Realtor, Real Estate Okotoks, Cochrane, Calgary

      


Big city deals with a small town feel! 

Specializing in Real Estate in Calgary, Okotoks, Cochrane & Area


Call or text 403.700-2532   Email: home@griffinre.ca

Brett Murrell, Realtor Real Estate Agent serving Calgary, Okotoks, Cochrane & areas

Market Summary

The market did not respond to the interest rate increases, and the end of summer as expected in September. The expectation for September was that there would be an uptick in sales after the holiday months were over. This was not the case as sales dropped across CREB by just over 7%. The sales to new listing ratios across CREB are 45.74% which is resulting in rising inventory. The pricing has continued to remain stable in most sectors but prices are expected to soften with rising inventory. 

What does this mean for sellers? For the sellers that need to sell, it would be wise to get ahead of the market and price aggressively to sell. It will be competitive getting the attention of the buyers that are in the market. For the sellers that have the flexibility to sell, it may make the most sense to wait until Spring when the market typically picks up. The tire kickers testing the market will only help drive values down by contributing to the high inventory levels.  As always it is important to determine what is happening in the community prior to creating a price strategy
 
What does this mean for buyers? The potential for a "better deal" is just around the corner with softening markets. The challenge is that should interest rates continue to rise,teh affordability may become less. The higher cost of lending could off set any drops in pricing that we see over the winter months. As always, real estate is a long term investment and all we can do is time a move that works for our current lifestyles and requirements. with lots of options available on the market it is a great time to buy.
 
With recovering oil prices and the economy further stabilizing, there is great confidence building which should translate to the real estate market.  
 
CIR Realty
Read full post
Brett Murrell, Realtor Real Estate Agent serving Calgary, Okotoks, Cochrane & areas


The costs associated with selling a home

Deciding to sell your home is a big decision, so it’s always good to remind yourself of what that decision entails, including the associated costs you might incur. Many real estate industry groups have resources available to the public on the home-selling process, such as the Real Estate Council of Alberta’s Home Seller’s Guide. However, most resources don’t specify selling costs, in part because they can vary greatly depending on the individual property and circumstances of the sale. To provide a frame of reference, here is a summary of costs associated with selling a typical $500,000 home in Calgary:

 

Commissions – $19,950
Using a professional REALTOR® to sell your home provides many benefits, and that expertise is repaid in the form of commissions, which are split between your Realtor and the buyer’s Realtor. The industry standard in Alberta is typically seven per cent on the first $100,000 of the selling price, then three per cent on the balance, plus GST.

 

Legal Fees – $1,000
The cost of legal services can vary, but Calgary real estate lawyer Jeffrey Kahane says typical legal fees usually run about $1,000, which includes all necessary disbursements. Kahane adds that if your property is a condominium, there is an additional cost for an estoppel certificate/certificate of insurance, which, depending on the management company, might cost $200 to $350.

 

Real Property Report – $800
The Alberta Land Surveyors’ Association does not set a standard cost for preparing a real property report, as the work required can vary greatly depending on the property and what has been done to it since the original boundaries were placed. Expect to pay an average of about $600 for a new report and $500 to update an existing one, plus about $200 for a Certificate of Compliance from the City of Calgary.

 

Mortgage pre-payment penalty (if applicable) – cost varies
If you sell your home before the maturity date of a closed mortgage there might be penalties for pre-payment. Typically, that will be three months of interest on a closed, variable-rate mortgage, but can be much more if you have a closed, fixed-rate mortgage with an interest rate higher than current rates. In that scenario, you might be charged for interest on the remainder of the term, based on the interest rate differential. Check with your mortgage provider to be certain of the terms of your mortgage and pre-payment penalties.

 

Home staging/renovations – cost varies
Selling a home has sometimes been compared to speed dating, as buyers viewing several homes have only a short period to decide whether your home might be a potential candidate for purchase. So, to boost the chances of selling a home, many people make renovations or minor modifications to freshen things up, such as a new coat of paint. Others hire a home staging professional to make their home stand out from the crowd.

