Prime Edmonton Real Estate Blog

Home Inspection

Prime Edmonton Real Estate - A home inspection is always an important part of the home buying process, but when someone buys a home that needs a lot of work, it becomes even more important. In the case of our most recent home purchase for renovation, it proved to be priceless.

We had chosen to purchase a home that had a lot of updating to be done. We knew that we would have to remove the old plaster walls and ceilings, redo the plumbing and upgrade the electrical, replace the kitchen and bathrooms, and replace the windows. We had taken this into account when we desired to put an offer on the home. What we found out later is that we had a much bigger issue at hand.

During the inspection it was discovered right away that we had vermiculite in the

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Home Asbestos

Prime Edmonton Real Estate - There are few things that strike fear into home buyers and home owners than the word asbestos. This compound has been known for years as a severe health hazard, with many people who have worked with it suffering from cancer and respiratory issues later on in life . It has delayed redevelopment of older buildings like the Charles Camsell Hospital and old Cromdale Hotel, and caused other redevelopments to stop altogether. But what is this substance, and what can you do to protect yourself from it?

Asbestos was a product that was used beginning in the first part of the 20th century for a variety of purposes, due to it's durability, insulating traits, and fibrous nature. It was used in everything from insulation

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Prime Edmonton Real Estate - Our home renovation adventure really started to become real once we wrote the purchase contract and started negotiating the terms. Real estate investors, many of whom are smarter than I, maintain that you make your money on the buy, not the sell. What we did as part of the purchase helped to protect us against both market fluctuations and hidden surprises.

Now the property was a complete 'fixer upper' - and that was being kind. Built in 1947, this had been a one family owner home up until it went on the market - almost 70 years. There had been deaths in the family and it had been passed down, but we would essentially be the 2nd owners. It was an estate sale, which is a factor that can complicate purchases at times, should

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Prime Edmonton Real Estate - I often have home buyers asking ask me 'How hard is it to completely renovate a home?'. Many people have seen how quickly things get done on TV (look! They flipped and entire house in only 30minutes!)and they want to learn more about the process.  It has been about 9 months since I started out on my latest home renovation project, and so I thought it might be helpful to embark on a series of blog posts detailing how my latest (and biggest) renovation has gone.

Now, I will start will a very quick disclaimer - the process time completely depends on three things: 1)how much money you have at your disposal, 2) how much experience/expertise you have in the various systems of a home (plumbing, electrical, etc.), and 3) how much

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Sale of Buyers Home Condition

Prime Edmonton Real Estate - There is a growing trend recently of including the Sale of the Buyer's Home Condition as part of the purchase contract. I always inform homeowners who are trying to sell their home that they have an option - to have 2 properties for a short period of time, or have no place to live for a short period of time. This is because it is unusual to coordinate the sale of the previous home and the purchase of the new home to align up perfectly. This clause is something that is used more often by home buyers when it is a buyer's market, as the home buyer is unsure that there will be a buyer for the current home, and they are unwilling and/or unable to be in possession of both their past home while it still sells and their new home

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March 2016 Edmonton Home Sales Stats

Prime Edmonton Real Estate - The latest home sales statistics for March 2016 were just released and I thought I would share some of the highlights with you. I was interested to see how the warmer weather in March, along with some of the economic news stating that Edmonton is doing better than Calgary during the energy sector slowdown, would affect home prices, if at all. Although it is good news for some and not so good for others, it is overall a positive given a lot of the bad news being spread on local and national TV.

OVERALL RESIDENTIAL SALES

It appears as though things are picking up again in the market, albeit at a slower pace than in 2015. Overall residential sales saw a 2% increase in average sales price while listing (2% decrease)  and

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basement suite

Prime Edmonton Real Estate - With the economy the way that it currently is in Alberta, many homebuyers in Edmonton are looking at purchasing homes with basement suites to help secure their investment and bring in extra income. Depending on the size of the home, a decent sized 1 or 2 bedroom basement suite can reduce half of a homeowner's monthly mortgage, or even more, through rental payments. Behind this well intentioned idea is a rather complex array of zoning, codes, and taxation rules that a homeowner should know about before committing to this type of property. Having a basement suite can be a blessing, but it can also cause a lot of headaches if not done properly.

As long as I can remember, there has been two types of suites - a legal suite

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Good Real Estate PeoplePrime Edmonton Real Estate - The real estate industry has a mixed reputation amongst public opinion, despite there being thousands of professionals who treat their people well all across Canada. The reality is that with tens of thousands of people employed in the real estate industry, there will be a mix of good, bad, and unfortunately, ugly. I have always held the belief that real estate is a people business first and foremost; treating people good is good policy and good business.

Recently I have seen examples on both end of the spectrum.

As reported in this article by David Staples of the Edmonton Journal, a local Edmonton real estate developer has recently put people before profit. George Cantalini purchased the bankrupted and halted Glenora

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Spring Cleaning Tips

Prime Edmonton Real Estate - Edmonton has made it through one of the mildest winters in awhile and Spring appears to have sprung early, making it a great time to get a jump start on spring cleaning. Let's be honest - it's a necessary evil that most of us do not enjoy taking part in. I like to try to focus on getting out early and doing a little bit at a time to make sure I still have time to enjoy the nicer weather outside as well.

Looking for a game plan to get a jump on spring cleaning? Here are a few tips to help - segmented into a few primary areas:

  • House Interior - One of the things I like to do when the weather warms up a bit is to have all of my windows opened up for a few  hours and move some much needed fresh air through the home.
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Edmonton Real Estate Sales

Prime Edmonton Real Estate - The Edmonton real estate sales statistics have been released for February 2016 from the Realtors Association of Edmonton. Here are some of the more interesting figures:

OVERALL SALES

  • There was a 14.8% increase in properties being listed and a 18.5% decrease in the number of properties being sold from February 2015 to this February. This translates into a listings to sold ratio decrease of 30%.
  • The average sale price of all types of property sold in the Edmonton area in February was $363266. This compares to an average sale price of $364253 from 2015, a very slight decrease of less than 1%.
  • The average number of days that a listing was on the market before selling was 57, which was 9 days longer than last
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