Lots of people in the Spruce Grove, Stony Plain, Parkland County and Edmonton region are nervous about the Alberta economy and the impact of the upcoming federal election. If you are one of those people, and are holding off on buying a new home or putting your current home on the market, recent statistics from the REALTORS® Association of Edmonton might ease your stress a little.

Selling prices are down somewhat, the number of homes on the market is up a fair bit, and homes are taking a little longer to sell than a year ago, but there is still plenty of room for optimism on both the buying and selling sides. Here’s why.

In September 2014, the selling price for an average single family home in the Edmonton area was $436,429. In September 2015 the price had dropped to $432,150, a decrease of just .98% from the previous year. This seems to suggest that value is there for buyers, while sellers can still expect to receive a fair dollar.

In September 2014 a single family home stayed on the market for an average of 47 days; this year the time has increased, but only slightly, to 51 days. Last September saw 1,568 residential units being sold; this year that number dropped by 6.76% to 1,462. A slower market this year, but still plenty of movement.

A year ago, there were 4,812 units in the residential inventory for the Edmonton area. By September of this year, that number had increased to 7,108, a jump of 47.71%. This means that buyers have considerably more choice when considering their purchase. Sellers have more competition and so may have to put more time and effort into getting their properties ready to sell. But home owners who keep their property well maintained and have reasonable expectations for a selling price should not find this to be a problem. A seller was once the buyer of the property they now have on the market. I continually tell my buyers to consider the resale value of whatever property they are thinking of purchasing. Once they own that property, they should never forget that eventually they will want to sell, and a home that is well maintained and offered for the right price will find a buyer, even if the market seems to be less than ideal.

No matter what the housing market is doing, the best time to buy or sell is when the time is right for you! I’m always available to help you buy or sell. Call or text me at 780-910-9669, email me at barry@barryt.ca, or contact me here.

If you’re planning to buy a home in Spruce Grove, Stony Plain, Parkland County, the Edmonton region, or elsewhere in Alberta using the services of a REALTOR®, expect to be asked to sign several documents during the process. You already know, if you’ve bought property in the past, that your Offer to Purchase states the price you are willing to pay, any conditions on the offer, and the date on which you’d like to take possession of the home. You’re also asked to provide proof of your identity and probably your financial ability to enter into a purchase agreement.

Beginning July 1, 2014, all property buyers in Alberta working with a Realtor will be required to sign a Buyer Representation Agreement.

What is the Buyer Representation Agreement?

This document formalizes the relationship you’ll have with the Realtor. You and your Realtor will agree to a number of things, including:
• when the relationship begins and ends;
• what the responsibilities of the Realtor and the real estate brokerage he or she represents are to you;
• your responsibilities to your Realtor;
• what services your Realtor will provide;
• what is to be done in situations where a conflict of interest arises;
• what fees and expenses, if any, you might be required to pay;
• how your personal information will be handled;
• methods of communication between the parties;
• contact information for both parties.

Why are buyers now required to sign this document?

The concept of this agreement is not new. What is new is its use in all Realtor-buyer relationships. Its purpose is to provide clarity and protection for both parties by clearly setting out the requirements and expectations for the relationship. You as a buyer will know exactly what your rights and responsibilities are, and what services you can expect from your Realtor. Having trust and confidence in the person helping you with the most important purchase of your life, and knowing that your interests will be promoted and protected can only be a good thing!

When will buyers be expected to sign the Buyer Representation Agreement?

Most Realtors will likely explain the Buyer Representation Agreement to their clients and request that it be signed near the beginning of the relationship, usually before the buyer’s needs and wants are discussed in great detail and before properties are visited. Clarity and protection!

As a buyer, I’m worried about all the fees mentioned in the Agreement.

Nothing has really changed. In Alberta, Realtors representing sellers and Realtors representing buyers generally split the fees offered by the seller of the property. Payment for Realtors occurs when a property is sold, with the Realtors’ fees being paid from the proceeds of the sale. Usually, a client buying a property does not pay a Realtor directly for realty services. If a given Realtor charges a retainer for helping a client in buying a property, that retainer will be applied toward the fees due from the sale of the property, and this will be clearly stated in the Agreement. Note that all terms of the Agreement, including fees, are negotiable. The Agreement is a legal document, and my best advice is to read it carefully and completely, and ask any questions before you sign it.

