What Are The First Steps To Selling A House?

person holding model house selling a house

Deciding to sell your home is a big step and it’s almost always in conjunction with another major change in your life, be it marriage, divorce, children, a new job, retirement, etc. That, or you may just want a larger space or you’re getting ready to list your first flip project.

Whatever the scenario is, knowing the first steps is key to ensuring that the home selling process is as smooth as possible for both you and your buyers. 

Let’s dig into some of these first steps and what they mean for you as a seller.

selling a house

Find a trusted REALTOR®

Your real estate agent will be your go-to during the selling process. They will go to bat for you and ensure that you get the best price and terms possible! They’ll help stage the property for sale, conduct walkthroughs, showings, and bring their market expertise to the sale. 

With this in mind, it’s important to enlist an experienced REALTOR® that will operate with your best interests in mind during the whole process. Be sure that you are both comfortable with the person you have decided to work with, as well as happy with the marketing strategy they have for your property. 

In this day and age, google makes it so easy to find reviews and feedback. Not only is this information easy to find, but it will also show you how long they’ve been in business, any designations or certifications they’ve earned, as well as how happy their past clients have been with their service. 

Find out the value of your home

Your first priority is determining the value of your home, let’s consider a few contributing factors:

    • You could conduct a pre-listing home inspection. A home inspection will prepare you for any surprise repairs and make your home a more attractive option for prospective buyers. Getting ahead of this step will also leave you well prepared for any buyer questions. 
    • Consult with your REALTOR®. One of your REALTORS® jobs is to stay abreast of market changes and trends. They will be able to give you a range of realistic listing prices. 
    • Take a look at what’s on the market.  The REALTOR.CA website will list the Edmonton homes for sale, which will give you a great touchpoint for your own home. Be sure to look at key factors like location, size, age, and finishings of the home to come to an accurate comparison.

Get organized and begin showings

You can start getting organized at any time, but this step leads right into and prepares you for the showing process. 

Here are a few actionable starting points:

    • Begin a deep clean. Make a list and determine what rooms you’ll organize and declutter first. It’s a good idea to start with guestrooms, crawlspaces, and otherwise lightly used areas. Be sure to sell or donate items you don’t use or want anymore.
    • Make only necessary repairs. Make the repairs as directed by your home inspector (if you decide to do this step), but don’t get carried away with upgrades without consulting with your REALTOR®.  Some touch-ups may be necessary before getting your property on the market, while other items may be something the buyer will want to do (eg- choose new flooring) 
    • Stage your home. When you start showings, it’s a good idea to stage your home. You can hire a staging service or look after the process yourself. Staging creates a neutral (no family photos or personal knick-knacks) and inviting space that your prospective buyer can easily picture themselves in.  Your REALTOR® can also give advice on what items need to be moved or packed away. 
    • Be prepared for many showings. The showing process can be tiring, but worth it. The process involves people viewing your home and showings can occur multiple times a week. Your agent will ask for other viewing REALTORS® to give notice for showings, but it is also important to have your home show ready for any last-minute showings that might happen when you are at work for example. 

 

Closing steps

Once these critical steps have been successfully completed and your house is sold, you’re left with the final countdown! 

This involves transferring utilities to your new address, forwarding your mail, organizing the proceeds and taxes from your home sale, and enjoying a job well done!

 

Need advice for your upcoming move? Looking for a new home in Edmonton? I’m Jeneen, and as one of Edmonton’s top REALTORS®, I want to work with you to find your new dream property or make that upcoming home sale as smooth as possible.

Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net.  

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction.
Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

4 Key Factors When Looking at Real Estate Listings in Edmonton

Light boho style and real estate design. Bed with pillows and blanket, carpet, tables with dry

Here are 4 Key Factors When Looking at Real Estate Listings in Edmonton

When looking for your dream home amongst the thousands of Edmonton real estate listings, you can easily spend hours “virtual touring” every house on the market without finding the right one. Luckily I have four factors to consider when looking at real estate listings in Edmonton.

1. Get your mortgage pre-approval

Before you even start searching for a home, it’s highly recommended you get the pre-approval for your mortgage in place first. It might not seem like the most exciting first step, but getting pre-qualified helps you – and your REALTOR® – search for homes within your budget. During this step, you will find out how much you’ll be approved to borrow from the bank, what the payments to expect should be, and what you’ll need for your down payment and closing costs. 

