When to Consider Buying a “Diamond in the Rough”

Let’s face it. When you visit a home during a scheduled viewing or open house, you usually see it at its best. The rooms are tidy. The sinks are clean. The closets are organized and uncluttered. Even the lighting is set to its brightest.

That’s just good old-fashioned marketing.

However, not every house you see will look this way. For many reasons, a house on the market may be less than tidy, poorly decorated, and even need minor repairs. You may open the front door in anticipation, only to be immediately turned off by stains on the carpets, faded paint on the walls, cluttered hallways, and more.

First impressions form quickly. It’s easy to make quick judgments and move on. But, you may be passing on what could be a dream home. Don’t make…

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Things to Consider When Choosing a Neighbourhood

When you are looking for a new neighbourhood to move into, there are a lot of factors to consider. You can renovate and make changes to a home, but one thing you'll never be able to change is the location!

Here are some things to think about before choosing a neighbourhood:

1. Neighborhood safety: Check criminal reports, look at crime rates, converse with the neighbours, visit the neighbourhood at night, and ensure the streets are well-lit. Would you feel safe walking around the neighbourhood alone?

2. School district: If you have kids or plan on having kids in the future, living in a reputable school district is critical to giving your children a good education. Even homebuyers who don't have kids can benefit from living in a good school…

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Bank of Canada Maintains Overnight Rate

The Bank of Canada once again decided to maintain its target for the overnight lending rate at 4.5% while continuing its policy of quantitative tightening.

The Bank indicated that global economic growth has been stronger than expected but will weaken due to tightening monetary policy in many countries. The Bank made special note of an expected slowdown in US sectors that will have an impact on Canadian exports.

According to the Bank, first quarter economic growth in Canada exceeded expectations, adding that labour shortages are starting to ease due to strong population growth. The Bank noted that housing activity remains subdued and consumer spending is expected to moderate as more households renew their mortgage at higher rates. The Bank…

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Home Buying Timeline

Buying a home is no easy feat, but knowing what to expect and preparing for the journey ahead is key to a successful home-buying experience! On average, it takes 3-4 months to shop for a home and 30-60 days to close on your property once you're under contract.

There are a lot of variables that go into buying a house that could make things move faster or slower. The timeline differs for each individual and depends on the housing marketing, inventory, time of year, your financing needs, and the kind of home you're looking for.

Here's a generic outline of the buying process from beginning to end (with the average amount of time each step takes) so you can get an idea of what to expect when buying a home!

1. Find a…

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6 Common Reasons Why Sellers Reject Purchase Offers

When you make an offer on the home of your dreams, the last thing you want is to receive a rejection letter. Rejection is never easy and can be extremely discouraging, especially for first-time homebuyers. You might wonder what went wrong and what you could've done differently.

There are several reasons why a seller might reject an offer, but it's helpful for buyers to know the most common reasons to avoid losing out on the home of their dreams.

 Here are 6 common reasons a seller may reject your offer:

1. Your offer was lower than the asking price, and the sellers want more for their home (there's also a chance they felt offended or insulted by your lowball offer).

2. You didn't submit a pre-approval or pre-qualification letter with your…

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March 2023 Edmonton Market Update: "Spring Market Has Sprung As Edmonton Sees Month-Over-Month Growth"

Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for March 2023 decreased by 44.6% compared to March 2022 but saw an increase of 42.1% from February 2023. New residential listings were down 22% year-over-year from March 2022 while also noting an increase of 32.3% from February 2023. Overall inventory in the GEA was up 22.1% from March of last year and up 11.8% from the previous month.

For March, detached unit sales were down 47.5% from March 2022 but saw an increase of 48.4% from February 2023 at 1076. Semi-detached unit sales were down 58.2% year-over-year but increased by 20.7% from February 2023. Row/Townhouse unit sales decreased 45% year-over-year and increased 49.2% month-over-month. Apartment Condominium…

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What Makes a Home Move-in Ready?

When buying a house, you'll likely hear the phrase "move-in ready" to describe a property. What does it mean?

When a house is described as "move-in ready," it means that it is in a condition ready for someone to move in and start living immediately. The term offers that the home is up to code, in good condition, and free from needing significant repairs or renovations before moving into it comfortably.

The definition of "move-in ready" varies from person to person, depending on their needs and preferences. For some, "move-in ready" might just mean that all the appliances work; for others, it means a fully renovated home with current paint colours and updated light fixtures.

Here are some of the common characteristics you can expect to find in…

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10 Tips for Hosting a Successful OPEN HOUSE

If you plan on selling your home, you may wonder if an open house is worthwhile. The answer is simple: yes! An open house is an excellent opportunity to attract potential buyers, showcase your property, and get valuable feedback.

But the thing is, a successful open house doesn't just magically happen. As a seller, you'll need to do some things in preparation to make your home look its best and make a good impression on potential buyers.

If you're going to hold an open house, you need to do it right! Here are 10 tips for a successful open house:

1. Get rid of knick-knacks and declutter as much as possible.

2. Thoroughly deep clean your home or hire a professional cleaning company 24-72 hours beforehand.

3. Play soft music, light some…

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Worried about Finding a Home if You Sell First?

There are many reasons why selling your current home before buying another one may be a good idea. But, once you’ve made that decision, you may still worry that you won’t find another home to buy after you sell.

Fortunately, there’s plenty you can do to minimize that possibility.

For example, if you sell first, you’ll know exactly how much you can put toward a new home. Having that specific number in your back pocket will enable you to target your search and immediately jump on buying opportunities. When you see a home you like, you won’t have to wonder, “Can we afford it?”

Creating a buying plan will also help you quickly find the home you want.

Ideally, it should have a shortlist of neighbourhoods or areas you are considering. Narrowing…

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What to Do When Closing Dates Don’t Match

If you want to sell your current property and purchase your next dream home, you might wonder whether the closing dates need to be on the same day. You might even be worried that you’ll lose a property if the closing dates overlap, or you’ll be put out on the street if the dates are far apart!

For the most part, these concerns are unfounded. Thousands of properties change hands daily, and everything usually works out just fine. It’s amazing how often closing dates match!

But what happens if the closing date of the home you want to buy is days or weeks earlier than the closing date of your own property? Most lenders anticipate this situation and offer something called “Bridge Financing.” A special loan allows you to purchase the property…

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