Does signing a Buyer Representation Agreement with a Realtor mean I can’t work with any other Realtor?

While the Agreement is in effect, usually…but! When your Realtor signs this agreement with you, he or she is committing to assisting you in all the ways outlined in the agreement. As time goes on, and your Realtor becomes more attuned to your needs and wishes, he or she should be in the best position to help you find just the property you’re looking for. If for some reason you want to end the relationship, note that your contract specifies an end date, and it is also possible to end it early under certain conditions in the contract. In addition, special conditions can be written into the agreement before it is signed.

Comments or questions about the Buyer Representation Agreement, or any other aspect of buying and selling property? Call or text me at 780-910-9669, email me at barry@barryt.ca, or contact me here.

When people ask me if it’s a good time to buy a home in Spruce Grove, Stony Plain, Parkland County or the Edmonton region, I usually tell them that the best time to buy is when they’re ready.  And that answer is true whether the market is up or down and whether the market favors buyers or sellers.

But sometimes it’s useful to take a look at current market statistics if you’re still trying to decide about becoming a homeowner.

The Real Estate Weekly regularly publishes information about residential home sales in our area.  The November 13, 2013 issue has an intriguing title for the most recent summary of market activity:  “Youthful buyers continue to drive housing sales in October”.  Darrell Cook, president of the Realtors® Association of Edmonton, points out that Edmonton residents are a youthful demographic with an average age of 36 and good job prospects so demand for housing remains high.  This translates into a brisk housing market.  In fact, Mr. Cook points out that “total annual sales are the highest they have been for five years and we had the best October in five years as well”.

And what about house prices?  In October 2013, the average single family home sold for $397,613, up 2.5% from a year ago.  The selling price of the average condo, at $235,680, was up 2%.  The total number of residential units sold in October was up a big 7% over the same time last year, while total number of units available for sale was down 3.8% from a year ago and those sold on average 6 days faster (on the market for 54 days compared to 60 days a year ago).

Good news for sellers, yes.  But still a reasonable market for buyers as well.  Buyers at present may need to be a little more organized (mortgage pre-approval in hand), as well as ready to act promptly when they find a house that suits them, but it’s just as possible to find your dream home now as at any other time.

Looking to sell your home?  I’d be happy to do a free home evaluation and advise you on getting it ready to sell.  If you’re in the market to buy a home, let me help you find just the right one!  Call or text me at 780-910-9669, email me at barry@barryt.ca, 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 barry@barryt.ca, or contact me here.

Where do you go to get information for renovation projects?  The television set in your home in Spruce Grove, Stony Plain, Parkland County and the Edmonton area is probably not your first choice, but flipping through the channels these days reveals something surprising:  Among the many sports, movie and mainstream networks, there are a large number of worthwhile programs and even whole networks offering valuable information to homeowners.  Check out some of these offered in the Spruce Grove/Stony Plain/Edmonton area by Shaw Cable and TELUS Optik TV.  A little disclosure:  After you’ve checked them out, let me know what you think because I admit I haven’t seen most of them myself!

A & E

(Shaw 25, HD 233; Telus 170, HD 670)

$100 Makeover, Disaster Guy, Drill Team, Fix This Kitchen, Fix This Yard, Flipping Vegas, Flip This House, Hoarders, Sell This House

CBC  (Click on Find a Program)

(Shaw 4, HD 209; Telus 4, HD 618)

All for One With Debbie Travis, Steven and Chris

Discovery Channel  

(Shaw 32; Telus 200)

Canada’s Worst Handyman

DIY Network  (Click on Shows A-Z)

(Shaw 136; Telus 144)

A whole network of house-related programming, such as:  Decked Out, The Dirt on Gardening, Disaster DIY, DIY Hot List Kitchens & Baths, Dream House, Garage Mahal, Holmes on Homes, House Crashers, I Hate My Kitchen, Man Caves, Rehab Addict, Turf War, Wasted Spaces, Weekend Handyman, Yard Crashers, and many, many more.

HGTV 

(Shaw 19, HD 231; Telus 142, HD 680)

Too many shows to list them all here!  A few of the more popular:  Colin & Justin’s Home Heist, Debbie Travis’ Painted House, Gardening by the Yard, Holmes on Homes, Holmes Inspection, House Hunters, Property Virgins, Real Renos, Sarah’s House.  Many more.

