home. Thankfully, there are some crucial steps you can take to help your home stand out in a crowded marketplace.
Leave it to the Pros
The first and most important step, is to get your place professionally listed, and seek out the service of a REALTOR®. A key advantage provided by REALTORs® is the ability to analyze buyer behaviour and industry trends They can provide insight on what’s selling, and why, but also envision unique ways to stand out and draw buyers. HGTV Canada Tip: Listing your house is one thing, selling it is a completely different story. When negotiations reach epic heights, you’ll be glad to have an experienced agent to give you advice, and speak on your behalf.
A REALTOR® can also help cut through the noise in a crowded marketplace by generating leads through agent-to-agent contacts. Before any showings, it’s important to have a home inspection done and to compile a summary of operating costs (such as utilities and insurance). HGTV Canada Tip: If you don’t know what to prepare, ask! Your agent is your resource, and comes with a wealth of knowledge. If you’re open and honest with your agent, you’re less likely to be disappointed in the long run.
Having professional photos taken is an essential component of attracting a potential buyer. Schedule a shoot when your home has optimal lighting, and develop a shot list with your REALTOR® to highlight key selling features within your home. If the lot is large or particularly attractive, arrange to have aerial photos taken. HGTV Canada Tip: Stage your home before taking photos and scan your rooms with eagle eyes. There’s nothing worse than seeing a full trash can or a shower riddled with half-used soap bottles in listing photos.
Set the Stage
When it comes to the showings themselves, curb appeal and staging are essential. A home listing can be a lot like an online dating profile—it’s a great way to share some information, but nothing compares to that in-person first impression. HGTV Canada Tip: When does your home get the most natural light? This is the best time to showcase your home and plan an open house.
Giving your home a fresh exterior appearance, including paint touch-ups, gardening, landscaping and power-washing the driveway. Temporary potted plants can also help give the property a bit of visual pop. HGTV Canada Tip: Buyers are interested in more than just your home, they’re scoping out the neighbourhood, too! Let your neighbours know you’ll be hosting an open house and (hopefully) they’ll feel encouraged to offer a neighbourly nod should they encounter potential buyers at the end of your driveway.
Make it Personal
Once the potential buyers come inside, do everything you can to turn the showing into a pleasant and memorable experience—little touches like air fresheners around the home and offering cookies to the buyers can go a long way. Set your dimmers to hit that optimal light and turn on a little mood music (something upbeat and cheerful, but keep the volume low so people can easily have conversation). HGTV Canada Tip: Adding personal touches is a fine balance…you don’t want buyers coming face-to-face with the current owners, but you do want the house to feel cozy and welcoming. Think beautiful coffee table books instead of family albums in the living room!
No matter how many homes are out there on the market, showing that you’re a conscientious seller with something unique to offer will help you and your home stand out.
For tips on how to freshen up your home before selling, visit HGTV.ca
Courtesy of HGTV.ca
Hi, my name is Dana McAroe. I'm a Real Estate Agent in Fort McMurray. I help people get the best possible outcome from their real estate transaction - whether they are selling or buying or a house.