For Home Buyers

Buying a home can be risky from a financial and emotional point of view. Our educational blogs are intended sure to make your experience and home buying journey is enjoyable plus rewarding...

Found 31 blog entries about For Home Buyers.

If you have been thinking about buying a home in the metro Edmonton area this could be the time to do it.

Here are 5 reasons why you might want to buy a home soon:

1.  New lending rules

Starting September 2nd, the federal government is launching a new program designed to encourage first time home buyers to enter the market (First Time Home Buyer Incentive see details here). Essentially the government is going to partner with new home buyers to help them create a down payment. This program applies to buyers with a joint income of less than $120,000 a year. In the metro Edmonton market this applies to most of us.

If you choose to use this program your budget has just increased considerably meaning you could buy a much nicer home.

2. 

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If you have been sitting on the fence about purchasing a home, this could be the time to get off it. Here’s why:

1.  Its Cream Puff Season!

In our industry we sometimes refer to the very nicest homes as “cream puffs”. When do you think the nicest homes come up for sale? Right about now. Put yourself into the shoes of a seller. If you had the nicest home in the neighbourhood, when will it show best? Typically, between the months of May and August is when homes look best. There is lots of natural light and the yard will look amazing. As a seller, when do most buyers pick their next home? Between May and July is when many homes are sold in the Edmonton area. If you have been looking for that ‘cream puff’ home, you had better start shopping soon.

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To ensure that your home buying process is as stress free and enjoyable as possible, we hand pick our preferred service providers.

You would be wise to get your future home inspected by a competent professional before you finally sign off on the contract.

Please consider using Joe Yaretz. Joe has completed many satisfactory home inspections for our clients. Our clients really seem to appreciate his thorough friendly approach. Joe will go out of his way to provide you with a solid understanding of what you are buying, but without scaring you away.

To contact Joe please click on this link: Joe Yaretz – Licensed Inspector

If you are wondering why hiring an inspector is recommended please click on this link: 3 Reasons to Use an Inspector

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Getting access to listing information is easy these days. A quick Google search and you have found a website that will give you access to almost all of the condo and house listings in the metro Edmonton area. And if you set up a search, you will get new listings pouring into your email box several times a day. 

So Why Is This a Problem?

Everyone can get this information. So what? You might be asking. Why is this a problem? The problem is that you will be competing against all the other buyers out there. Rarely do sellers put their homes on the market at under market value. And if they do, what happens? You will have to act quickly and will almost always be in a multiple offer situation. Your chances of purchasing at a discount are slim.

So

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At some point most of us consider our housing options. Should you rent or buy? That depends on your circumstances. For many downsizers renting makes sense. For single people or folks just starting out its also an attractive option. 

First let’s consider the pros and cons of renting.

Pros

  1. Short term fixed costs. You pay the rent and the landlord worries about the mortgage, maintenance and taxes.

  2. Low commitment. Most leases run for one year and in some cases two years or more.

  3. Easy qualification. Provided you have income and a good credit record most landlords will welcome you with open arms.

Cons

  1. Uncertainty. You could be moving in 12 months. If your lease is for only 12 months the landlord has the

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These days shopping for home listings is easy. As you know, there are websites and apps everywhere. Or you can drive around neighborhoods that you like and find for sale signs. Surely it would make sense just to call the listing REALTOR® and go see the home. Who needs a REALTOR® these days?

Not so fast is what we advise. There are some solid reasons for you to find one competent REALTOR® to help you.

1.  A Good REALTOR® Knows More Than You Do

How many homes have you bought in your lifetime? When was the last time you purchased a home? Most people have only ever purchased one or two homes. For many, it’s been decades since they last purchased. Don’t be amateur. A good REALTOR® helps people purchase every day. A good REALTOR® will have helped

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Perhaps you are sitting on the side lines wondering if you should buy a home now or later. Here are 3 reasons why you should do it now.

1.  More Choice

At the end of January 2019 there was around 400 MORE single family homes for sale than this time last year. If you want to be picky in selecting your next home this could be the time to shop around.

2.  Lower Prices

At the end of January 2019 single family homes sold on average for around $390,000 DOWN by 11% over the same time last year. Condos sold for about 6% LESS than in January 2018 for an average price of $220,000.

You should also know that in most years, prices climb until about July when they start to soften a little bit. These low prices will not continue.

3.  Lower Interest

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If you have been thinking about purchasing a condominium either as a home or investment, this could be the time to do so. Average selling prices are DOWN by 4% when compared to 2017. Let’s discuss why.

The Edmonton residential real estate market has been flooded this past 18 months with excess inventory and in particular condominiums. If you buy now you will enjoy a ton of choice and you will have exceptional leverage to negotiate a REALLY GOOD DISCOUNT.

What might happen if you wait?

We are already seeing many condos come off the market as owners realise that they are not going to get the price they hoped for. As the excess inventory dries up, you will have less choice and YOU WILL PAY MORE.

If Downtown Edmonton appeals, you can go to

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The journey to find a new home can be exciting. Its also time consuming and nerve racking. A lack of preparation on your part could also result in you either missing that dream home when it comes into the market, or your offer being rejected by the seller. Please review these tips and you will enjoy success.

1.  Find a REALTOR® to help You

With so much information available on the internet it’s tempting to try and go it alone. After all you can scour the market for listings in seconds on the internet and surely, it’s as easy as just calling the listing agent and making an appointment isn’t it? We suggest you think again. There are many compelling reasons to consider getting your own representation. Please read this blog for more details: 6

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If your money is tight it might be tempting to think about skipping the home inspection. We do not recommend this. Adding the home inspection stage to your home purchase process is a wise step.

1. They Know More Than You Do

You may be a journeyman electrician plumber, or some other trade, but respectfully we doubt you know more about home construction than our inspectors do. The inspectors we work with are hand-picked and they have inspected literally hundreds of homes. Their report will give you a ‘second pair of eyes’.

2. A Home is a Complex Machine

When you fall in love with a particular home its tempting to view it through a ‘rose tinted pair of glasses’. You love it and that’s all that matters right? Your inspector is going to bring

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