 

Having this information will help you narrow your search. Shopping within your pre-qualified budget can save you from being heartbroken later if you fall in love with a home outside of your budget.  Having that pre-approval in place also makes the whole purchase process easier as your lender will have all of the documents they need to finalize your financing condition for the sale. 

 

2. Research the Location

 Edmonton real estate listings are available on REALTOR.CA, which allows you to view properties on a map or search by neighbourhood, making it easy to research the community and the surrounding area. You may also want to consider the amenities these areas offer, such as parks, playgrounds, schools, and shopping. It’s also a great way to figure out how long your commute to work will be if you don’t work from home, or what the walkability score is.

 

The neighbourhood you buy your home in is crucial because you can update the house, but it’s a lot more challenging to move it to a different community. 

 

3. Features of the home 

Before you even start looking at listings, it is important to determine which features you want for your home. Knowing this early on can save you and your REALTOR® a lot of time and prevents you from touring homes that aren’t suitable for your needs. If you are having trouble figuring this out, ask yourself:

What features are essential to my lifestyle? 

  1. How many bedrooms?
  2. How many bathrooms?
  3. What home layout do you prefer?
  4. How about the kitchen layout?
  5. Do you need a big backyard, or would you prefer a low-maintenance home?
  6. Do you want a finished or unfinished basement? Are you looking for one with a legal basement suite?
  7. Work from home? What kind of office space do you require? 
  8. How big of a garage do you need? Would a single or a double work?

4. The Age of the Property 

Buying a newly built home versus buying an older home can have its pros and cons. Although you may have fallen in love with the charm of an older home, including the design features you love that you can’t find in newer homes, it’s important to remember that older homes may require more TLC than newer ones. Of course, that doesn’t mean you should avoid older homes, but it’s a good idea to know how much maintenance and repairs are required before purchasing the house, so you have a little extra money saved. This is why I always recommend a home inspected by a licensed home inspector. A small investment of time and money can save you a lot of money and headaches later.

 

A new home may be intriguing for it’s modern features and the ability to customize it from day one, but you also have to know what the cons will be.  Construction delays, overpaying for upgrades, and future community development are items that may arise.  This is why you need a good REALTOR® to accompany you while showhome shopping from the very start.

 

Need some help going through listings to find your next home? As one of Edmonton’s top REALTORS®, I have the experience and the knowledge to help you find the perfect place for you and your family! Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net Find me on Instagram

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction. Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

Housing Market Predictions: Trends on St Albert Real Estate

Real estate banner.

If you’re looking for real estate, St.Albert should definitely be on your list of places to consider when you’re looking to buy. St.Albert has all of the appeals of living in a small town – from its unique historical sites, beautiful parks, trails, and community events – with the advantage of being just minutes away from Edmonton.

Founded in the mid-1800s St. Albert is the epitome of classic and contemporary with historical buildings and all the modern amenities. St.Albert’s real estate scene is a mixture of established neighbourhoods that have had time to mature, and modern subdivisions with newer builds. 

Whether you’re looking to buy your first home, downsize/upsize, or buy an investment property, St. Albert real estate is a solid choice. It is great for those who don’t want the hustle and bustle of Edmonton – but still want the convenience of not being too far away from its perks.  Having grown up in St.Albert, I can speak to how amazing this city is firsthand.

That’s why we’ve put together our housing market predictions for St.Albert to help you make an informed choice about whether or not this is the community for you. 

1. St.Albert is booming – and will continue to do so

The St.Albert housing market is currently enjoying the pandemic boom – similar to many other communities- but that does not mean that first-time homebuyers are pushed out of the market.  Many people are also realizing that they need to upsize as working from home becomes more permanent, their family is growing, or they need more space. 

Our prediction: now is a great time to get in on St.Albert real estate. According to Zolo, the average home in St.Albert is currently $435K, with homes spending an average of just 36 days on the market. 

Are you a first-time homebuyer? Check out our tips for first-time buyers!