OWN (Oprah Winfrey Network)

(Shaw 92; Telus 202, HD 651)

Divine Design, Home Takeover with Simon & Tomas

PBS

(PBS Spokane on Shaw 22, HD 204; Telus 23, HD 607 Seattle

PBS Detroit on Shaw 81

PBS Boston on Telus 54, HD 629)

HandyMa’am with Beverly DeJulio, The Perennial Gardener with Karen Strohbeen, The Router Workshop, This Old House, The Woodwright’s Shop

Slice  (Click on Shows)

(Shaw 33; Telus 141)

Family Renovation, House Poor, Shotgun Reno, Till Debt Do Us Part

TLC The Learning Channel

(Shaw 35, HD 236; Telus 140, HD 671)

Hoarding: Buried Alive, Home Made Simple, Kitchen Boss, Spouse vs. House

W Network

(Shaw 34; Telus 146)

The Agents, All for Nothing, Anna & Kristina’s Grocery Bag, Building Bryks, Candice Tells All, Colour Confidential, Divine Design, Grin and Build It, Help My House is Falling Down, Home Wreckers, Inside the Box, Love It Or List It, Making House, Million Dollar Decorators, My House Your Money, Property Brothers, Take This House and Sell It

Not strictly related to houses and real estate but still very much related to home, so we have to give an Honorable Mention to:

The Food Network 

(Shaw 29; Telus 143)

Ace of Cakes, Barefoot Contessa, Chef at Home, Eat Shrink and Be Merry, Family Restaurant, French Food at Home, Iron Chef America, Jamie’s Meals in Minutes, Restaurant Makeover, The Best Thing I Ever Ate, Tough Cookies, and much more!

This list isn’t intended to be comprehensive, but if I’ve missed anything that really should be on it, please let me know!

I’d love to help you find a house to turn into a home.  Call me at 780-910-9669, email me at barry@barryt.ca, or contact me here. 

How do we go about changing the “For Sale” sign on your home in Spruce Grove, Stony Plain, Parkland County or the Edmonton area into “Sold”?

Once your house is officially “on the market”, lots of things take place in my office to make sure that as many realtors and potential buyers as possible are aware of it.

First of all, I post your listing, consisting of a detailed description of your property, the pictures and measurements I took during my visit, and various other particulars such as the asking price, annual property taxes, neighborhood features and so on, to the Multiple Listing Service, or MLS®.  This powerful online service almost instantly makes your property’s information available to the thousands of realtors working in the Edmonton region.  They, in turn, can make this information available to their clients who might be looking for a property like yours.  Clients who create a customized search profile listing their desired property features can opt to receive automated “highlight sheets” showing properties available for sale that match what they are looking for.  These days, most realtors, or their offices, have websites with a direct link to MLS, making it possible for their clients to see all the pictures and other information posted on MLS.  Potential buyers can also search MLS listings directly by going to MLS.ca or Realtor.ca. 

Back at the Realty Executives Leading office, a full-color printed “window ad” showing a picture of your home and a verbal description is posted in the front window of our building so that passers-by and visitors to the office can see the properties listed for sale by the realtors from our office.  I may also create a glossy color highlight sheet featuring photos of your home’s best features for potential buyers to pick up when they are viewing your home with a realtor.

I advertise some or all of my listings every week in the local newspapers, the Grove Examiner in Spruce Grove and the Stony Plain Reporter in Stony Plain.  I also place ads in the Real Estate Weekly (circulation 60,000) published by the Realtors Association of Edmonton.  Printed copies of the Real Estate Weekly are inserted in home-delivered newspapers and sent out to newsstands selling the Edmonton Sun, as well as high traffic food stores, banks and real estate offices all around the Edmonton area.   Websites for all three of these publications have meant an even greater possible audience for this advertising.

I make as much use of technology in marketing your property as I can, featuring my listings on my website and on my Facebook Business Page, as well as posting ads on Kijiji and creating special in-house virtual tours, using software called VisualTour, that are attached to my MLS listings. 

While we still put a For Sale sign on your front lawn and maybe stage an open house, you can see that today’s real estate marketing goes well beyond traditional sales methods!

Looking to sell your home?  I can help!  Call me today at 780-910-9669, email me at barry@barryt.ca, or contact me here.