I hope that everyone had a good month. The last little bit I have been working on creating a real estate investment strategy based around the proposed LRT Green line, Chinese investment in Calgary and short term vacation property for free scenarios in Canmore.
What's new in the news for real estate
In the last month I have come across a couple things in the real estate world that have surprised me; It takes a lot these days to do this to me but this one did.
Talk about closing the deal! Realtor is busted for having sex with a man in a house she'd just sold after cops catch them in a 'passionate rendezvous'
From the outside this seems funny to me, seriously who does that? But long-term...
Another example of how working with a buyers agent protects your interests
When Matt was first introduced to me I was immediately told that he did not want to work with a buying agent and that he was looking to work with selling agents only. He felt that he could get a better deal working with listing agents exclusively. Having experienced this sentiment before I sent him my pre-crafted email that tells three stories of why having a buyers agent representing you is in your best interest. I get it. I understand why people want to save money on a purchase but the reality is most agents won't drop their commission and when you work with selling agent to buy a home you forfeit the opportunity to have someone watching...
I'm an idiot for thinking people should get an inspection...Why wouldn't you get an inspection?
I recently got into an argument with someone about the importance of a property inspection when buying a home. I am a firm believer in having one completed when purchasing a home and the other person did not agree at all. Their point was that if an inspector is not held liable for their inspection then what is their worth? The disagreement finished in a Donald-Trump-esq name calling display where I was called an idiot, a fool and numerous other four letter words for recommending that buyers get a property inspection. To me, getting an inspection is important and I don't believe in 'telling' , so let me show you the importance...
Agents not showing homes over reduced commissions
Bringing light to another issue that I have seen in the real estate industry, the reluctance of realtors to show a property due to commissions offered by the sellers. I have witnessed, seen and know of realtors who will simply not show a listing because of the commissions being offered by the sellers. The practice is starting to increase in regularity as we see more discount brokerages enter the market that offer less commission to the agent representing the buyers.
The Los Angeles Times talks discounted commissions
I recently came across an LA Times article about the practice of not showing homes over reduced commissions and thought about a few recent examples that...
Trango almost died...
If you are a dog owner or lover then this post will likely resonate with you in some way.
For those that don't know Trango is our Nova Scotia Duck Tolling Retriever. One of my favourite areas to go trail running with Trango is Paskapoo Slopes. If you live on the Westside of Calgary and enjoy the outdoors you have probably visited the trails there at least once.
If you haven't been, image a network of forested, single track trails interlacing the hillside to the east of Canada Olympic Park (COP) still within city limits. COP uses the trails in the summer for many of their mountain biking camps and routinely the trails are full of hikers, trail runners and people trying to quickly...
How can you represent both people and double end a deal?
A partial report was issued recently by an advisory group tasked with reviewing Vancouver's real estate market. The report is recent, having only been issued in last week (mid April 2016). The report points towards the need for bigger fines for unethical realtors and placing an end to 'double ending' where a realtor represents both sides of one transaction.
The reasons behind putting an end to 'double ending' have to do with the conflicts that can arise when a realtor is representing both a buyer and a seller. The report has to do with recent complaints based around misleading and predatory sales tactics by realtors in Vancouver. The head of the...
Shady things can happen in real estate if you are not working with the right realtor. Listen to this story and tell me what you think.
The Back Story
I am currently working with a couple that is new to Calgary; they have been living here for around a year and have decide to relocate from Vancouver to Calgary for employment; not the typical situation these days. They are a young couple with two young children and are fortunate to be selling their home in the exploding Vancouver real estate market. Meanwhile here in Calgary we have been looking at homes in some of the nicer areas in the city. Altadore and Hillhurst seem to be the best suited neighbourhoods for them so far.
Some would consider...
Next to poor listing photos on MLS, an agent typing in all capital letters has to be one of the next biggest indicators that the agent is not paying attention to detail. Do they know that all CAPS is similar to yelling at someone? Can they not hit shift and the letter that starts the sentence like 95% of the population when using a keyboard?
The one listing that recently renewed my attention to this was a stunning remodel in Glenbrook. The home fit the search requirements for a buyer I am working with perfectly. Everything in the home had been updated, the kitchen had been remodelled, the flooring is updated, all the base and case throughout the home has been changed and the bathroom looks stunning. Not only...
I think there needs to be a spot to discuss shady things that happen in the real estate industry so that we can warn others to not let the same thing happen to them. That is what I am going to do today.
I was at a friend's going away party last night; he is headed to Nigeria for a few months and there was a gathering to send him off. Mid way through the evening my friend that is going away introduced me to his friend who had a real estate horror story!! I could not believe what I was told could happen but it did. It is criminal! My friend says "Tim this is my friend Chris, his realtor rented his townhouse on AirBnB while he was out of town without his permission".
