Spring time in Spruce Grove, Stony Plain, Parkland County and the Edmonton region just feels like the right time to make all kinds of changes and start new things, doesn’t it?  If you’ve been thinking of changing your residence or maybe getting into the housing market for the first time, there’s no better time than now.  Prices are stable, the inventory of homes on the market is high, and mortgage rates remain at all-time lows.  But it’s such a big decision and where do you start?  What do you need to know to buy property? 

The Real Estate Council of Alberta has produced a handy little brochure called The Buying Process that answers a pile of questions you may not even know you had.  Some of the many topics covered in a few short pages include:

Decision to buy

Contact a Real Estate Professional

Know Your Options (regarding the relationship you have with a real estate professional)

Your Mortgage (getting pre-qualified and pre-approved and what the difference is)

Costs (besides the purchase price of the home)

Contact a Lawyer

Timing (various deadlines set by the Purchase Contract)

Looking at Properties

Disclosures (sellers are obligated to reveal any defects in their property)

Inspections

Purchase Contracts (the document that presents your offer to the sellers)

Multiple Offers

Terms and Conditions

Property Insurance

This brochure is well worth the few minutes it will take you to read it and should give you a good basic understanding of the process. 

If you have further questions, I am always happy to answer them!  Please phone or text me at 780-910-9669, email me at barrytwynam@gmail.com, or contact me here.

Looking for a home, whether in Spruce Grove, Stony Plain, Parkland County, the Edmonton region or elsewhere, is a lot like looking for a mate.  Each specimen you find has its own unique features, some great, some not so great – and the trick is to find one you can live with!

When clients give me a long list of things they absolutely have to have in a home, I know we might be looking for a long time, unless those clients have deep pockets!  This is equally true if clients are looking for a particular feature that is not common or standard in the average newer home these days.  For example, it is rare these days to find new homes, unless they are high-end models, with separate dining rooms.  It is more common today for new homes to be built in the open concept style, with a kitchen, dining area and living room that flow together instead of being surrounded by walls.

I usually counsel my clients to make a list of everything they’d like in a home and then to cut that list down to 10 prioritized items.  I also encourage my clients to differentiate between needs and wants.

• • What are things you absolutely have to have based on family configuration, activities and so on?  For example, a family with two parents, three kids and a grand-parent living with them is going to need a different kind of home than a single person living with his dog. 
• • What are things that would be nice to have but you could live without if you had to trade off one feature for another?  For example, would a laundry room in the basement rather than on the main floor work if it means that some more critical feature is present in a home being considered? 
• • Are there things that could be changed in the future?  For example, an unfinished basement can be a positive or a negative depending on the point of view of prospective buyers.  Sometimes a home’s potential counts at least as much as its current condition.
• • Notice I haven’t said a word yet about price. 

Once a reasonable and well-edited list of must-haves is on the table, I caution my clients that compromise is a word they are probably going to hear a few times before the deal is done.  If you have ten must-haves on your list and we are lucky enough to find a home that has seven of your desired features, I consider that a big success.

Let me help you find a home that’s just right for you!  Call or text me at 780-910-9669, email me at barrytwynam@gmail.com, or contact me here.

Looking to buy your first home in Spruce Grove, Stony Plain, Parkland County or the Edmonton region?  The provocative question in the title of this blog entry is the opening line  of “Strategy for first homes“, an article from the January 28, 2012 edition of the Edmonton Journal (reprinted from the Financial Post).

The Canadian RRSP allows tax-payers to save money for retirement while getting a break on taxes.   Once withdrawn, taxes must be paid, and the amount can never be put back into the RRSP – with one exception.  First-time home buyers needing money for a down payment are allowed to borrow up to $25,000 (tax-free) from their RRSP funds, and they have up to 15 years to repay the amount. 

But!  After reading the article, first-time home buyers might think twice about doing this.  The article explains with specific examples the permanent financial blow this deals to one’s retirement fund and subsequent retirement income.  Because the RRSP contains pre-tax dollars, the potential earning power of this money is greater than funds saved in other ways, and the loss of earning power is therefore greater also.  Loss of growth in one’s savings for retirement might be at least partially off-set by savings occurring from having a smaller mortgage, but prospective home buyers will need sharp pencils to calculate if this works for them. 

Read the full article to see if this strategy is the best choice for you.

I work with mortgage brokers who can help you figure out the best way to get into the house you want.  Call me today at 780-910-9669, email me at btwynam@telusplanet.net, or contact me here.

Most people considering the purchase of a home, whether in Spruce Grove, Stony Plain, Parkland County, the Edmonton region, or elsewhere, get around to asking the important question:  “Is now a good time or a bad time to buy a home?”  It sounds flippant or evasive if I respond with “Yes” or “That depends”, but both answers are correct!  For most people, buying a home is one of the most significant events in their lives, and it naturally comes with many positives and negatives based on individual situations.  Once people have made the decision to invest in a home, the best time to buy becomes “now”, no matter what the market is doing.

But the market at the moment in the Edmonton area is making the decision to buy much easier.  An article in the January 5, 2012 Edmonton Journal entitled “Real estate market healthy, agents say” contains some very encouraging news.   In spite of crises elsewhere (Europe’s money woes, the US housing market), prices and sales in our region remain steady.  The article quotes a statistic from the Realtors Association of Edmonton:  the average price of homes sold through MLS in 2011 was $325,457.  This is down slightly from $329,019 in 2010, but prices are not undergoing the wild swings we’ve experienced in the past or the ups and downs felt elsewhere.  The article also points out that 827 properties were sold in December 2011, compared to just two more the previous December. 

Is right now, just after New Year’s, a good time to buy?  Sure, why not?  The article mentions that the market usually picks up in the summer, with April and May being peak months, but there is always an inventory of homes waiting for the right buyer, and the current market stability, combined with continuing low mortgage rates, all suggest the time is never better!  

I’d love to help you find that perfect home!  Call me at 780-910-9669, email me at btwynam@telusplanet.net, or contact me here.