While recent numbers coming out of Calgary’s housing market may stress the need for buyers to act quickly when buying a house, presenting your home in the best possible light is still sound advice for sellers. In addition to seeking advice from your REALTOR®, here are a few easy and affordable tips to make your house an eye-catching piece of real estate for potential buyers when it comes to selling.

Now that summer has arrived, adding a little lush to your lawn could be the difference between a potential sale and a missed opportunity. Ensure your lawn is mowed, garden weeded and hedges trimmed for maximum appeal. Flowerbeds should be given fresh mulch and annuals can be planted to provide serious curb appeal.

Calgary’s harsh winter months can leave your deck and driveway looking dreadful. In addition to any minor repairs, both should be given a serious power washing to remove stains, mold, dirt and cobwebs. For those who like to use the area under their deck as storage, either find a less conspicuous place to stow those old chairs or get rid of them altogether. For oil stains on your driveway, use cat litter to soak up the oil, remove, then apply dish soap and scrub.

In addition to washing down your deck and driveway, wash windows, inside and out giving potential buyers the best perspective. If showing in the spring, renting a power washer to remove collected dust and debris left by winter storms gives a home a more inviting look. However, special care should be taken when washing under siding courses or in soffit vents where moisture can cause damage.

De-cluttering and de-personalizing your home for pre-sale allows potential buyers who see the home to imagine their things in the space instead. If you haven’t used something in over a year, you probably don’t need it, it could be donated or thrown away. Before viewings, everyday, essential items can be tucked in a small box and stored in a closet.

Houses tend to show better with fewer pieces of furniture, so one option is to rent a storage unit for excess and leave enough pieces to hint at the purpose of a room. Another idea is to hire a personal home stager to utilize your furniture pieces to their full potential. In addition to arranging your own furniture in the best fashion, many stagers also have their own supply of fancy furnishings for your home.

Affordable updates can be made to make your home more modern and appealing to potential buyers. Changing paint colours can vastly change the mood and feel of a home. For example, if your child’s room is a bright pink, consider painting it a more neutral colour like a beige or taupe. A neutral palette in a home that’s for sale makes it easier for potential buyers to imagine their furniture and knick knacks in the space.

Minor repairs can be made throughout the house taking little to no time at all but making a huge difference in the look of a space. Change burnt out light bulbs, patch holes in the wall; re-caulk tubs, showers and sinks.

TAGGED AS: CALGARY REAL ESTATE, HOME OWNERS, HOME SALES, HOW TO

Cover Photo is from RBC 20th Annual Home Ownership Poll Report

Nearly nine-in-10 Albertans surveyed said buying a house or condo is a good investment, according to a poll released by RBC.

As outlined in the bank’s 20th Annual RBC Home Ownership Poll, 89 per cent of Albertans said buying a home was a good investment, compared to the national average of 84 per cent. The poll showed homebuying intentions in the province have dropped to 22 per cent from 31 per cent a year ago.

“The more cautious mood this year is not surprising and is consistent with broader economic and industry forecasts. An unseasonably warm spring, low rates and anticipation of mortgage rule changes may have led many Canadians to move forward their home purchases in the first half of 2012,” said Sean Amato- Gauci, senior vice-president, Home Equity Financing, RBC. “Our findings suggest confidence in the housing market is still high and young Canadians are the bright spot as they look to buy their first home and seek the advice to do it right.”

The RBC poll also showed almost half of Albertans (49 per cent) feel their current housing market is balanced, compared to the national average of 40 per cent.

In a similar poll from TD Canada Trust, saving for a down payment, rising property prices and small paycheques were listed by young Albertans as the top barriers to homeownership.

According to TD, 65 per cent of Generation Y (those born between 1981 and 1999) non-homeowners identified increasing property prices as the main challenge to owning a home, compared to just 14 per cent of baby boomer (those born between 1946 and 1964) homeowners.

The next biggest barrier for young homebuyers was saving a large enough down payment, with 64 per cent of those polled stating they were unable to save enough, compared to 41 per cent of Baby Boomers.

“While young people may be anxious to start building equity rather than paying rent, waiting until you have a larger down payment can save you thousands of dollars over the life of your mortgage,” said Cheryl Tackaberry, Sales Manager, Mobile Mortgage Specialists, TD Canada Trust. “First time buyers can also consider the federal government’s Home Buyers’ Plan, which lets you borrow up to $25,000 from your RSP for a down payment on your first home.”

Not earning enough was also amongst the top concerns for young buyers, with nearly half (46 per cent) of those polled stating they weren’t earning enough to afford monthly mortgage payments versus just 10 per cent of baby boomers.

RBC 20th Annual Homenowership Poll

TAGGED AS: ALBERTA REAL ESTATE, CALGARY REAL ESTATE, HOME BUYERS

The Calgary real estate market began recovering in 2012, and so far this year, the future is looking bright.

CREB® statistics for the first three months of the year, as well as its outlook for 2013, suggest the recovery is expected to continue. So, what does this mean for people who are considering buying or selling their homes?

As the president of CREB®’s board of directors, I am also a REALTOR®. One of the most frequent questions I get asked is ‘Is this a good year to buy or sell?’

You’ve probably seen the headlines: “Calgary Real Estate the Lone Shining Star in Canada: TD Report”; “Calgary Housing Market Experiencing Positive Momentum”; and “Calgary Future Homes Value, One of the Best Nationwide!!”

