Not knowing your credit score

Not budgeting for the costs of home ownership

Not researching down payment choices

Focusing too much on interest rates

Not choosing your own payment schedule

Forgetting about closing costs

1. Newly Finished Basement – This is a common way to hide past problems. Were Permits pulled?
2. Odd Smell – Could be mould, mildew, caused by moisture or a past drug operation.
3. Exterior Cracking – Any unsealed opening on the exterior can cause water entry.
4. Slope Toward the House – Grade should move water away and not toward the house.
5. No Downspouts - Indicator of potential water issues at foundation.
6. Hot Water Tank Damage – Any sign of wear and tear on a hot water tank should be addressed quickly.
7. Cold Spots / Drafts – This can be poor insulation or improper construction.
8. Swellings Around Windows and Wall Seams – Possible water entry.
9. Water Staining / Soft Drywall – Bad news. 
10. Restrictive Covenants on Title – This could restrict the ways you can use the property, or what you can build in the future.
11. No RPR or Survey – This is the only protection you have to ensure that the house is built in the proper location on the lot and that you are getting the amount of useable land you paid for.
12. House Feels Small – The square footage listed may not be accurate.
13. Curled or Cracked Roof Shingles - Clear indicator of shingles past their lifespan.

In his Canadian Housing Outlook 2011, Sal Guatieri said the price growth in the province could result in response to "solid economic growth, high oil prices and in-migration."

"The ratio of average resale prices to personal incomes is currently 14 per cent above its long-run mean, suggesting the national market is moderately overvalued. That's up modestly from the summer but still well below the 21 per cent all-time high in 1989 or the 26 per cent U.S. peak in 2005."

Single family homes in the inner-city drive recovery Calgary, February 1, 2011

The number of single family home sales in the month of January 2011 were 791, compared with December 2010, when sales were 734 — an increase of about 8 per cent. The number of condominium sales for the month of January 2011 was 302. This was down from the 320 condominium transactions recorded in December 2010. Year-over-year, the number of single family homes sold in January 2011

“More affordable housing will continue to attract homebuyers to the inner-city, particularly as employment in the city of Calgary continues to improve,” says Sano Stante, president of CREB®. “Single family homes in the city are currently driving this gradual recovery, and we are seeing

The board’s Metro Resale Index, released Friday, said Calgary joins Victoria, Vancouver, the Fraser Valley, Regina, Winnipeg, Halifax and Newfoundland in that category.

The conference board said Calgary’s resale housing average price in December for all residential properties was $394,949, down from $401,590 in November and from $403,148 in December 2009.

Seasonally-adjusted annual sales in the city in December were 21,996, which were up from November’s 20,100 but down from 24,108 in December 2009.

Throughout Canada, the board said sales were higher in November in 13 of 28 markets surveyed but remained below year-earlier levels in 26 and “often by a wide margin.”

Earlier this week, Sano Stante, the new president of the Calgary Real Estate Board, forecast single-family home sales to increase by 19.9 per cent this year from 2010 and for the average MLS sale price to jump by 4.1 per cent to $480,000. He also forecast condo sales to see a 15.8 per cent annual increase with the average price rising by 1.8 per cent to $295,000 for the year.

Calgary Buyers’ Remain Cautious

Sales of million dollar plus homes a bright spot in 2010 market

Calgary, November 1, 2010 – Home sales in the city of Calgary were down month-over-month in October 2010, showing signs that buyers still remain cautious, despite signs of economic recovery.  Year-over-year sales continued to trend lower in the month of October, according to figures released today by the Calgary Real Estate Board (CREB®).  

The number of single family home sales in the month of October 2010 shrank by 7 per cent at 888, compared with September 2010, when sales were 958.  The number of condominium sales for the month of October 2010 was 310. This was a decrease of 15 per cent from the 366 condominium transactions recorded in September 2010.

Year-over-year, the number of single family homes sold in October 2010 in the city of Calgary were down 31 per cent.  In October 2009, single family home sales totalled 1,285. Condominium sales saw a decrease of 48 per cent from the same time a year ago.  In October 2009, condominium sales were 601.

“Buyers remain cautious, perhaps waiting to feel a little more confidence in Calgary’s economic growth and their own job security,” says Diane Scott, president of CREB®.

“We believe economic recovery will build momentum into 2011 as the outlook for oil and gas and other sectors continues to improve. This, coupled with low interest rates and improved affordability, should eventually help to stimulate Calgary’s housing market,” adds Scott.

The average price of a single family home in the city of Calgary in October 2010 was $444,744, showing a 3 per cent decrease from September 2010, when the average price was $460,278, and a 4 per cent decrease from October 2009, when the average price was $462,465. The average price of a condominium in the city of Calgary in October 2010 was $287,793, showing a 1 per cent increase from September 2010, when the average price was $284,028 and no significant change over last year, when the average price was $289,155. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.

The median price of a single family home in the city of Calgary for October 2010 was $387,900, showing a 1 per cent decrease from September 2010 when the median price was $390,000. This was a 5 per cent decrease from October 2009, when the median price was $410,000. The median price of a condominium in October 2010 was $255,000, showing a 4 per cent decrease from September 2010, when the median price was $265,000, and a 3 per cent decrease from October 2009, when it was $263,500.

