Archive for the ‘House’ Category

Calgary’s Real Estate Market… What’s going on in early 2016?

Tuesday, January 26th, 2016

Calgary is going through some challenges these days and one of the most frequent and popular questions I’m confronted with is how this affects our real estate market?  Real estate is always a hot topic, and on a daily basis I am asked how home pricing and sales are affected by our current economy.  Of course, it is difficult to say where we are headed in the short term, but Calgary certainly has a particular way of getting through tougher times in the long term.

There’s no doubt that our number of sales are down from just over a year ago; in 2014 there were 25,543 sales, compared to 2015 where sales dropped 26.26% to 18,836.  However, the number of listings was also down year over year, with 2014 registering 36,168 listings, compared to 2015 with 33,874 listings, a 6.34% reduction.  Of course it makes sense that less listings does generally means fewer sales.

Overall, prices have reduced only 2.64% year over year, so it’s not nearly as bad as the media outlets like to report.  There may be some additional volatility to come from 2016, but it’s not all bad news.

There is some good news that comes from all of this!  If you are looking to upgrade your home or simply take advantage of some potential “good deals”, now is the perfect opportunity for a few reasons:

  1. Interest rates are still at an all-time low.  The Bank of Canada has kept the cost of borrowing money down so the lenders and banks are able to pass on the savings to you!  In fact, prime rate sits at an affordable 2.70%.
  2. Your next home might be on sale right now!  The luxury market has taken a larger price correction than other Calgary markets, so you can benefit from some great prices on your dream home.
  3. Buying in a down-market can be scary, but it does make financial sense if you can stomach it.  I can guarantee you that if you buy in the near future, you will not be paying top dollar on your home compared to more recent boom-years.   It’s true, there is potential that the real estate market could see further price correction, however there is comfort in knowing that you didn’t pay a premium price for your home to start with.
  4. The general trend for home pricing is always up, regardless of any economic downturns.  Buying real estate for the long haul will always net you a positive return over time.  Real Property can’t disappear like a stock or company, regardless of the state of economy.  Buying an investment with tangible land is the safest investment you can make. 
  5. A 2016 International Housing Affordability Survey conducted by Demographia, recently ranked Calgary as 239/367 international cities on the affordability index (367 being unaffordable, Hong Kong).  This study compares price of real estate to median household income.  On a global scale, Calgary is considered a relative bargain compared to other metropolitans.  This might not always be the case, so Calgary will likely be a better investment for long-term gain than other municipalities.

 

 

Selling your home doesn’t have to be overwhelming

Tuesday, September 22nd, 2015

When some people think about selling their home, they imagine all the things they will have to do: paint the kitchen, clean closets, prepare for viewings, find another home, arrange financing, start packing, etc. It can all seem very overwhelming very quickly.

In fact, the long to-do list you imagine you’ll have to deal with may dissuade you from making a move!

It doesn’t have to be that way.

There are many ways to make selling your home and buying another relatively simple and easy.

Sure, there will be some work to do. You may need to prepare your property so that it looks appealing to potential buyers – cleaning, decluttering, doing some repairs, etc. Of course, you will also need to view some properties for sale in order to find your next dream home.

But those activities may not be as time-consuming or difficult as you had imagined. In fact, you and your family might actually enjoy the experience – and see it as an adventure.

The trick is to work with the right REALTOR®, someone who can guide you through the process, show you the shortcuts, and generally make things easier for you.  The Corley Team has various seller’s guide they offer to their clients to help them through the process.

It’s a little like baking your first cake from scratch. The task seems daunting, unless you have a master baker by your side to guide you step-by-step through the process. Then it’s a lot easier, and even fun!  We’d love to be your Master Home Sales Team!

That’s what a good REALTOR® can do for you. Looking for one? Contact The CorleyTeam today at homes@corleyteam.com.

Alberta Employment Rates, how this affects our real estate market

Monday, April 6th, 2015

According to ATB’s monthly economic news letter The Owl, titled “Jobless Rate 2015 won’t come close to historic highs” we are in for a bit on an increase in unemployment (as high as just under 7% by the summer).  The good news is it won’t be as drastic as in historical highs in Alberta such as 1984 (over 12%), 1993 (10%) and 2010 (7%).  The reason given that we will not be hit quite as hard is that Alberta has a more diversified economy then in the aforementioned years of high unemployment.

The silver lining in the clouds is the balancing of the real estate market.  The past few years have seen a furry of real estate activity, causing a heavily weighted seller’s market.  This has driven prices upwards at a high rate, thus presenting a challenge to buyers to get into the market at a comfortable level.  The recent months have caused the market to fall into a balanced market, meaning sellers are still selling relatively quickly as long as they are priced competitively, and buyers are having a better selection of homes to choose from at competitive prices.  Sellers are no longer solely in the driving seat, but rather are having to cooperate with buyers in order to achieve that sale.  This cooperative market is beneficial to everyone!