 

Moving expenses – $1,500
Lance Laliberte with Premiere Van Lines says professional moving is billed at an hourly rate, based on the number of movers and trucks needed, so they always recommend an in-home survey to provide the most accurate quote possible. However, he says the average cost for a local move within Calgary for a standard three-bedroom home with between 10,000 and 12,000 pounds of household goods is $1,500 to $2,000 during peak season in spring and summer months and $1,000 to $1,500 during fall and winter months, not including packing or unpacking services.

 

FYI: Bridge financing
If the closing dates for the home you are selling and one that you’ve already purchased don’t coincide, then the solution is bridge financing to cover the gap between your current mortgage and the one on the new property.

Nicole Wells, vice-president of home equity financing products and segments with Royal Bank of Canada (RBC), says a bridge loan is a temporary financing option that enables homeowners to use equity in their existing home to pay the down payment on their next home, while they wait for their property to sell or as they complete renovations on a new home.

 

“It allows you to own both homes at the same time and, for some, can help you buy first and sell later,” said Wells. “It can reduce stress of moving, strengthen your purchase offer and mitigate the need for temporary storage.”

She says a bridge loan is a short-term solution defined by the number of days between your purchase close date and subsequent sale date, which can be as short as one day or run as long as six months.
Wells adds that interest rates for bridge loans can be more expensive than conventional financing, but the shorter loan term can offset the cost.

 

Currently, the cost of bridge financing at RBC is set at RBC prime plus 4.5 per cent.

She suggests anyone considering the use of bridge financing should speak to their mortgage specialist to find out if it’s right for them.

 

Source: CREB NOW

Read full post
Brett Murrell, Realtor Real Estate Agent serving Calgary, Okotoks, Cochrane & areas

Maybe you’re buying a home for the first time. Or maybe you’re selling your old home to move to something new. Whether buying or selling, you’re involved in an intricate process requiring many specialists. One of these specialists might be a REALTOR®, who’s responsible for making the transaction as easy as possible for you.

The REALTOR® Difference

However, not every licensed or registered broker or salesperson is a REALTOR®. To be a REALTOR®, the agent must be a member of The Canadian Real Estate Association (CREA). And to be a member of CREA, an agent is expected to be:

  • Committed to the REALTOR® Code: The code is the accepted standard of conduct for all real estate practitioners who are REALTORS®. It’s your guarantee of professional conduct and the quality service. Read more about the REALTOR®Code.
  • Knowledgeable about developments in real estate: A REALTOR® can get you the information needed to make an informed decision: comparable prices, neighborhood trends, housing market conditions and more.
  • Actively updating education: Through courses, workshops and other professional development, a REALTOR®maintains a high level of current knowledge about real estate.
  • Access: REALTORS® have access to Board MLS® Systems, which facilitate the cooperate sale of properties to benefit consumers.

Benefits of a REALTOR®

Whether buying or selling a home, you can trust that your REALTOR® will ensure the transaction is completed competently and professionally. You don’t have to worry about the details – your REALTOR® can take care of them for you. You can get advice from someone with an intimate knowledge of the local housing market. And you can count on the help of a professional who has committed to serve with integrity and competence.

Read full post
Brett Murrell, Realtor Real Estate Agent serving Calgary, Okotoks, Cochrane & areas

Are you thinking about selling your house or another parcel of real estate that you own? If so it is important to follow some of these guidelines to help you get the most out of your real estate and that can possibly save you thousands of dollars in the future. Although this is not a comprehensive list of everything that needs to be followed when deciding to sale your real estate it is list of important items that we have noticed at CIR REALTY which can play a big role for most sellers. 
Make sure you list your property with a REALTOR®.
As members of the National Association of REALTORS® each member adheres to a strict code of ethics that provide a wide variety of benefits for buyers and sellers. Not all real estate agents are members of the National Association of REALTORS®.

