November 2014

There are 21 blog entries for November 2014.



Home buyers are often very excited when they get to the home viewing stage. It feels that their dream of buying a home is more real. The excitement of home buying can cause you to make one or more of the five biggest home viewing errors. These errors can cost you time and money. Try to avoid the 5 following issues:

 1) Looking at every home possible - Many people believe that a 'more is more' mentality when viewing homes is the best plan. Not so - in fact, it can often lead to what I have called 'buyer's fatigue'. Often after viewing many homes, what happens is that the homes start to blur together and all look the same. When they all look the same it is much more difficult to allow one stand out for you to buy. You can prevent this problem by making

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Home buying is a security in two forms: 1 -  financial security, because you are securing a stable payment and stable plan as to where you will be living, and 2 - safety security, because home buyers want to have the physical security of feeling safe and secure in the home. This is especially true for young families who will be having children running around in their backyard. One excellent measure that home buyers can use to help identify if a neighborhood they are interested in safe is the crime mapping tool provided by the Edmonton Police Service.

The crime mapping service is an online tool provided by the EPS for citizens to monitor the criminal activity taking place in their neighborhood. Some of the features of the crime mapping service

1,023 Views, 2 Comments.


One of the most frequent questions Edmonton home buyers ask me when they get MLS listings information from me is "what does DOM mean?". This acronym stands for Days on Market - or how long the property has been listed. DOM is on almost all MLS listing information sheets. Knowing how long a property has been on the market can be a key indicator to its desirability if a home buyer knows how to correctly interpret it!

There are a lot of anecdotal beliefs that the 'best' time to get a deal on a home when buying is to make an offer within the 1st 7 days of a listing or the last 7 days of a listing. The belief is that there is more flexibility on the seller's end for some reason. Although I am not a proponent of this idea as a blanket theory, I can see why

1,172 Views, 3 Comments.


The Edmonton community of Rutherford is located minutes from the Anthony Henday just south of Ellerslie Road and West of 111 Street. There is a good density of low rise apartment units along Ellerslie Road and as 111 Street goes south, turning into James Mowatt Trail. As you go deeper south and west into the community you will find many new single family homes, as well as a nice complement of half duplexes and townhomes. The bus system has a regular route through the residential area as well as on the main arterial roads. Home owners who live here enjoy the quick access to the Anthony Henday, a variety of shopping, dining, and other commercial options, and the quick access to the southern most leg of the Edmonton LRT system. There were 4 single family…
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One of the first questions a home buyer should ask themselves is "Should I use a Mortgage Broker or my bank for my mortgage?". Before making this decision, it is important to know the difference between using a mortgage broker - an independent worker not affiliated with any financial institution, or your local bank's mortgage expert. There are benefits and challenges to both, and so knowing which is the best choice for you could save you thousands in interest!

Why is it so important to make the right choice? Let's do the math:

If you need a $400000 mortgage and can get a 1% lower mortgage rate, your monthly payment will be $215 less and by the end of your 5 year term you will have saved $12900 on payment interest and will have $6400 less on the

1,295 Views, 3 Comments.

 

There is a moment after a home buyer realizes they have bought their dream where they smile, take a deep breath in...and then ask "Now who do I need to contact?". Usually the first people are family, friends loved ones - usually thrown up in an excited status update on facebook or other social media, telephone calls, and emails. But after that, there are a series of calls and contacts that need to be made to make sure that your home transition process goes smoothly.

Home buyers should be contacting the following people or groups shortly after they buy their home:

Your bank or Mortgage broker - just to confirm that that home is sold and that financing will be necessary. You will need to have them meet with you to sign the appropriate paperwork

1,062 Views, 3 Comments.

 

After your offer to purchase has been accepted, it is everyone's hope that that we won't be dealing with bumps in the road during the condition stage. However, more times than not there are issues that come up.

Here are a few common 'bumps in the road' that you should anticipate and have a plan for:

Financing Issues

I have had many upset home buyers tell me" why I haven't gotten approved yet? I was preapproved already no problem!". Traditionally 5 banking days had been given for financing to be approved by your bank or mortgage broker. There has been pressure in recent years to extend that period of time to 7 business days, and sometimes even more. There are many reasons for the delays that have become 'normal' with financing as the banks

936 Views, 2 Comments.

It is helpful for Edmonton home buyers to know the importance of the preparation necessary when buying a home. The majority of home buyers believe that they are ready write an offer when they first start looking at homes with me, but often after I ask them a few questions they quickly realize that they are not quite as prepared as they believe they are.

Being prepared to write an offer as a home buyer means that you are both prepared financially and that you are prepared with the professionals who will help with the purchase.

Financially

You have your down payment in your bank account and a cheque or money order prepared for the deposit cheque. If the down payment is coming from you own funds you have proof that it has been in your bank account

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Many years ago Craig MacTavish, then the coach of the Edmonton Oilers, used the phrase "paralysis by analysis" when describing the way the organization had focused so much on getting information that they were paralyzed to do anything with that information. This phrase was something I instantly connected and related to within the field of real estate, as I have seen it time and time again with home buyers.  

I wish I could say that I have never personally experienced this feeling myself, but I am guilty of this as well in a few different situations - one is Christmas present buying, and the other is buying cereal. In both scenarios I am never satisfied with the decision I make, because of the sheer number of other  decisions I could have made

977 Views, 3 Comments.



Everybody is aware of the 5 senses - taste, touch, smell, sight, and hearing, but are surprised to learn that smell is often the sense that is most overlooked sense when viewing a home. Humans' sense of smell are not our primary sense like a dogs, but can be a great guide to issues that may be in the home. By paying attention to your sense of smell when you go through a home may help you select that perfect home!

Your sense of smell can be vital in the following areas:

Dank Smells in the Basement - this is can be an indicator of water issues in the basement, sewer drainage issues. These smells magnify in the summer as the weather warms and smells waft a little stronger. The smell is similar to that or a washing machine that has had a wet load in

1,062 Views, 4 Comments.