Check out ATB’s The Owl for further details on employment rates and economic forecasting, brought to us by Todd Hirsch and Nick Ford.

Tessa

Welcome to Our New and Improved High-Tech Website!!

Monday, March 23rd, 2015

Welcome Buyers and Sellers of Calgary!

After 6 months in the making, we have finally launched our new state-of-the-art website: www.corleyteam.com!  This website is brought to you by you!!! After months of surveying our buyers and sellers about what they would want in a Real Estate Website, we came up with gem designed by our wonderful web designers at Redman Tech!

We hope you enjoy our great new features:

  • our awesome biography pages with some fun additions
  • our community stats page that has sales stats and live active statistics on all Calgary communities
  • our new a beautiful blog
  • our great new home search options
  • our clearly defined seller’s and buyer’s services
  • and so much more!

We look forward to your feedback and your future real estate business!

The New Haskayne Development West of Tuscany Calgary

Tuesday, March 10th, 2015

I just recently attended an information open house at the Lynx Ridge Golf Course Club House that described in detail the new Haskayne Development including the Area Structure Plan, the plans for the landscape, city transit plan, the construction of roughly 3400 residential homes/lots and some awesome sounding commercial additions, all with a wholesome influence.  For those of you who don’t know the location, this will be just south of 12 Mile Coulee Road, and west of the Stoney Trail, past Home Depot in Tuscany on Nosehill Drive.   This whole development will be brought to us by Brookfield and it sounds great!!   Good news for the residents of Tuscany, the commercial sector will bring in some great new stores and amenities that Tuscany really needs!

As described to me, the developer will be using a very natural theme to the landscape and try to work with the flora and fauna that already exists in the area and surrounding coulee.  This is very important to the wildlife, and it sounds like Brookfield is doing their best to respect Mother Nature.  There are plenty of plans for parks and green space but the best news yet is that it will connect Cochrane to Calgary with bike paths that already meander through Glenbow Ranch.  This means that Calgarian and Cochrane residents will be able to make even more of their weekend bike rides along the river!  It also connects Cochrane to inner-city and downtown Calgary for those of you who enjoy long bike rides to and from work.  What a win!!

The plans will commence construction in 5 years if all goes well.  I could go on and on from what I learned at this open house out of excitement, but for now I will update you with more information as provided by the developer and the City of Calgary.

Tessa Corley-Rae

Top 10 in Our Office in 2014( Again, yahhh)!

Friday, February 27th, 2015

Hi Everyone!  It’s Tessa Corley-Rae writing you from the Glencoe Club Calgary.

Maria and I were just at our office awards breakfast this morning for Real Estate Professionals Inc in Calgary.  We were delighted to learn that each of us was individually awarded for being one of the top 10 realtors in our office in 2014, out of 230 Realtors.  Maria was number 6, and I was number 8.  We were thrilled to receive this honour!

We’d like to thank all of you, our special clients who made this possible! Without you, we would not be where we are in the business today.  Maria and I have had the special privilege to help over 2000 buyers and sellers with their real estate needs and everyone of you is very important to us!  We look forward to your continued support!

Here’s to an ever better 2015!  We wish you success in your business and personal endeavors!

If you or someone you know could use our assistance with Real Estate in Calgary or surrounding areas, we’d be thrilled to be your real estate choice.

 

Great time to buy in Calgary!!

Sunday, February 1st, 2015

Wondering what is happening in the Calgary Real Estate market in 2015 so far? The numbers are in for the first month of 2015 and now might very well be your best opportunity to buy in the next several months or even year!  Calgary listings are up year over year and sales are down.  Don’t worry, it’s not doom and gloom.  We have plenty of healthy real estate market to look forward to over the course of this year, just consider this little blip an adjustment towards a balanced market, compared to last year’s heated seller’s market!

January 2015 Stats
Total Listings on the Market: 2909 (up 74% from 2014)
Total January Sales: 598 (down 63% from 2014)
Sales to Listing Ratio: 28%
 
January 2014 Stats
Total Listings on the Market: 1671
Total January Sales: 974
Sales to Listing Ratio: 61%
 

New Mortgage Rules in effect as of March 18, 2011

Monday, January 17th, 2011

 

  • Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with a loan to value ratio of more than 80 per cent.  This will significatnly reduce the total interest payments Canadian families make on their mortgages, allowing Canadian families to build up equity in their homes more quickly, and help Canadians pay off their mortgages before they retire.
  • Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85% from 90% of the value of their homes.  This will promote saving through home ownership and limit the repackaging of consumer debt into mortgages guaranteed by taxpayers.
  • Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs.  This will ensure that risks associated with consumer debt products used to borrow funds unrelated to house purchases are managed by the financial institutions and not by borne by taxpayers.

