DECIDING WHAT TO BUY

STEP 1:

Urban

Ahh, the big city. Sure the prices are generally higher, but you can walk to a restaurant, maybe even to work. You’ll also have the widest range of housing options.

Suburban

Newer schools, newer shopping centres, bigger yards, bigger homes, no wonder so many people love the suburbs.

Smaller Cities and Towns

There are many wonderful self-contained communities and compared to the big city, you can save a bundle.

Rural

If you like the idea of owning land how about a few acres all to yourself? Seclusion is not for everybody, but for some, it’s heaven.

STEP 2:

Next, decide what type of home you want... 

Single-family detached

As the name implies, the home is not attached to the home next door. Styles range from a single-story suburban bungalow, to a three-story Victorian.

Semi-detached or linked

Two houses that share a common wall. Usually less money than a fully detached home.

Duplex

A two-family home.

Town house

Also known as terrace or row housing. Several homes with a common style and joined in a row. They usually share walls on both sides.

Condo

Some people can’t wait to start gardening on Sunday morning. If you are not one of those people, it’s just an elevator ride away. Condos also make a great first home purchase because they’re often thousands of dollars less than a detached home.

How Condos are owned

You’ll own 100% of your unit and a share of the common areas. Common areas include the necessary plumbing, electrical systems, hallways and elevators. They may also include lots of fun stuff like a private gym or party room.

Condo fees - Membership has its privileges and it costs

On top of your mortgage and property taxes, condo owners also pay a monthly fee to operate and maintain the common areas. Depending on the condo, fitness rooms, pools & games rooms can be included.

New or Resale?

Resale - Previously loved

Nothing can match the charm and character of an older home. As a bonus, the previous owner may have made improvements and upgrades and you get them with the house, usually for less than the cost of putting them in yourself. However, some may have a little too much ‘character’ like a leaky roof. Know what you’re getting into. You should always work with a knowledgeable REALTOR® and as we cover in Step 10 never buy a resale home without a Home Inspection.

Ah, that new house smell

You will be the very first person to live in your new home. In fact, your new home may be so new, that it’s not even built yet. Before you commit to anything, carefully examine the property, the blueprints and visit other homes built by the same company. Have your REALTOR® and lawyer review everything before you sign. While your home is being built, stay on top of the process and remember, you have a legal right to make a full inspection of the house before you accept it as complete.

You know what you want, but let's talk needs

Are you getting out of a two-bedroom apartment because it’s too small? Then your new home should have at least three bedrooms and probably a second bathroom. REALTORS® call these must-have features needs. Features you’d like to have are called wants. Your strategy should be to find a home within your price range that fulfills all or most of your needs and as many of your wants as possible

Call or Email me for details on buying a property and the steps you take. 780-906-0693

BUY FIRST OR SELL FIRST? ... The eternal question

Many people are able to time their sale and their purchase so they happen on the same “closing date.” BUYERS can make their offer “conditional’ on the sale of their existing home, to make sure they’re not left paying for the upkeep of two homes. This means if your house does not sell, you do not have to purchase. When selling, you can also try to extend the “closing period” to give yourself more time to find your next home. REALTORS® are very skilled at this sort of negotiation and can make your transitional life a lot easier.

Call for more details 780.906.0693

IT'S A GREAT TIME TO BUY!

“Traditionally the market dips in December but inventory starts to build in January to supply the spring market,” explained REALTORS® Association of Edmonton President Chris Mooney. “We expect sales activity to increase along with spring temperatures and continue all through the first two quarters.”

The average* price of single family dwellings in January was $356,276. Condo average price was $220,993. Duplex and rowhouse prices also dropped on average from $315,163 to $297,587 a 5.6% drop. Of course great deals are out there! All prices reflected sales across the entire Edmonton region including surrounding communities and counties.

The average days-on-market (homes for sale) in January was 67 days up from 53 last year. The residential sales-to-listing ratio was a low 34% in January and total MLS® System sales were 

almost $253 million.

Call or email for buying or selling information.

Edmonton, January, 2011

The average price for a single family detached home in December was $355,270, down about $10,000 as compared to the price in November. The average condo price dropped less than $6,000 to $223,454.
As compared to December 2009, single family prices were down 2.5% and condo prices were off by 7.2%. The average price of all residential property sales in December was down 2.0% as compared to a year ago.

“Homebuyers are watching housing prices slide and may attempt to catch the market at the bottom by delaying their purchase but the low point is only evident about three months after it is reached,” said Larry Westergard, President of the REALTORS® Association of Edmonton. “Home sales are still happening each day and by waiting, the wary buyer may miss the ideal home.”

He urged home sellers to also watch the pricing trends to ensure that their home was appropriately priced relative to the market. “Market activity will pick up again in the spring as usual according to trends,” said Westergard, “Keep your REALTOR® on speed-dial to ensure you have access to the latest market figures.”