 

2. If you’re looking to sell – now is the time

If you live in St.Albert and have been humming and hawing about selling your home – now may be a perfect time. Homes are going quickly due to increased demand as the market continues to flood with interested buyers.  Many people who lived closer to work can now move to their dream communities (like St.Albert) as they can now work from home at least part-time. 

Zolo states that in the last 28 days, there were 128 new listings with approximately 109 homes sold. As we stated above. With turnaround times of just over a month – this could be the perfect time to sell your current home to upsize or to move to a different location within the Greater Edmonton Area.

 

I am a Realtor in the Greater Edmonton Area who can help you find or sell your home in St.Albert. Whether you are selling your property or finding your forever home, as one of Edmonton’s top REALTORS, I have the experience and the knowledge you need! Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net.

Tips for First Time Home Buyers

Buying a home for the first time can be both stressful and exhilarating.  It is easy to feel out of your depth as it is a completely new experience with many steps and options. But don’t worry! Here is my list of tips for first-time homebuyers!

1.  Identify Your Needs and Do Your Homework

Before you start looking at homes, identify your needs. Consider how many bedrooms you need, the number of bathrooms, and whether or not you need additional features such as a garage. It’s also a good idea to know which neighborhoods or areas you’d like to live in. I would also recommend creating a flexible “wants” list which can include possible features you would like to have.

Identifying these top priority needs will also help your Realtor know what you want in a home.  Afterall, you don’t want to waste your time looking at properties that won’t meet your requirements. 

Check out my previous blog post on what to consider before buying a home to help you identify what kind of property you are looking for.

Additionally, do some research on what kind of programs may be able to help you with the purchase of your home – such as tax credits. For example, the Home Buyers’ Plan (HBP) in Canada allows first-time homebuyers to withdraw funds from their Registered Retirement Savings Plans (RRSP) to buy or build their first home.

 

2. Never Skip the Home Inspection

Once you have found the right property and write an offer that is accepted, you then have your condition period.  One of these conditions is usually to do a home inspection before you purchase the house – especially with older homes. 

A home inspection is a thorough assessment of the property’s structure and mechanical systems, which can result in the identification of potential problems or things that need to be repaired that aren’t necessarily evident to the untrained eye. 

Having an inspection can impact the cost of the property – either you may need to pay more after purchasing the property to fix these issues, or you can ask for the seller to fix some issues the inspector identified prior to you taking possession. 

However, a home inspection is not your chance to completely renegotiate the price.  The initial negotiations which got you a price reduction allows for most small and regular home maintenance repairs like caulking, grading, etc.  Bigger items or safety concerns are discussed on a case by case basis to figure out what resolution can be made, or if it is just too big of a deal breaker for a solution to be found.

 

3. Find a Real Estate Agent You Can Trust

Hiring a good real estate agent that you can trust to have your best interests and housing needs at the forefront of all of their decisions is important. It can be the difference between finding your dream home or giving up your search completely. Make sure you take a look at your real estate agent’s online presence including their reviews and testimonials to gauge their knowledge.  Also doing a Realtor interview (phone or in-person) can help you decide whether or not you feel that they would be the right fit to help your homeownership journey. 

 

Buying your first home? Work with a real estate agent you can trust! Jeneen Marchant is a Realtor in the Edmonton area who can help you buy your first home or dream home! 

 

I am a Realtor in Edmonton who can help find your first home. Be it your forever home or just a starter home, as one of Edmonton’s top REALTORS, I have the experience and the knowledge to help you find the perfect home for you! Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net.

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction. Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

The Do’s and Don’ts on Buying Investment Properties

residential street with 3 single family homes single garage

It’s no secret that investing in real estate can benefit you financially by allowing you to generate passive income.  This is done through positive cash flow either by purchasing properties to “flip”, or by purchasing properties to rent out to others. Before you get started though, I’ve got a list of do’s and don’ts when it comes to buying investment properties.

What is an Investment Property? 

First things first, what is an investment property? According to Investopedia, “an investment property is a real estate property purchased with the intention of earning a return on the investment either through rental income, the future resale of the property, or both.”

Investment properties can be long-term or short-term investments. 

Buying a  “flip” is purchasing a property in order to update/ remodel it, and ideally sell it for a profit; this is considered to be a short-term investment.