Have your real estate agent perform a competitive market analysis.
Often times homeowners will not have the information or expertise and a know how for what other properties have sold for or what your current competition is. A real estate agent working for you will prepare a competitive CMA so that you can look at what other properties have sold for and what other properties similar to yours are listed for. 

Price your property competitively and correctly from the beginning!
Although many sellers want to try and get the most out of their property and take the philosophy that they can always adjust the price at a later date. In reality the best and most qualified prospects will come early in the game when the for sale sign first goes up and your property first hits the local multiple listing service hot sheet. Often times sellers who price their property higher in the beginning and then begin to lower their property over time get less for their property than they would have if it had been priced correctly from the beginning. 

Get a home inspection in advance.
Normally a home inspection will not cost you a lot of money and can be a good marketing tool for your agent when selling your property. It is also good because any major issues or problems that might arise can be fixed in advance. Smaller items that can sometimes give the buyer bargaining room to reduce your cost can also be prepared or fixed in advance of your marketing efforts and can generally save you hundreds if not thousands of dollars by preparing in advance. 

Reduce clutter.
It is important to remember that reducing clutter and as much furniture and other items in advance can help in the sale of your property. If you need to store things in boxes or pack things up and move to another location or to another family member or friend’s property the extra room can normally be a benefit. 

Give yourhome a fresh coat of paint.
Generally a fresh coat of paint and cleaning the carpets are all very important in helping you sell your property. Normally painting your home will not cost much money and can add a good fresh up look to your residence. 

Open drapes and turn on lights
It is always a good idea to allow as much light to infiltrate your property as possible. Turning on lights, adding new stronger light bulbs and opening blinds and drapes is a big plus for marketing your property. 

Avoid music and avoid being home when your property is shown.
Although many sellers like to be present during the showing of their property for a real estate agent being gone can help immensely in the marketing of your property. Buyers normally feel free to open closets and look at the property without sellers following them around or talking too much about the property. You might also say the wrong information or come off as desperate to sell by being present during the showing. 

Provide copies of receipts on items you have purchases for your agent or repairs you have made over the last couple of years.
If you have installed a new roof and you have a copy of how much you spent for the roof that information can be helpful to put into a folder or book along with any other major expenses or expenditures you have spent. It is also a good idea to have copies of your taxes, the insurance premiums, utility cost per month and any other important information such as surveys or plans that maybe available to help your real estate agent during the marketing process. 

Clean the front porch and front lawn of any debris or items that might be a turn off when people are driving by to look at your property.
Making sure your grass is mowed and well manicured along with a clean swept front porch without a lot of debris is very important in the marketing efforts of your property. 

Make your home look like a magazine.
Having your beds made, clothes picked up off the floor, tables straightened and rooms fit for a picture in a magazine are important and can be a big hit when buyers tour your property for a possible home purchase. 

Be open to listen to suggestions from your agent.
It is always important to remember that your real estate agent is the professional and has the expertise or know how in selling your property. Many agents will report back to your listing agent as to what buyers or other agents think about you property or what needs to be fixed or changed. If this is the case be sure to have an open mind and listen to any suggestions that your agent may have to improve the marketability of your property. 

Again this is not a comprehensive list of what you need to do to sell your property but by incorporating these few suggestions it will help immensely in the marketing of your property and to get you the most out of your real estate and for a happy and successful real estate closing.



Source: John D. Mayfield ABR, ABRM, GRI, e-PRO, CRB

Read full post
Brett Murrell, Realtor Real Estate Agent serving Calgary, Okotoks, Cochrane & areas


Calgary Real Estate


As we settle into 2017, we are seeing significant improvements to the pace of sales, overall market conditions, and most importantly, consumer confidence. The energy market is the biggest driver of stability as oil prices have now increased by 75% year-over-year to the mid $50 range. This price range offers job security and many positions to be restored. While it is still not pre-2015 conditions, consumers are opening their wallets and starting to make the home purchases they have been putting off.


