Calgary Median Price vs. Average Price
Median Price Another statistic that is good to track is the median price. This allows us to know better what the market is doing from month to month is a specific community or the market as a whole. The median price is the middle price point excluding the highest sale and the lowest sale. Average Price The media often uses the average price which is not a great indication of the current market. The media seems to love the average price due to its swings from month to month or week to week. It is a slight indication of market trends but only a small snapshot of the whole picture. An average price can be lower or higher depending on what property has sold that month. Sometimes in a stronger buyers market, higher priced homes will move more often because buyers may invest in higher priced properties because they are taking advantage of the market and their dollars will go further....
The Absorption Rate is the ability of the real estate market to sell off all of the houses that are for sale.
For example, if 100 homes are sold every month and there are 1200 homes for sale then it will take 12 months to sell all of those homes. If there are 2400 homes for sale then the absorption rate will be 24 months or 2 years.
If you would like to sell in 12 months then you need to take the absorption rate into account. In the above scenario with 2400 homes for sale, we know that only 1/2 of them will sell in the next 12 months....
When buying a home or condo it is essential to get a home inspection. Some clients do skip this step because of the expense but the reality is that the expense you are saving by skipping the home inspection might not be saving you any money at all. The truth is that the home inspection may provide details of repairs which might exceed the cost of the home inspection anyway.
There are many Calgary home inspection companies available to choose from. So please do your homework when making a choice. I have used many different home inspection companies over the years, with that experience I can point you in the right direction and assist you in narrowing down a few to choose from.
You will want to know a few things before you pick any one home inspection company.
- How long have they been in business?...
REALTOR® 's typically work on a commission basis and are only paid when in fact they sell a home.
In most cases 99% the norm is that the seller pays the commissions and they are split between the buyers agent as well as the sellers agent. Unless you have negotiated something different with your agent, then it is safe to assume that this is the case.
The good news for a buyer is that it does not cost anything for your to work with a REALTOR® to find your new home because the fees are essentially paid for by the seller to find the buyer when a successful sale is made. But just because the seller is paying the real estate commission it does not mean that your agent will work for the seller. Your buyers agent will have fiduciary duties to protect your best interests throughout the course of finding the home right through to the completion of the sale.
As a buyer you will benefit from the experience and knowledge of a professional to guide you through...
A question that I find comes up often is why would I use a mortgage broker instead of just going to my bank? There are numerous reasons why a person should use a mortgage broker.
- We provide a service that is very difficult for an individual to do on there own, find the best mortgage rate and mortgage option available for their specific circumstance.
- In the vast majority of instances there is no fees. Our service does not cost anything! We are paid by the lender who funds the mortgage.
- If you go into your own bank you have no idea whether the rate and terms you are being offered are the best available. We deal with over 50 lenders, so we can ensure that the client is getting the best rate possible.
- We do the searching for you! Time is a commodity that very few people have enough of. We are able to do one application and shop the mortgage to dozens of lenders.
As I meet sellers to evaluate their properties for sale, I am often surprised at their unwillingness to do the things it takes to achieve top dollar in listing their houses for sale. I often hear sellers say But I don't want to spend any money because I am moving! Just because you are moving out of your house, does not mean that it needs to look that way. Buyers are looking for a house to buy, not move out of! To achieve top dollar for your home, especially in this very competitive buyers market, you need to make your house show the very best that it can. That means you might have some work ahead of you!
1. The first step is to ...
Recently while a client was obtaining their permits for developing their basement they found that there were still open permits for the upper levels that the builder did not complete. So a call to the City was made and out came the inspectors. It turns out there were minor issues with the upper levels that were easily fixed to meet code, but this raises the question, what if there were major issues, or even changes in the code then what?
the unforntuante thing is that the builder is no longer resposible for the still "open" permits because you now occupy the home, and with occupancy also goes the resposibility of ensuring the permits are correctly closed off with your new home. You cudl ask the builder to complete the permits but they could refuse to assist you in complying with the city. If there are any required changes minor or major it would technically be up to the homeowners...