Buying a property to rent out to tenants is considered to be a long-term investment.  Yes it will take a 20% down payment, but after that, the tenants are paying down your mortgage over time.  Once the mortgage is paid down after a few years, you can even refinance to get money back in order to buy more investment properties.

Thinking about buying an investment property? Here are some do’s and don’ts to consider first.

modern interior shot of home with light brown leather couch and green walls

Do: Consider the Real Estate Market

It is easy to get so over-excited about the prospect of taking on an investment property that you forget to consider important external factors. Before you make any concrete decisions, it is important to consider the real estate market.

When shopping for an investment property, you need to consider if there is a high demand for houses or if there is a surplus of houses available.  High demand could mean that you have to act very fast and pay a bit more for a flip, but the returns when it is renovated could be worth it.

Conversely, if there is a surplus, consider why that surplus exists. Is it due to economic fluctuations, shifting rules surrounding mortgage approval, or is it due to the current interest rates? A surplus is not a bad thing as it can actually mean that you can buy a property for cheaper.  However, be careful as it is a fine line between a good price and a salable flipping property.

You should consider these same elements if you are looking to buy a property to rent out. Is there a surplus of rental properties, or are they in high demand? Is the area where you are considering purchasing in also high demand for renters?  If there is high demand, you may be paying more for a property, BUT this could mean that the cash flow is also higher.

Don’t: Immediately Seek out a foreclosure

It may be tempting to check out foreclosures when considering investment properties as they are thought to be priced lower.  However, banks and judicial foreclosures come with some hidden costs that aren’t immediately apparent. 

As I’ve previously discussed, there are a few things you need to know before purchasing a foreclosure. Foreclosure properties can come with hidden costs in the form of buying the property “as is, where” upon possession. Yes, you can sometimes have a property inspection done before buying, but not always.  Finding more issues than expected, major problems, or a property needing significant repairs can eat away at the renovation budget or mean a significant additional investment into the property during the flip or before renting it. 

Additional costs can also occur if you need to sanitize the property if mold is found, abate asbestos, or if you need to clear out garbage and debris left behind.  When you buy a foreclosure, what you see is what you get, which can include anything that’s been left behind. 

Do: Consider the Cost of Materials

If you are thinking of purchasing a foreclosure property, it is important to look into the cost of the materials and resources you will need to complete that renovation. Depending on the economy and the demand for specific goods, those materials could cost more than you were expecting (like lumber currently), so it is important to consider if the budget you have set aside for renovations will cover all that you need it too with the cost of materials and labour.

Don’t: Forget to Consider the Area You are Buying In

Sometimes properties come onto the market that seems like a steal of a deal for what you would be getting. Sometimes that can be contributed to the area they are in. Some areas are not good for rentals as they are isolated, far away from amenities, and require a vehicle to get into due to limited transit options. Or for flips, these properties are simply in an area that is considered old or undesirable by first-time buyers and seasoned homeowners. Some areas may have reasonably priced housing, but costly property taxes. 

Therefore, it is very important to consider which area of Edmonton you are buying your investment property in, and what aspects of these neighbourhoods potential buyers may be attracted to or repelled by.

Do: Know the Different Types of Properties

highrise apartment

Don’t marry yourself to a particular property type before you even begin looking for your investment property. Take the time to research all of the different options, such as condos, townhouses, single-family homes, and multi-family homes. 

Additionally, consider what types of properties are in demand and which better fit your property needs. Condos can be great rental properties, especially if they are located in desirable areas such as in the downtown core or close to the Universities. Single and multi-family houses can make better investment properties for remodels or “flips”, especially if they are located close to desirable amenities such as parks, schools, or recreation centers.

Don’t: Forget to Plan

It is no secret that the real estate market is steady right now. For many Edmontonians, this is the perfect time to buy a home or sell their current home. It is important not to be tempted to buy a property just because the market is appealing. You must have a solid plan as to what you would like to do with the property and if you have the time necessary to execute any plans you do have.

In terms of buying a property to remodel and sell, it is important to take advantage of the market while it is beneficial for you and you can make a significant return on your investment. That means you need to have a strategic plan of action for purchasing and remodeling the property promptly while also ensuring the quality of the renovations. 

