Stuart Neal's Real Estate Blog - For Home Buyers

Attention -Notable Home Coming Soon! - 11108 64 St NW, Edmonton, AB T5W 4H1

Notable Home Coming Soon! - 11108 64 St NW, Edmonton, AB T5W 4H1 

COMING SOON! This home will be on the market over the next week or two.

We expect that the asking price will be circa $900,000.

If you want to see inside this home, please call this office at 780-760-2014 x3

Perfect for the discerning family or perhaps a professional couple that enjoy the benefits of a larger home. This home will be available with immediate possession and it is situated on one of the nicer lots in Highlands.

The current owners came to Edmonton from out of town with the intention of living in the home for many years, but their plans have since changed.

Over the last year, the current owner has invested approaching $300,000 renovating the home to…

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What are the3 Most Popular Renovations in 2023?

Based on current trends, the three most popular renovations for home buyers are:

1. Kitchen Renovations:

A kitchen renovation is one of the most popular home renovations for home buyers. Upgrades to appliances, cabinets, countertops, and flooring can modernize the space and add value to the home.

2. Bathroom Renovations:

Another popular renovation for home buyers is a bathroom renovation. Improvements to the shower, tub, vanity, and lighting can make the space feel more luxurious and functional.

3. Outdoor Space:

Many home buyers are also looking for outdoor living spaces, such as patios, decks, and outdoor kitchens. These spaces can expand the usable square footage of a home and provide a place for relaxation and entertaining.

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Timing the Market. Is it Worth it?

Timing the real estate market can be a tempting strategy for both home buyers and sellers, but it comes with both pros and cons.

Pros of timing the real estate market:

1. Potential for a better deal: If you can accurately predict when the market is going to decline, you may be able to buy a home at a lower price. Similarly, if you can predict when the market is going to rise, you may be able to sell a home for a higher price.
2. Faster sales: If you time the market correctly, you may be able to sell your home more quickly. In a hot market, properties tend to sell faster, which means you may be able to close the deal and move on with your life sooner.

Cons of timing the real estate market:

1. Risky strategy: Timing the real estate market is…

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3 Questions You MUST Ask an Agent BEFORE You Work With Them!

1. How Can You Guarantee I Don’t Miss Out on My Dream Home?

Ask questions of the REALTOR®. Ask them about their process. Ask them how they can ensure you see ALL homes for sale, not just those on the MLS® System, but off market homes and other homes about to come into the market. Anyone can show you newly listed homes on the MLS®.

It’s off market homes, or perhaps older stale listings that offer the best opportunities.

2. How Can You Protect Me From Buying the Wrong Home?

Purchasing a home is risky emotionally and financially. Its not a decision that can be easily undone if you make the wrong choice.

Ask your prospective REALTOR® to take you through their consultation and home selection process. Our process takes time and involves…

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Are Interest Rates Going Up or Down?

Would it be smarter to buy a home now?

Or wait and perhaps buy a smaller or less attractive home later this year?

In early March, the governor of the Bank of Canada Tiff Macklem confirmed that for now, interest rates will not be going up. This is the first time a statement like that has been made in a year*.

That means the prime rate which is the rate at which your bank can borrow money to lend to you is 4.5%.

In the USA, its currently 4.75% and some investors are saying that it could go up to 5.5% by June 2023. This would happen because inflation is climbing in the USA.

A gap this big could devalue the Loonie against the US dollar, at which point the Bank of Canada may need to increase interest rates to encourage continued interest…

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The 3 Biggest Worries of Home Buyers in 2023

It's completely normal to have worries when making such a significant purchase as buying a home. Here are some tips for addressing each of the concerns you mentioned:

1.  Missing out: It can be difficult to find the perfect home, and it can be frustrating if you feel like you're constantly missing out on properties that are snatched up before you can make an offer. One way to mitigate this worry is to work closely with a REALTOR® who can help you stay informed about new listings and assist you in making timely offers. In addition to listed homes our search process will uncover off market homes and other opportunities in the in the hidden market It’s also a good idea to have a clear idea of your budget and what you're looking for in a home, so you…

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3 Reasons to Buy Your Home During the 2022 Christmas Season

It might not make sense, at first. Who would want to buy a home during the Christmas holiday season? Surely no one is selling right now?

Let me give you 3 good reasons why buying your next home now could be a wise idea.

1.  You Have Less Competition.

Believing that no one is selling. Many home buyers make the mistake of staying out of the market. They decide to wait until spring. This means if a ‘cream puff’ comes into the market you may be able to get a really good deal IF you are active whilst others wait. If you wait until spring, you will almost certainly be in multiple offers and you risk paying MUCH more than if you buy now.

2.  Homes Will Show Well & Smell Amazing

When does a home look the most inviting and smell the best? During…

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4 Reasons to AVOID the Listing REALTOR® When Buying a Home

1. You Won’t Save Any Money

The seller has agreed to pay a commission to both the selling and buying REALTOR®. The commission is usually ‘baked in’ to the process and was agreed to be paid by the seller at the time of engagement with the listing REALTOR®.

Buy with your own independent REALTOR® and the seller will pay a commission to your REALTOR® from the proceeds of the sale.

2. You May Lose Out to Other Buyers

The seller has engaged the listing REALTOR® to represent them and their interests.

If you approach the listing REALTOR® directly, you might put them into a very awkward position and a potential conflict of interest.

The listing REALTOR® cannot represent you and the seller who is their primary client.

You might choose to…

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Is Your Home an Investment or an Asset?

Is your home an investment or an asset? Some people would say both, but the Government of Canada describes an investment as having the following 3 qualities:

Income,

Risk and,

Liquidity,

Home ownership does not provide income (unless you rent out part of your home) it carries risk in terms of maintenance and upgrades and it’s not very liquid. Selling your home for full retail value takes several months to complete.

According to some, an asset on the other hand has the following attributes:

It has a long life,

It has utility, that is it does something for you and

Its value can be depreciated over time,

Based on these criteria your home, is an asset not an investment.

For most people, owning a home is better than renting…

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What’s Happening to Interest Rates?

According to several sources in the banking industry, interest rates will go UP one more time in December 2022, before a measured and slow retraction commences at some point in 2023 and extending into 2024.

Why are interest rates still going up?

Because our inflation rate is nudging 7%. Interest rate increases make borrowing money more expensive and therefore we are encouraged to curb our spending.

As inflation backs off, the government will reduce the cost of borrowing with the intention that by the end of 2023, inflation will be back down to less than 3%.

What does this mean if you are considering buying a home?

Your payments will be more expensive than before. And you may have to look at a less expensive home.

It also means that…

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