Question: How do real estate agents determine real estate values?
Answer: Real estate agents look at a variety of factors to create an equation for determining real estate values. These factors include location, the year of construction, square footage, number of bedrooms and bathrooms, and any renovations or upgrades that have been made to the property. After assessing these factors, real estate agents will then analyze other properties in the area that have sold with similar criteria and make adjustments to determine the value.
Question: Where do you get the best deals in the real estate market?
Answer: The best deals in the real estate market will never be posted on your local MLS system. The best deals are off-market. There are a variety of methods for finding off-market deals, such as joining investor-based groups, dropping off sincere letter requests, or working with an agent who engages in agent-to-agent networking or door-knocking.
Question: What communities are in the SW of Calgary?
Answer: Altadore, Aspen Woods, Bankview, Bayview, Bel-Aire, Braeside, Bridlewood, Britannia, Canyon Meadows, Cedarbrae, CFB Currie (Currie Barracks), Chinook Park, Christie Park, Cliff Bungalow, Coach Hill, Cougar Ridge, Crestmont, Discovery Ridge, Downtown West, Eagle Ridge, Elbow Park, Elboya, Erlton, Evergreen, Glamorgan, Glenbrook, Glendale, Haysboro, Kelvin Grove, Killarney/Glengarry, Kingsland, Lakeview, Lincoln Park, Lower Mount Royal, Mayfair, Meadowlark Park, Millrise, Mission, North Glenmore Park, Oakridge, Palliser, Pump Hill, Richmond, Rideau Park, Rosscarrock, Roxboro, Rutland Park, Scarboro, Shaganappi, Shawnee Slopes, Shawnessy, Signal Hill, Silverado, Somerset, South Calgary, Southwood, Springbank Hill, Spruce Cliff, St. Andrews Heights, Strathcona Park, Sunalta, Sundance, Sunningdale, West Springs, Westgate, Wildwood, Windsor Park, Woodbine, Woodlands.
Question: How big of a deposit do you need to "secure the deal" when writing an offer?
Answer: When it comes to deposits, there is no "set" amount that you will have to put down. Deposits on an offer are different from deposits for a mortgage. However, the bigger the deposit, the stronger your offer will look.
Question: 3 of the most common mistakes when selling your home?
Answer:
-
Renovating to your taste and not others. I've seen this many times during my career—a seller wants to increase the valuation of their home by renovating to their taste and not the current trends. Or, over-renovating. Each community and area has a "threshold" of what a buyer is willing to pay. Renovations do increase the value, but not every "reno" will get you your money and more.
-
Maintenance - It's natural to want to get the most amount of money when selling your home. However, it's important to understand that to get the most amount of money for your home, you will have to do the most. Taking care of those banged-up walls, broken switches, or cleaning dirty carpets has a massive impact on a buyer's perception of value. I highly recommend doing everything you can to show your home is neat and well-maintained; it will have a 5% effect on the final outcome of your sale price.
-
Improperly staging - When selling your home, there are not enough words in the dictionary that can express how important it is to correctly set up and stage your home. Setting up your home can be a drag; you have to move things, find a place to put them, and also find the time to do so. However, what's normal to you in your home isn’t normal to the buyers coming through. So the family photos, books, do-dads, and nicknacks that are prized possessions to you because they are "conversation pieces" can distract buyers. The show will turn into a game of "What is this person's life like" instead of "What does this home have to offer”.
Buying a foreclosure can be very beneficial; the property is vacant, the bank is covering the costs, and they want it gone, even if that means taking a loss. However, there are certain risks associated with foreclosures.
-
"Sold as is where is" - When buying a foreclosure, it is sold "as is where is, no warranties or representations". So if you come on the day of possession and the pipes froze, causing the home to flood, or if there was a material latent defect that couldn’t be discovered by a reasonable inspection, the cost is on you. This also applies to incorrect permitting. It will be up to the new owner to correct the wrongs of the previous owner.
-
Money owing - In Alberta, you cannot sell a property that isn’t a "clear title". However, if you buy a foreclosed condo with unpaid condo fees, it will be up to the new owner to pay those outstanding debts. Normally when purchasing a condo, it’s the seller's responsibility to provide condominium docs to the buyer, but when purchasing a foreclosure condo, that responsibility is passed onto the buyer.
Question: How much do real estate agents charge to sell a home?
Answer: In Alberta, there is no official set amount of what real estate agents charge due to
competition acts. Commissions are 100% negotiable between you and the agent. However, the most common fees charged are 7% on the first $100,000 and 3% on the remaining balance.
Question: What does conditionally sold mean?
Answer: Conditionally sold is when a property has an accepted offer, and the buyers of that contract are going through their condition period to either satisfy or not satisfy those conditions, i.e., to purchase the property or not purchase the property
Question: How long will it take to sell my home?
Answer: It doesn’t matter what kind of market you’re in or your price point, but if everything is done correctly, it will take no longer than 3 weeks to sell your home.
Question: When is the best time to sell my home?
Answer: Generally, spring is the most active time of year for buyers to be shopping for a home. However, an even better time to sell your home is when there is zero competition or low inventory, regardless of the time of year.
Question: How much of a down payment do I need to buy a home?
Answer: There are 3 common deposit amounts mortgage brokers will suggest when purchasing a home - 5%, 10%, or 20%. After 20%, you avoid paying CMHC insurance, which can be a massive money saver. However, several factors can determine how much you need for a down payment, such as income, personal debt, payments, and purchase price. The rules for mortgages over a million are very different and change depending on a person's income and money down.