Purchasing a property before you have a plan can lead to your cash flowing investment property into becoming a money pit.

 

Are you ready to purchase your first investment property? Make sure you are working with a real estate agent you can trust. 

As one of Edmonton’s top REALTORS, I have the experience and the knowledge to help you find the perfect investment property, and to help you sell it! Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction. Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

Five Excellent Options For Your Real Estate Investment

real estate investments options

If you’re looking for your next investment opportunity, the real estate market has a lot to offer.

When you invest in property, you have a strong chance of making a great return on your investment and, the best part is, you don’t necessarily need to have hundreds of thousands of dollars at your disposal to get started. Here are five excellent options to consider if you are interested in investing in real estate.

1. Buy a Rental Property

Buying a property and renting it out to tenants on a long-term basis is a great way to build wealth and generate a steady stream of passive income at the same time. However, this option will require some work on your end and extra costs can come up while you own the property.

Owning a rental property means you’ll have to find the right tenants for the property, manage their lease, and manage any issues that come up during their rental term. For example, if something breaks it’s up to you to get it repaired in a timely manner. 

You’ll also need a reserve fund for unexpected costs like repairs or vacancies. 

2. Buy a Vacation Rental Property

Investing in a vacation property and renting it out to tenants on a short-term basis has similar benefits to buying a long-term rental property. In fact, you may actually end up making more on this kind of investment than you would on a long-term rental. 

The catch is, managing short-term rentals is a lot more work than managing long-term rentals. If you decide to go this route, you would likely want to consider hiring a property management company to manage the rental process on your behalf. This will definitely save you a significant amount of work, but it’s an extra cost. You can expect a property management company to charge 10-25% to manage a short-term vacation rental.  

3. Rent Out a Room or Suite in Your Home

Companies like Airbnb have made renting out a room in your home—or renting out your entire home—on a short-term basis a really popular way for homeowners to create some extra income. 

If you have a legal basement suite in your home (or are willing to invest in the renovations required to create one), renting out some space in your home may be an excellent long-term option for you. Or, if you are considering moving or buying a new home in the Edmonton Real Estate market, look for any homes for sale now that have legal basement suites.

Similar to buying a long-term rental property, you will have to find a tenant who is a good fit for space, manage their lease and handle any issues that come up during their tenancy. 

4. Flip a House

This option is probably the most work-intensive of all, but it can have a strong payoff more quickly than some of the other real estate investment options available. Flipping a home, which involves buying a house, fixing it up and reselling it for a profit, can be an incredible investment if it’s done well.

Flipping a house can be a full-time job, so it’s not a good passive income strategy. It also involves a lot of costs upfront, from buying the home in the first place to the materials and labour for the renovations. This strategy can be quite risky as well, especially if the property doesn’t sell as quickly (or for as much money) as you estimated at the beginning of the project. 

This type of investment definitely requires a lot of due diligence before jumping in! You’ll need to look into everything from acquisition costs to holding costs to the cost of the renovations and repairs. It is also a better idea if you are handy yourself as you can save a lot of money in contractor or renovation costs.

5. Invest in a real estate investment group project 

If you don’t want to take on an entire property or manage the rental process, you could consider investing in a group real estate investment project as a lender. Now, this doesn’t necessarily mean directly lending money to someone you don’t know. You could help finance a real estate project through a relationship with a reputable mortgage broker or through an online lending platform or business. 

Real estate crowd funding is growing in popularity. This kind of crowd funding connects individual investors with professionally managed real estate deals. A third-party crowd funding company vets potential real estate partners, making sure they’re well-established with a track record of success. Then they offer individual investors opportunities to help fund real estate projects these vetted companies are managing. They assess these projects for their potential growth and return before bringing them to investors through their platform. 

 

This is a far more complicated form of real estate investment and is not for the faint-hearted.  Doing your due diligence as well as making sure you find partners you can trust is essential

If you are considering real estate investment opportunities in Edmonton, contact Jeneen Marchant today! She understands Edmonton’s real estate market and will use that knowledge to help you find the best investment for you.

