September 3, 2015
September's Edmonton Market Report
With summer fast becoming a distant memory, and the leaves begin to change, autumn tends to be a season of transition. If you are thinking of making the transition from your current home to the next, we have included some valuable information on how to so wisely.
Consider the options of buying or selling first and use our checklist to help gain that competitive edge when staging your home. As always, be sure to check out our easy to read infographic reports for the latest snapshot of our ever changing local real estate market.
If you, your friends or family are looking to buy or sell real estate please keep us in mind. Your referral is the best compliment we can receive.
The Platinum Team
RE/MAX River City
Ph: (780) 271-TEAM (8326)
- Edmonton Gorilla Run – Saturday, September 12
- Western Canada Fashion Week – Thursday, September 17 – Saturday, September 26
- Edmonton Comic & Entertainment Expo – Friday, September 25 – Sunday, September 27
As a current homeowner, you might be planning your next move to a new home. You are now stuck with the dilemma of whether to buy or sell your existing home first. You could try to buy a home with a condition that says the purchase is subject to the sale of your existing home. But in most markets, that will give you a huge disadvantage when competing with other buyers.
There are rewards and drawbacks with either choice. It is in your best interest to keep the following in mind to explore what might be the best move for you.
1. Consult your Realtor about your options
An experienced, trusted, and knowledgeable Realtor can provide a realistic value expectation of your present home and give an overview of options such as porting a mortgage, bridge financing, and a conditional offer. Essentially, your Realtor can set the strategy with the terms and conditions in your listing and purchase contract. Also, your Realtor can negotiate possession dates to prevent you from being homeless in between homes or stuck with two homes and becoming a reluctant landlord.
2. Value of your current home - know your budget
Obtain a realistic value of your present home provided by your Realtor or an independent appraiser. Keep in mind to include selling costs such as mortgage penalties, lawyer fees, and real estate commission. This information will help you estimate the amount of equity remaining after your present home sells.
3. Be realistic about your financial capabilities
Once you know how much equity you will have, check with your lender to determine your options regarding your current mortgage and to find out if bridge financing is a possibility. This allows you to take possession of your new home before the funds for your existing home are received by your lender. Find out how much this will cost you based on the interest rate and any fees included. If financing is not an option, you may have to sell your current home and make temporary living arrangements until you get the perfect new home.
4. Keep all of your properties
It may be an option to keep your present home as an investment property. Your bank will consider the monthly rental income to qualify you. Just take into consideration all the things that come with being a landlord, such as property management, vacancy, property upkeep, and taxes to name a few.
In the end, your decision will most likely be based on a number of factors, but knowing the potential upsides and drawbacks are important before you make your next move.
Staging a home to sell is a conscious effort to prepare your home a step above the competing listings on the market. You want a potential buyer to walk into your home and feel like they have to have it! Staging is not easy to do but with some effort the results could truly pay off. Here’s a checklist on how to impress from curb to closet:
- Cut and water the lawn, and trim and prune all trees and shrubs
- Remove pet waste, leaves, and weeds from the yard along with tools, toys and other visible items
- Clean all exterior doors and windows on house and garage
- Paint the exterior trim and stain the deck and fence
- Stage an outdoor sitting area with flowerpots, pillows, outdoor carpets, and fire pit or fountain
- Install outdoor solar lighting along all driveways and walkways in front and back yard
- Replace your mailbox, house numbers and paint your front door for a quick curb appeal facelift
- Paint the interior – including walls, doors, ceilings, closets and trim – in a neutral beige or grey
- Remove all shoes, jackets, keys, mail, umbrellas and bags from entrances
- Lubricate doors, furniture and windows to eliminate squeaks
- Remove ALL but the essential items from countertops in the kitchen and bathrooms
- Clean INSIDE and ON TOP of all appliances including refrigerator, microwave, dishwasher and oven
- Dust entire home including ceiling fans, light fixtures, air vents, lampshades, TV’s and electronics
- Clean door frames, doors, windows and window sills, walls, light switches, trim and baseboards
- Place a large bowl full of one fruit such as lemons or apples on the kitchen countertop or table
- Change cat litter and keep it out of sight along with pet food bowls, pet beds and pet toys
- Use fresh plants and flowers to compliment a focal point of the home
- Use an odor neutralizer with a fresh scent even if you don’t think you need one
- Replace all light bulbs with maximum watts and have all lights on and all blinds and draperies open
- Depersonalize the space by removing family photos, trophies, mementos and magnets on the fridge
- Coordinate décor accessories, pillows, and artwork with no more than two accent colors per room
- Float furniture away from walls, into conversational groups, and place so the traffic flow is obvious
- Arrange décor accessories in groups of three – a small, medium and a large item clustered together
- Vary the pattern and grouping of wall hangings and have one or two large focal pieces in living area
- Pack unnecessary items and furniture – at least 1/3 of your home and store them OFF the property
- Don’t neglect storage areas – place items in plastic containers and neatly stack on shelving
- Leave commercial-free easy listening music playing at a low but audible volume on in the house
Sleek and Modern Coat Racks
We want to send a special thank you to Laura Keegan for her recent referral. Our business depends on people just like Laura and it is very much appreciated!
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