Calgary is a tale of two markets. Overall, 30-day sales volumes are up almost 30% from a year ago and we are sitting solidly in a balanced market with 3.24 months of inventory (balanced is 2.5mths–4.0mths). The busiest side of the market is in single family detached homes, which are up 32% in last 30 days of sales compared to this time last year. With only 2.34 months of inventory, we are in sellers’ market conditions and some buyers are facing multiple offers in lower prices ranges.


The condo market is still facing a surplus of inventory but is moving in the right direction with a 30%+ increase in sales. At 4.96 months of inventory, buyers still have the advantage but this is trending towards a balanced market with each passing day. A wild card affecting price growth on the condo side will be the number of new buildings expected to be completed, which could increase inventories in the next 12 months.


Overall, the conditions are right for price growth this year. The Calgary Real Estate Board is forecasting 2% increases across the market. For sellers, we expect a great year when priced with the market (overpricing will not work). For buyers, you have lots of great options on the condo side of the market but you may find yourself facing more competition for listings when looking at the single family detached segment.


Source: CIR

Read full post
Categories:   #Okotoks | acreage | airdrie | Airdrie, Airdrie Real Estate | Applewood Park, Calgary Real Estate | Aspen Woods, Calgary Real Estate | Auburn Bay, Calgary Real Estate | Banff Trail, Calgary Real Estate | Beltline, Calgary Real Estate | black diamond | bragg creek | braggcreek | Bridlewood, Calgary Real Estate | Buying | calgary | calgary real estate | CalgaryRealEstate | Cambrian Heights, Calgary Real Estate | Cayley, Cayley Real Estate | chestermere | Chestermere, Chestermere Real Estate | CIR | CIR Realty | cirrealty | Citadel, Calgary Real Estate | cochrane | Cochrane, Cochrane Real Estate | Condo | Cranston, Calgary Real Estate | Crestmont, Calgary Real Estate | Dalhousie, Calgary Real Estate | dewinton | farm | foothills | Glamorgan, Calgary Real Estate | High River | High River, High River Real Estate | home | Home Buying | Home For Sale | homeselling | horse | Killarney/Glengarry, Calgary Real Estate | land | Legacy, Calgary Real Estate | listing | Longview, Longview Real Estate | marketreport | Millarville | mls | Moving | New Brighton, Calgary Real Estate | Okotok | okotoks | Okotoks acreage | Okotoks homes for sale | okotoks real estate | okotoks real estate a | Okotoks real estate agent | Okotoks, Okotoks Real Estate | Panorama Hills, Calgary Real Estate | Patterson, Calgary Real Estate | Priddis | Priddis, Priddis Real Estate | Queensland, Calgary Real Estate | range | real | real estate | real estate agent | Real Estate, Okotoks, Cochrane, Listing your home, Calgary, Realtor | realestate | realtor | realty | Review | Royal Oak, Calgary Real Estate | Ru | Rural Foothills County, Rural Foothills County Real Estate | Rural Foothills M.D., Rural Foothills M.D. Real Estate | Rural Mountain View County, Rural Mountain View County Real Estate | Rural Rocky View MD, Rural Rocky View County Real Estate | Rural Willow Creek M.D., Rural Willow Creek M.D. Real Estate | Saddle Ridge, Calgary Real Estate | Scenic Acres, Calgary Real Estate | selling | Silverado, Calgary Real Estate | Southwood, Calgary Real Estate | Stavely, Stavely Real Estate | strathmore | Strathmore, Strathmore Real Estate | Three Hills, Three Hills Real Estate | turner valley | West Springs, Calgary Real Estate | Willow Park, Calgary Real Estate | Windsor Park, Calgary Real Estate | Woodbine, Calgary Real Estate | YYC
Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.