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction. Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

What to Consider Before Buying a Home

Buying a home is one of the biggest investments you’ll make in your lifetime, so it’s important to make the best decision possible for you and your family. There are a lot of options when it comes to buying a home, which means there are tons of things you need to think about before making your choice. 

Here are 10 things to consider before buying a home:

Location

City centre, the suburbs, an acreage on the outskirts of the city—location is everything! You’ll want to make sure the location of your home fits your lifestyle. Ask yourself questions like:

  • How long would my daily commute be?
  • How far is it from main roads or highways? 
  • How far is it from the friends and family I visit most often?

Then consider the neighborhood itself. What amenities does it offer? Schools, recreational facilities, shopping, walking or biking paths, playgrounds and libraries, for example.

Price

This may seem obvious, but it’s important to make sure the house you choose fits your budget and financial goals. You’ll also want to make sure you’re working with a REALTOR® who has experience with the market you are considering and can advise you on a fair price for the home you’re interested in.

Layout

Think about what kind of layout will work best for your lifestyle. Do you like an open concept for entertaining and your family to gather in,  or do you prefer having separate spaces within your home so everyone has their own space? 

 

Now think about a typical day in your home. Is the layout functional for your lifestyle? How big is the entryway? Is the kitchen big enough? Where are the bedrooms and bathrooms located? What about the laundry room? Are there a lot of stairs? DO you have enough storage?

The Yard

The size (and even the shape) of your yard can make a difference. Proximity to your neighbours and privacy (trees, fences) are also important things to consider in a yard. 

You’ll also want to note the direction your home faces. If the house back south, it means you’ll get a lot of sun in your yard. If it faces north, you’ll get the shade.

Age and Condition

The age and the condition of the home often indicate how much money or maintenance you’ll need to put into the property after you purchase it. Repairing and replacing things like appliances, fixtures, plumbing systems, or heating and cooling systems can be costly, so it’s important to consider what kind of shape they’re in before you buy.

A good home inspection is important before buying any home and will give you an expert opinion on the home’s condition. 

Style

Whether or not a home fits your taste and style (or how willing you are to renovate and update the home) is a crucial consideration. If you want to buy a home “as is” and don’t want to have to make a lot of changes, you’ll want to make sure you like the colours and materials as they are. 

If you’re willing to renovate, take some time to research the extent of the changes you will want to make. How much money will you need to invest in materials and labour, and how long will the renovations take? 

Number of Bedrooms and Bathrooms

How many bedrooms you need will, of course, depend on the size of your family. However, it’s also important to consider other uses for bedrooms. Do you need one to be used as an office space or craft room? What about overnight guests? 

The number of bathrooms you need not only depends on your family but also your lifestyle and preferences. Does each person need their own bathroom or are some family members okay to share a bathroom? Do you need a tub-and-shower combo in each bathroom or is one of the other fine? 

Storage Space

Not having enough storage space can be a big headache. Think about how much space you actually need for your things (or whether or not you’re open to downsizing). Does each family member have enough closet space? What about dishes and kitchen appliances? Where will you put your coats and shoes? How about your holiday decorations?

If the storage isn’t quite up-to-snuff at the buying stage, take some time to research what storage options are available and whether or not they’ll work for the home you want to buy. 

Maintenance

Maintenance includes everything from cleaning to lawn maintenance to repairs to replacements. 

The bigger the home, the more time and energy will be needed for cleaning and upkeep. Think about how much time and energy you and your family want to put into your home on a regular basis. Or, is this something you would hire out (and how much would that cost)? 

 

Your REALTOR®!

Buying a home can feel overwhelming at times. You are faced with tons of tough decisions as you compare the pros and cons of each property you consider. A good REALTOR® knows the market you are purchasing your home in and is with you every step of the way, answering your questions and offering you solutions.  

Open and honest communication with your REALTOR® is key. Your REALTOR® should take the time to answer all of your questions during your home buying experience and make sure every detail is clear.

If you’re looking to Buy Homes in Edmonton area, contact me, Jeneen Marchant today! I understand that your home is one of your most valuable assets, and want you to be comfortable with every decision you make during its purchase.

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction. Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

What to Know When Purchasing a Foreclosure

Real estate concept

When you’re buying a home, it can be tempting to look at foreclosure properties. They are often priced lower and you can find some great homes in areas you may not be able to afford otherwise. However, there are some things you need to know before you buy a foreclosure. 