All city of Calgary MLS® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

“Our average price is being buoyed by more sales in the million dollars plus category. Despite a slowdown in certain market segments, homes sold in the city of Calgary at a million dollars or more have actually seen an increase of more than 15 per cent when compared to the same time one year ago.  This boost in sales is, indeed, a bright spot in our current market,” says Scott.

Single family listings in the city of Calgary added for the month of October 2010 totalled 1,765, a decrease of 22 per cent from September 2010 when 2,252 new listings were added, and showing a decrease of 3 per cent from October 2009, when 1,819 new listings came to the market.

Condominium new listings in the city of Calgary added for October 2010 were 721, down 22 per cent from September 2010, when the MLS® saw 921 condo listings coming to the market. This is a decrease of 16 per cent from October 2009, when new condominium listings added were 859.

“We are seeing some decline in the number of new listings coming on to the market.  A continuing decline in supply will help bring the market into balance,” says Scott.

“We believe we will see a tempering of our inventory levels, as some sellers offer marginal reductions in prices, or others choose to pull their home off the market for a period of time,” notes Scott. “Homeowners should consider speaking with their REALTOR® about their current marketing strategy—there are always options in every market.” 

“Overall, we’re cautiously optimistic that Calgary’s economic recovery will pick up as we move into 2011—but in-migration will be needed to fuel a sustained recovery in Calgary’s housing market,” says Scott.

CREB® is a professional body of 5,540 licensed brokers and registered associates, representing 245 member offices and is dedicated to enhancing the value, integrity and expertise of its REALTOR® members.

REALTORS® are committed to a high standard of professional conduct, ongoing education, and a strict Code of Ethics and Standards of Business Practice. Using the services of a professional REALTOR® can help consumers take full advantage of real estate opportunities while reducing their risks when buying or selling real estate. The board does not generate statistics or analysis of any individual member or company’s market share. All MLS® active listings for Calgary and area may be found on the board’s website at www.creb.com.

Buyers’ Market Continues in Calgary ( FROM CREB)

Home sales in the city of Calgary increase month-over-month in September 2010

Calgary, October 1, 2010 – Home sales in the city of Calgary were up month-over-month in September 2010, the first uptick in sales since April 2010.  Year-over-year sales continued to trend lower in the month of September, but at a pace slower than previous months, according to figures released today by the Calgary Real Estate Board (CREB^®).  

The number of single family home sales in the month of September 2010 grew by 10 per cent at 958, compared with August 2010, when sales were 867.  The number of condominium sales for the month of September 2010 was 366. This was an increase of 1 per cent from the 364 condominium transactions recorded in August 2010.

Year-over-year, the number of single family homes sold in September 2010 in the city of Calgary were down 24 per cent.  In September 2009, single family home sales totalled 1,257. Condominium sales saw a decrease of 37 per cent from the same time a year ago.  In September 2009, condominium sales were 580.

“There are signs that September may mark a gradual, if not slight, uptick for Calgary’s housing market—we are seeing a modest improvement since the market’s decline, that really started in April of this year,” says Diane Scott, president of CREB^®.

“The Bank of Canada is in no hurry to raise interest rates to any significant level, and affordability continues to improve in key segments of the Calgary housing market. These factors, along with great selection, have clearly tipped this market in favour of the buyer,” says Scott.

“There are some great opportunities out there for buyers, particularly in the condo market. Currently, the highest volume price segment for condos is in the $200,000 to $300,000 range.  We have not seen this kind of affordability in Calgary’s condo market in many years,” adds Scott.

The average price of a single family home in the city of Calgary in September 2010 was $460,278, showing a 3 per cent increase from August 2010, when the average price was $445,617, and no significant change from September 2009, when the average price was $459,085. The average price of a condominium in the city of Calgary in September 2010 was $284,028, showing a 1 per cent decrease from August 2010, when the average price was $286,384 and a 2 per cent decrease over last year, when the average price was $290,253. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.

The median price of a single family home in the city of Calgary for September 2010 was $390,000, showing a 1 per cent decrease from August 2010 when the median price was 395,000. This was a 2 per cent decrease from September 2009, when the median price was $399,900. The median price of a condominium in September 2010 was $265,000, showing a 2 per cent increase from August 2010, when the median price was $260,000, and no change from September 2009, when it was the same – $265,000.

All city of Calgary MLS® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

“Clearly there is a shift in the types of buyers entering the market. It was first-time home buyers who drove the late market recovery last fall and this spring.  While lower priced home sales have declined, home sales over $1 million have actually increased by 2% this year, as compared to the same period last year,” says Scott.

Single family listings in the city of Calgary added for the month of September 2010 totalled 2,252, an increase of 15 per cent from August 2010 when 1,960 new listings were added, and showing an increase of 21 per cent from September 2009, when 1,857 new listings came to the market.

“Unlike the volume of foreclosures we have seen south of the border, Canada’s market has seen only a small increase in arrears and foreclosures.  Nonetheless this increase likely had a modest impact on our current inventory—we expect this to have a small influence on price and supply as they work through the market this fall,” noted Scott.

• the Buyer registers a caveat on title, to show their interest in the property

• the Buyer makes Mortgage payments to the Seller each month, either until the Mortgage is paid off, or until your agreement comes to an end with the Seller. At this point you have to get your own financing and pay out the Seller the remaining loan balance.

Best Regards,

Denis Hrstic
Cell: 403-852-6583
www.MyHomeAgent.ca

Open House: Denis Hrstic Sat Aug 28, 2010