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Archive for June, 2011

June newsletter and stats

Saturday, June 4th, 2011

  April

Change from

 March 2011        to April 2011

  May

Change from

April 2011           to May 2011

New Listings

3,278

318

+9.7%

3,526

248

+7.6%

Active listings

7,715

830

+10.7%

8,180

465

+5.6%

Sales

1,487

-16

-1.1%

1,857

370

+19.9%

Average Sale price

*House and Condo sales

$306,639

$830

+0.2%

$310,812

$4,173

+1.3%

House

$379,057

$145

>0.1%

$380,545

$1,488

+0.39%

Condo

$234,220

$1,514

+0.6%

$241,080

$6,860

+2.8%

What do these statistics tell us?

  In the month of May we see that condominium prices rose significantly while detached home prices stayed flat. The condominium market is typically a good indicator as to things to come. With the prices rising in this market segment the indication is that prices will soon rise across the board.

 On the other side of this story is the rising number listings, this time last year there where 8,870 active listings and 1,793 sales. With listings slightly down and sales up, this is a good indication of an active and more balanced market than that of the last few years.

  So what can we look forward to in the next few months, with summer almost here the most active time is also close with June and July posting the highest activity in the last few years. Prices are a function of supply and demand; high demand and low supply command a price rise, while the opposite is true of high supply and low demand commanding a falling price.

  Now what motivates a healthy market? A lack of confidence has been a major influence in the last few years. In the 2006-2007 boom, buyers convinced that prices where going to continue to rise, rushed into the market to purchase a home before it was ‘too late’ and homes where priced out of reach. The boom / bust “hangover” is now beginning to subside. Mortgage rates while stable will rise as economic growth returns, while the U.S is still in economic trouble; the remainder of the world has a good handle on their finances, prices, although still lower than the 2007 high of $424,572 are climbing giving confidence to those who bought during the boom.

  With this confidence; we will return to a stable and active market, a good thing for everyone.

Making your Real Estate needs my priority
  
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

Open House in Mayliewan on Sunday

Friday, June 3rd, 2011

Please join me from 2-4 on Sunday June 5.

Property information.

Making your Real Estate needs my priority
 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

Don’t forget these costs when buying a home

Thursday, June 2nd, 2011
Buying a home is a milestone, whether it’s your first, third or fourth. In addition to the price of a home, there are some other costs you’ll incur. Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. Not all costs apply to every sale or purchase. However, when you are aware of the following items you won’t be hit with any surprises on closing day.Inspection fee
An inspection performed by a professional inspector is a sound investment. For $300 – $500, you’ll receive a written report on areas that are structurally sound and those where repairs are required.

Appraisal fee
When you apply for a mortgage, your lending institution will ask for an appraisal of the property. Budget approximately $300 -$ 500.

Survey fee
When you purchase a resale home, you are also required to have a Real Property Report which assesses any changes to the home and property. Normally the vendor is required to provide this in which case it costs you, as the buyer nothing, but can be added to your costs if the vendor negotiates it in the sale of his home Budget around $400 – $600.

Property insurance
Insurance on your home covers the replacement value (structure and contents). To protect their investment on their loan, financial institutions require this coverage. Allow for $500 – $1,000.

Service charges
There will be an installation fee for utility services, including telephone, water, electricity, gas and cable. Hook up fees range from $50.00 – $175.00 depending upon the service.

Legal fees
A lawyer should review every real estate transaction. Fees are determined by the complexity of the issues involved. Shop around and ask for an estimate prior to hiring any lawyer.

Mortgage loan insurance fee
Depending upon the down payment, some lending institutions require mortgage loan insurance. Budget between 0.5% – 3.5% of the total amount of the mortgage.

Mortgage application fee
Some financial institutions charge a mortgage application fee to process your application. If your request for a mortgage is turned down, most will return the application fee to you. Each time you renew a mortgage some institutions also charge a fee.

Moving costs
Costs for professional movers range from $65.00 – $100/hour for a van and two movers. Prices may be higher during peak moving times.

Local improvements
In some cases, the cost of local improvements made in your area (sewers, sidewalks, alleys) could be added to your tax bill.

Closing costs
With the purchase price of a resale home, the closing is always “subject to usual adjustments.” This means that any amount that the seller has already prepaid will be adjusted so that the home buyer pays the excess amount back to the seller, and vice versa. These adjustments can include: municipal property and school taxes, monthly condominium maintenance fees, first and last month’s rental for rental properties where renters may be in the home, and utilities such as hydro, water and fuel oil, including GST.

Interest adjustment costs
Most lenders expect the first mortgage payment one month after closing the purchase, however, if you close mid-month, some lenders expect the first payment at the beginning of the next month, two weeks before you would normally expect. Or they charge a pro-rated interest to make up the difference.

Land transfer tax
Most provinces levy a one-time tax based on a percentage of the purchase price of the property. Your professional real estate agent can advise you on which service provider would be the most cost efficient and give you the best service for your particular purchase situation.

 

Making your Real Estate needs my priority
  
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

Bungalow for sale in Belmont

Wednesday, June 1st, 2011

1,023 sq. ft., 2 bath, 4 bdrm single story – MLS® $374,400

Belmont, Edmonton  –  Exquisite 4 bedroom home in the community of Belmont, located in a quiet cul-de-sac just steps away from the ravine. The care and love given to this home is reflected throughout. This home is a true oasis.. from the traditional lush green lawn and perennial garden to the modern retreat to view the newest blockbuster. The living room with its vaulted ceiling is ideal for visiting with friends and family. A Large open kitchen that will easily accommodate family holidays, opens up through French doors to a garden with a true country feel. In the fully finished basement resides another true gem of this home. A large and open Rec room, wired for surround sound, cold room, fourth bedroom and 3 piece bathroom with custom shower finished in slate, make this the basement we all dream about. Washer, dryer, refrigerator and dishwasher are all less than a year old. I challenge you to find a better maintained or finished home. With nothing more to do, but relax and enjoy this truly fantastic find.

Property information

Making your Real Estate needs my priority
 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017
The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. Trademarks used under license from CREA.
MLS® MLS REALTOR® Realtor