 

You might not be getting the steal of a deal you think you are.

While the perception around buying a foreclosure has always been that you are getting a better deal, that doesn’t necessarily hold true anymore. 

 

Foreclosures typically occur when the lender (the bank) repossesses a home after the previous owners fail to pay their mortgage. Foreclosures can also occur as a result of a court ruling. In both scenarios, banks and the court system have an obligation to sell foreclosed properties for a fair market value. The market value of the home is typically determined by a realtor and a property appraiser. 

 

From my personal experience, the appraised value usually ends up being what the property is listed for, but it doesn’t always coincide with market value, meaning the property can be over or under-valued. 

 

At the moment, however, the current market could work in your favour. Read more about taking advantage of the spring housing market in my most recent blog post

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Bank sale vs Court-ordered

As mentioned, foreclosures can be a result of the bank’s decision or a court ruling, each of which will shape your experience when purchasing the property. 

 

Bank sales usually go a bit faster, as the bank is eager to sell the property and recuperate costs. Negotiations are handled by a bank employee using certain guidelines, meaning that it usually takes at most a few days to hear back with counteroffers. That doesn’t mean there isn’t the potential for delays, in some circumstances, offers can take longer due to legal red tape. 

 

Court-ordered sales are different. In the case of judicial foreclosures, a court date is set and a judge decides on the best price for the property from all of the offers submitted. This means your timeline is decided by the courts, and you may not even get to purchase the property. 

 

Be prepared to do a home inspection

When you are buying a home, you can typically make a property inspection a condition of the sale. However, foreclosures can often require that any offer submitted does not have conditions.  This means that you may be required to get an inspection, which can cost about $650, prior to even submitting an offer. Inspections will also give you a better idea of what the potential costs of fixing up the home may be. 

 

Additionally, just because it’s a foreclosure property doesn’t mean there won’t be competition. Paying for an inspection can be risky, as there could be others doing the same thing in preparation to purchasing the property. 

 

What you see is what you get, literally

With other properties, you may be able to negotiate for certain terms like a professional cleaning or items to be removed from the property like an old playset. Foreclosure properties are sold as-is, where is at the time of possession, leaving no room for these types of negotiations. If you by chance find a foreclosed property that is considered to be a steal deal, be prepared for that property to need (potentially costly) renovations. 

 

Want some renovation suggestions? I’ve got them for you here.

 

Additionally, if a seller or a tenant is living in the property prior to your possession date, there is always the risk that the property may not be in the same state that it was when you originally viewed or inspected the property. Unfortunately with foreclosure properties, you are responsible for whatever damages may have occurred, or whatever items are left on the property.

 

Overall, foreclosure properties can be an interesting option when purchasing a home. It is critical to have an experienced and knowledgeable realtor to walk you through the process and ensure that the property is right for you. 

 

Due to the many extra steps and potential risks involved with the purchase of foreclosure properties I am hesitant to recommend them for first-time home buyers. However, they can be great properties for investors to add to their portfolios, or for someone who isn’t afraid to do some (or a lot) of home renovations. 

 

Looking into foreclosure properties? Let me help you with that!

As one of Edmonton’s top REALTORS, I have the experience and knowledge necessary to guide you through the process of purchasing a foreclosure property.  Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction. Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

It’s Time To Take Advantage of the Spring Housing Market

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Now that the chill of winter is being replaced by the warmth of spring, it’s the perfect time to start thinking about the benefits of buying your first home or moving on to another as the spring housing market ramps up!

Quarantine has inspired many people to look for a change of scenery, especially as many continue to work from home, and maybe doing so for the foreseeable future as many businesses decide to ditch brick and mortar and continue operating remotely. Changes to people’s career requirements have forced people to reconsider their space as their housing needs shift, resulting in many looking for bigger homes. 

woman looking at laptop

According to the Realtors Association of Edmonton, total residential unit sales were up 47.1% in January 2021 compared to January 2020 for the Greater Edmonton Area. Predictably, listings are spending less time on the market, with the average coming in at 65 days across all types of residential property, decreasing 14 days year-over-year. 