These changes above will take effect March 18, 2011 with the exception of insured HELOC (bullet 3) will take effect April 18, 2011.

 

Connaught Parade of Homes Sunday, September 12th.

Wednesday, September 8th, 2010

WELCOME TO MY CONNAUGHT PARADE OF CONDOS! 

 Are you looking for a highrise condo in Connaught, inner city Calgary upto $400,000?  On Sunday Septmber 12th, 2010,  I have arranged for a group of Realtors to jointly host several condo open houses from 2:00 – 4:30.  You will have the oppertunity to view several condos upto $400,000 in this fabulous beltline community.  There will be a map and a price list of of all participsting condos at each open house.  The tour starts at #101 – 1107 – 15th Avenue SW.  Call for details.

Tessa Corley-Rae

403.275.1010

Look at the Big Picture and Prosper

Thursday, April 15th, 2010

Published: Monday, april 5, 2010

Canadian Press Sunny Freeman, THE ASSOCIATED PRESS

Don’t get caught up in bidding wars: renovate a dud and move into a dream home

TORONTO – It’s a disappointing but familiar scenario for potentia] homebuyers: you find a house with the right floor plan in an ideal location. Hopes are high as you walk down a carpeted hallway, casting aside the wish it was hardwood.

But you’re crushed when you see the small, outdated kitchen and walk away from the almost-dream property, only to repeat the process again and again.

“You come in, you don’t like the kitchen, you’re going to waste all this time going looking at other homes when this might be the perfect house,” says Laura Parsons, a mortgage specialist at the Bank of Montreal (TSX:BMO).

Canadians feeling a sense of urgency to buy while mortgage rates are low are more likely to engage in bidding wars and overspend or panic and settle for something that doesn’t meet their needs, Parsons says.

” It’s created some excitement in the market and our prices are going up so most Canadians are feeling the pressure: ‘Oh my goodness, ifI don’t get in now, what does the future look like?'” But it doesn’t have to be that way – and one alternative is to buy a fixer-upper for an excellent price and have it customized by the time you move in.

Purchase-pIus-improvement mortgages can allow qualified purchasers to borrow additional money from a mortgage lender to pay for those renovations. Under the plan, a lender takes into account the improvements made by the new owner and gives credit based on the increased value of the property.

Gary Siegle, a regional manager at mortgage brokerage firm Invis Inc., says the program is suited to buyers willing to “look beyond the bruises” and visualize how renovations could transform houses that are often underpriced because they need work.

“People who are looking at this are people who are saying ‘the house I really want is not currently available or it’s overpriced, so here’s another option, I can buy a house that’s the right floor plan and it’s not going to take a lot of work to make it look like the home I was really hoping to get’.” There’s another option for homeowners who want to take advantage of low rates, but avoid the stress of relocating, Siegle says. They can refinance a mortgage to include the cost of renovations or use equity in the home they already own to secure a line of credit.

Garages, bathrooms and kitchens usually give homeowners the biggest return on their investment but a purchase-pIus-improvement mortgage can also be used for anything that adds value to a home.

The plan also benefit sellers who don’t want to waste time and money on renovations before they put their home on the market for someone else to love or hate.

 

Siegle says its important to remember that buyers still have to pay for the renovations up front with a credit card or savings but will be reimbursed when the renovations are complete. That can be a challenge for buyers with limited funds.

This is how a purchase plus improvement mortgage works step by step: 

Step I: Shop around for the best rate on a mortgage pre-approval, which will provide a clear price range.

Step 2: Put in an offer on the fixer-upper, making sure it’s clear the bid is subject to appraisals, inspections and the cost of renovations.

Step 3: Have the home appraised for its “as-is” value, as well as a projection of what it would be worth post-renovations. Also have the home inspected to make sure there are no hidden additional costs.

Step 4: Get written cost estimates from contractors on upgrades. Take the best estimate to the lender.

Step 5: Apply for a mortgage that includes the cost of upgrades. Ifa home is appraised at $400,000 but requires $50,000 worth of renovations, buyers would secure a mOltgage for $450,000, in addition to the minimum five per cent down payment.

Step 6: If the mortgage is approved, close the offer with the seller. The funds for renovations will be sent to your lawyer “in trust” when the mortgage closes.

Step 7: Upgrades, paid for up front by the buyer. Depending on the extent of the work that needs to be done, it could add weeks or months to the move-in date.

Step 8: Renovations are complete. Funding, which has been held back by a lawyer until the work is completed and inspected, is released and the contractor can be paid. If the renovation is more extensive and costly than just cosmetic changes, the advances are staged, meaning buyers receive them in stages as work progresses.

© The Canadian Press, 2010

Instead, sellers may want to make the buyer aware of the option and then negotiate based on time instead of price, with the seller offering to be flexible about allowing the buyer to start upgrades while they’re still living in the home.