There’s a lot of chatter on tv and online about it being a buyer’s market. But what does that really mean for today’s buyers and sellers? What is a buyer’s market? Simply put, a buyer’s market is when there are more homes for sale than there are buyers. We determine if the real estate market is balanced, in favour of buyers, or in favour of sellers by looking at the absorption rate – which shows us how many months the market could be sustained if no new houses were added to the inventory. Absorption rate is calculated by dividing the total number of sales in a given month by the number of listings available. In Calgary and its surrounding area, 2.0-4.0 months of inventory is considered to be balanced, while below that is considered to be a seller’s market. (In Red Deer, a balanced market is 2.5-4.0.) Absorption rates exceeding 4 months of inventory moves us into a buyer’s market - like we are seeing today. Is it a good time to buy? The “right” time to buy or sell ...
Are my condo fees too high?
When purchasing a condo, knowing what your condo fees are and what they include is extremely important. While low monthly payments are appealing, you should probably be wary of buying into a condo corporation with very low condo fees. Why do I have to pay condo fees? Your condo corporation is responsible for setting an annual operating and maintenance budget and your condo fees fund these expenses. The fees collected from you are to cover costs for your own unit, as well as a portion of your complex’s shared space. This means your condo fees will likely be higher if your unit is larger (you might pay more than your neighbor depending on unit factors), and if your complex has amenities like an elevator, underground parking, pool, fitness centre, party room, etc., your fees will be higher to maintain these as well. If your building is older, more money may be needed for regular maintenance and repairs – just like a homeowner would need to spend more to maintain an older ...
Thinking of selling? Spring clean your way to a faster sale.
Now that the snow is finally melting, many homeowners are starting, or at least thinking about starting, their spring cleaning. If you’re considering selling your home, even if not soon, it’s a good idea to jump on the spring clean bandwagon now so you’re ready later – after all, you’ll have a ton of other things on your mind and to-do list when you put your house on the market and you won’t want to deal with decluttering then. Why decluttering your home matters A cluttered home = a cluttered mind. How often do you stress about the time and effort it will take to organize or clean? Think of this from a potential buyer’s point of view. When viewing your home, you want them to visualize themselves living their best life in your space. It’s impossible to do this surrounded by clutter – especially somebody else’s clutter. If they do decide to write an offer to purchase, their impression of your home will affect the price they are willing to pay, so you may receive lower offers than ...