These kinds of headlines, as well as the positivity we’ve been seeing in the local real estate market are a sign that this a good time to both buy and to sell. Based on current conditions, and assuming economic growth follows projections, CREB®’s chief economist Ann-Marie Lurie said we can expect to see moderate price gains in the market this year.

Sellers will be happy to learn our balanced market is continuing to trend into seller’s territory in the single-family market. The condominium market remains balanced.

As spring gets into full swing, we generally expect to see more “For Sale” signs. This could be great news for homebuyers who have been hampered by the lack of inventory in the city.

At the beginning of the year, inventory levels were down by double digits, meaning our market is a bit tight. With fewer houses on the market in the city, buyers have been hopping in their cars and checking out surrounding communities where they’ve been discovering they can get more home for their money.

Of course, the housing market is prone to cyclical ups and downs. The latest TD Economics report released in March looked at national trends and concluded Canadians should expect to “embark on a gradual, modest, downward adjustment over the next three years.” But Calgary, where housing has long been seen as a steady, appreciating asset, will be an “out-performer” in relation to the national housing market.

This is due, in part, to a projected population growth through 2030 that should be above the national average. Other factors that will affect the long-run rate of return for home prices aremacroeconomic fundamentals, such as income and economic growth, and structural changes, including an aging populace and the number of immigrants as a share of total homebuyers.

All of these factors indicate you can buy with confidence and that real estate in the Calgary area will be a solid investment for years to come.

TAGGED AS: CALGARY REAL ESTATE, CREB PRESIDENT BECKY WALTERS

Spring has brought some fresh air to the home resale market in Calgary.

The inventory of active homes for sale in Calgary in March was the lowest level for the month in more than five years. Homes are selling quickly, but the decline in new listings also hampered resale sales growth.

There were five per cent fewer new listings in March compared to the same month in 2012; inventory is also five per cent lower after the first quarter. As a result, volume also dropped by more than two per cent last month compared to March 2012. Overall active listings stand at just 4,006 units, up from February’s levels but well below the number available one year ago.

“Less resale product available to consumers is ultimately limiting sales growth,” said CREB® President Becky Walters. “In addition, resale homes are selling in less time and with continued upward pressure on prices.”

Walters said buyers have grown accustomed to a market where they have more time to make decisions because of ample supply. But, as market conditions have tightened, if they are serious about purchasing a resale home, buyers can no longer significantly delay that decision.

“While market conditions are a far cry from activity witnessed throughout the frenzy in 2006 and 2007, there has been a noticeable change over what become the norm over the past few years.” Walters said.

Single-family year-over-year sales growth declined by six per cent in March, a reflection of declining supply. Active inventory totaled 2,713 units, 22 per cent lower than levels recorded in 2012, and the lowest March inventory level recorded since 2007. The market balance continues to trend into seller’s territory in this segment, causing a year-over-year price increase of nearly nine per cent, for a total of $446,500 in March 2013.

“Tighter rental conditions and continued employment growth has supported housing demand growth,” said Ann-Marie Laurie, CREB®’s chief economist. “However, for those looking for more affordable single-family home products, their choices continue to narrow.”

The Canada Mortgage and Housing Corporation’s Rental Market Report, released in the fall, showed the apartment vacancy rate in the Calgary CMA declined to 1.3 in October 2012, down from 1.9 per cent in October 2011 and the third consecutive yearly decline.

Lurie said new single-family listings under $500,000 are declining at double-digit rates, driving consumers at that price point to either surrounding towns, condominiums or the new home market.

Calgary’s condominium townhouse market was the only category to record a year-over-year rise in sales activity for the month. This is in part because the level of new listings improved in March 2013 relative to March 2012. Condominium yearover- year apartment sales declined by nearly three per cent in March.

However, after the first quarter, sales activity totaled 830 units, a six per cent increase over the previous year. Condominium townhouse sales totaled 652 units at the end of the first quarter, a 15 per cent increase over the previous year.

“The condominium apartment market remains in balance,” said Lurie. “While it has moved to the lower end of the spectrum, it remains better supplied than the single-family market and the majority of product available is in an affordable price range.”

The benchmark apartment price totaled $257,700 in March, a six per cent increase over the previous year. Meanwhile, the condominium townhouse benchmark price experienced a year-over-year increase of four per cent, to $286,800.

“Despite tighter market conditions, it is unlikely that we will have another significant run-up in prices,” said Lurie. “Outside of easing economic factors expected this year, consumers have options in the total housing market.”

Gregory Klump, the Canadian Real Estate Association’s chief economist, said it’s too early in the year to draw sweeping conclusions.

“Until we get well into the summer months, year-over-year comparisons to months in the first half of 2012 are predictably going to be down significantly but not necessarily be indicative of further deterioration,” he said. “Rather, year-over-year comparisons will continue to reflect the long shadow cast by higher sales prior to last summer’s policy tightening. Looking at the monthly trend since then shows that we’ve been seeing reasonably stable trends for demand and prices.”

CREB® Regional Housing Statistics – March 2013

CREB® Monthly Housing Summary – March 2013

TAGGED AS: CALGARY REAL ESTATE, CREB PRESIDENT BECKY WALTERS, CREB® CHIEF ECONOMIST ANN-MARIE LURIE