It’s clear that the Edmonton real estate market is eager to get going despite the weather and the pandemic. 

As discussed in my previous blog post, historically low-interest rates are a great reason to consider selling and/or buying a new home. Low-interest rates can make your dream home more attainable, and for those selling it means more home buyers are able to enter the market as homeownership becomes more affordable. 

Thinking about selling your home but want to put a bit of work into it first? Check out my blog post about home renovations that increase the value of your home and result in higher offers. 

While the Bank of Canada forecasts that interest rates will stay low until 2023, that doesn’t mean mortgage rates will. Mortgage rates (the rate of interest charged on a mortgage) have already started to bounce back as our economy begins to recover. Therefore, spring 2021 is the prime time to consider buying or selling your home if you’d like to take advantage of low interest and low mortgage rates. 

Understandably, the pandemic might still be a point of apprehension for most when it comes to home buying and selling, but as mentioned in this blog post, the pandemic has resulted in favorable market conditions that have increased the number of people wanting to buy. We have safety measures in place when viewing properties in order to protect the buyers and sellers. Furthermore, the housing market has been leveraging technological advances so that the market can continue to thrive and while keeping home sellers and buyers safe by using tools like virtual tours. 

With all those points aside, it’s always easier to move in the spring and summer months when you don’t have to worry about slipping on ice or getting frostbite from hauling boxes and furniture in the cold. 

Do you or someone you know want to take advantage of the spring housing market by either buying or selling a home? 

As one of Edmonton’s top REALTORS, I have the experience to sell your home for top dollar while helping you find your dream home! Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction. Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

3 Reasons Why You Should Buy or Sell a Home in 2021

Welcome to 2021!!! It’s a new year with new possibilities, new challenges, and a new real estate market to explore! 

 

After both a long and then whirlwind of a year in 2020, Edmonton’s real estate market is expected to stay balanced in 2021, with most buyers looking to purchase single-family homes, townhomes, and duplexes with yards. 

 

Although many homeowners are still apprehensive about buying or selling during this time, the vaccine rollout means that the pandemic is hopefully nearing an end.  Buying or selling a home will become a more realistic option for many Edmontonians in 2021.

As one of Edmonton’s top Realtors, I’m here to educate homeowners about the real estate market and guide you in buying or selling a home at the right time for your family.

 

That being said, here are 3 reasons why I think you should take the plunge and buy or sell a home in 2021: 

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1. Low-Interest Rates 

If you’re looking for a sign to buy a new home, here it is! Now is the time to take advantage of historically low-interest rates as it can mean that you can afford a bigger house or a slightly higher price point than you can when interest rates increase. 

 

Online mortgage calculators are great, but a personalized rate from a mortgage broker is even better! Contact me today and I’ll set you up with a great mortgage specialist at your bank (who only deals in mortgages), or a mortgage broker that can shop you around to find the best individual rate and terms specifically for you. 

 

2. People Need to Move 

Despite the impacts of the COVID-19 pandemic, there are still steady numbers of individuals who are looking to buy or sell a home in Edmonton in 2021. 

 

No matter what is happening in the world, homeowners are constantly faced with circumstances that require them to either sell their current home or purchase a new home. Maybe they are looking to upsize to welcome a new family member? Or maybe they are relocating for work? 

Whatever the case, there will always be homeowners looking to buy or sell a home in Edmonton and surrounding areas – which means that it’s the perfect time for you to buy or sell a home, too! 

 

3. Home Prices Continue to Rise 

According to RE/MAX Canada, home prices in Edmonton are expected to rise 2% to 3% by the end of 2021. 

 

Due to a widespread housing supply shortage in Canada, many markets will be facing higher home prices because of a lack of competition.  The Edmonton area is its own market with its own statistics, but we have had a relatively steady market since June 2020, and forecasts for 2021 look positive.  

If you’re ready to buy a new home this year, you may want to think about purchasing a home sooner rather than later to avoid the expected rise in home prices later in 2021. 

 

Are you thinking of buying or selling a home in 2021? Work with one of Edmonton’s most trusted Realtors! Contact Jeneen Marchant by phone: (780) 904-4240 or by email: jeneens@remax.net to get started.

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction.
Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.