That was the intro, you could imagine...
In the past week I have run into so many sleazy realtor situations that I just have to vent about it. I feel that the techniques and ways of doing business that I am about to describe are ruining the reputation of realtors and it needs to be called out.
I'm tired of talking to clients after they have spoken to a realtor and feel that they are a dishonest realtor trying to get the next sale, doing anything to get the next pay cheque. It's out there in the real estate business and it is disgusting. I feel that the increased market struggles we are seeing, due to the falling oil prices are bringing out the desperate and the crazies.
There are realtors out there that will do anything to get you through the door, or...
What's happening withCalgary's Strathcona Park Real Estate Market.
I spent Saturday morning at 6am looking at the recent sales in Strathcona. What better time to do it? That's a debatable topic but I wanted to know the stats and I am booked from 8am-6pm with showings and meeting clients so I figured I should get it done now. Sales numbers for the last month are low but better then in 2015. There were 6 homes that sold ranging from $275,000 to $805,000. There were more homes that sold in Strathcona in 2016 than 2015 6 vs 4 but the difference in Days on Market (DOM) and asking price is reallying growing.
In 2015 the average home sale price was lower but in 2016 there were a couple...
Calgary Real Estate Foreclosures.
Over the past several weeks several of my investor clients have contacted me to discuss the opportunity of buying a foreclosed property inCalgary.
Are foreclosures up in the Calgary market? Certainly, they appear to be up by about 30% but the number of foreclosures is still very small! To put it in prespective there are currently 56 foreclosures in Calgary on the market and over 5000 active listings.
Personally I have received several requests from investors asking about investing in foreclosures. That means that there are likely an additional 5000 realtors in Calgary receiving the same requests. So we have probably over 5000 investors eyeballing 56 properties...
What's happening with Cougar Ridge Real Estate?
I just finished taking a look at the Cougar Ridge Sales numbers for the last month and the list of sold homes is small. We've seen 4 homes sell in the community during the last month ranging from $640,000 to $510,000.
That may sound like not a lot but it is exactly the same amount that sold from Jan-Feb 2015 and Jan-Feb 2014. The average price of the home that is selling is down as the prices ranged from $725,000 to $547,000
Taking a look at the 'real' sales numbers those 4 homes were on the market for an average of 55.5 days and sold within 95.7% of asking.
In Jan 2015 the same amount of homes sold; 4, but the average days on market was only 25.75...
How is the Cougar Ridge Real Estate Market?
I recently took some time to take a look at the detached home sales in Cougar Ridge in comparison to 2014. Since 1 June 2015 we have seen 2 homes over 1 million dollars sell in Cougar Ridge and another 19 homes sell during that period too.
Home sale prices varied from $1,700,000 to $488,000. If you eliminate the two home sales over $1,000,000 which are not necessarily reflective of the average Cougar Ridge home, the days on market for the other 19 sales during this period was 30 days. This might be a slightly skewed number because when Realtors take down a listing and do a price drop, new photos and get it re-listed with a new MLS number it re-starts...
When is the best time to sell my home?
There is certainly truth to the belief that spring is the best time to sell a property. Often, in early spring it is a great time to be a seller as there is less competition on the market and an upswing in buyers out looking for a new home. Historically spring is the best time to sell. The busiest months are typically April to June. Sometimes that season can extend from March to about mid July. Around mid July, especially in Calgary we begin to see the number of sales decrease as Stampede starts up. Often there is a lull in sales activity during this time as people are more concerned about enjoying Stampede and their summer vacations then they are about buying a home....
My home's assessment has a direct relation to what my home is worth.
This assumption is a myth. When the city ofCalgary mailed you your property assessment at the start of the year it may have been close to the value of your home on July 1 the year before. That is when the city makes it's assessment, 6 months prior to you receiving the written copy; likely not what your home is worth now. Sometimes the number can be higher or lower then the actual value of your home. The market, the buyers determine the sale price of your home. The city determines the amount of taxes that you have to pay based on your assessment. Most of the time when you go to sell, your sale price and assessment price are not the same....
Another summer is upon us and the trails are finally dry at the Eastlands area of Canada Olympic Park. It seems like everyday there are more people on the trails enjoying the long days. I have also started to see a lot of #savetheslopes signs springing up in Cougar Ridge as well. Don't forget to check out www.savetheslopes.org and sign the petition to keep the Eastlands area the way it is now vs the retail and housing development that is proposed.
With the leaves green and the trails dry it is a great time to be biking, hiking or walking your dog in the Paskapoo Slopes area. We moved to Cougar Ridge so that we could be closer to this area. The trails that are available are so easily accessed...
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How is the Cougar Ridge Real Estate Market?
How is the Market?
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