The real estate market is in flux, prompting concerns about a possible "bubble" and the likelihood of plummeting prices continuing. Mortgage rates are another source of uncertainty - will they rise more or fall? In this dynamic environment, buyers and sellers alike are wondering if it's a buyers' or sellers' market.

These concerns are not unique to the current market; they arise regularly and impact homeowners, buyers, and agents alike. Real estate is an ever-changing industry, and every few years it undergoes a significant transformation.

Successful agents understand that a "hot" market or positive headlines aren't enough to ensure long-term success. They recognize that challenging times will inevitably arise, and that the market will never be perfect for every buyer, seller, or homeowner. Nevertheless, there is always someone looking to buy or sell a property, and these agents remain level-headed and focused on their business goals.

If you're looking for an agent who has weathered market fluctuations and knows how to navigate them successfully, keep an eye out for the following five signs:

1. They’re Calm

Regardless of whether the real estate market is experiencing a surge in activity or moving at a sluggish pace, an experienced agent knows how to maintain their composure. They may possess an innate ability to remain calm in the face of uncertainty or practice daily meditation techniques to cultivate a sense of calm. Alternatively, they may unwind with a few glasses of wine at the end of a busy day. Regardless of their preferred method, you can be confident that they will not easily lose their cool.

2. They Don’t Get Discouraged (or let their clients get discouraged)

In any real estate market, it's not uncommon for buyers, sellers, and agents to feel disappointed or frustrated. However, during times of market fluctuations, these emotions can be even more prevalent as change is afoot. Although some individuals may succumb to negative feelings, an experienced agent who has weathered similar circumstances in the past understands the importance of remaining focused and positive. They are equipped to guide their clients through the ups and downs of the market shift and keep them motivated and optimistic.

3. They Manage Expectations

Humans tend to develop expectations based on past experiences, and this is especially true in real estate. For example, in a hot sellers' market, homeowners may anticipate that their property will sell within days for a price exceeding the asking price. Similarly, in a buyers' market, buyers may struggle to reconcile the need to offer above the asking price after seeing other buyers negotiate a lower price. A seasoned agent who has witnessed market shifts before can offer guidance on what to expect - and what not to expect - as the market changes. This can help manage clients' expectations and prevent them from becoming discouraged or disillusioned.

4. They’re Still Doing What They Do On A Daily Basis

Whether the real estate market is moving at a rapid pace or slowing down, an experienced agent understands the importance of maintaining daily routines. Being a successful agent involves more than just showing homes or listing properties; it requires consistent effort in areas such as marketing, following up with clients, scheduling inspections, and completing administrative tasks. Regardless of market conditions, these responsibilities must be attended to on a daily basis to ensure that clients receive the best possible service.

5. They Aren’t Looking For A New Career

When the real estate market is booming, it can be an alluring field that attracts many new license holders. However, obtaining a license is just the beginning; achieving success and longevity in this field is a challenging feat. Those who enter the industry purely for the excitement and perceived ease quickly realize that it is not a simple career. As the market undergoes changes, many agents may abandon their profession and seek out other opportunities. However, a seasoned agent who has navigated through significant market shifts in the past will not give up on their clients or their career, no matter the challenges that arise.

Real estate is an industry that may use terms and phrases that may be unfamiliar to those who are not experts in the field. However, understanding some of these terms can be beneficial for anyone looking to buy, sell, or rent a property. One such term is "comp" or “comparable.”

Ok, but what is a “comp”?

A "comp" is a property that is similar to the one being considered for purchase or sale. These properties are typically currently on the market, under contract, or have been recently sold. They are used as a reference point to determine the approximate value of a property in the current market. Understanding comparable properties can aid in pricing a property accurately as a seller and making a fair offer as a buyer.

It's important to note that even though some terms may be unfamiliar, understanding them can help navigate the real estate market successfully. Professional real estate agents can also provide guidance and explain any industry-specific terms that may be confusing.

What Makes A Good Comparable?

Choosing comparable properties should be done in an unbiased manner, without being influenced by personal preferences or biases. It is important to select properties that are truly similar to the one being considered for purchase or sale, rather than cherry-picking properties that align with desired outcomes.

For example, it is not accurate to use a property that sold for a higher price as a comparable for a house that is being sold, simply because the seller wants the house to be worth more. Similarly, a lower priced property should not be used as a comparable to justify a low-ball offer on a house being purchased, if it is not truly comparable.

It can be challenging for real estate agents or appraisers to find properties that are truly similar to the one being sold or purchased within a recent time frame. Ideally, comparable properties should have similar characteristics such as:

• Similar square footage.
• Similar lot size.
• Similar age.
• Similar number of beds, baths, and other rooms.
• Similar condition. (Like how updated or clean it is.)
• Proximity to the subject property. (Ideally it should be fairly close by.)
• Similar neighbourhood or area.
• Sold and closed recently. (Within three months is ideal.)

In an ideal scenario, real estate agents or appraisers would be able to find a diverse set of comparable properties to determine the value of a property. This would include properties that are currently on the market, under contract, and have closed within the past three months. By using a combination of these properties, they can accurately determine the appropriate listing price for a seller or offer price for a buyer.

The Problem With Comps In A Shifting Market

Many experts in the real estate industry, government officials, and media outlets have noted that the market is currently experiencing a shift. However, determining the specific implications of this shift can be challenging as opinions vary. While prices have been high in recent years, it does not necessarily mean that prices are decreasing now.

Data and news reports suggest that there has been a decline in the number of homes being sold, and a longer time frame for homes to sell in certain areas. However, in many areas, prices have not decreased and in some areas they have remained stable or even increased.

It is important to note that the shift in the market is affecting different regions and price ranges in various ways. Therefore, it is crucial to rely on local comparable sales data to accurately determine the value of a home when buying or selling. National data and reports should not be the sole source of information when making real estate decisions.

But here are a few problems with comps in the current market that you need to be aware of:

Finding enough comparable properties to determine the value of a home can be challenging. Inventory levels have been low and continue to be low, making it difficult to find a sufficient number of properties to use in a proper analysis. Additionally, it can be challenging to find properties that are similar enough to the subject property.

It may be necessary to look back further than three months. While it is not ideal, low inventory levels may necessitate looking back further in order to find enough comparable properties. Also, it's important to note that closed sales data is a sign of market conditions from several months ago, as the closing process usually takes a month or two after going under contract.

It may take several months of purchases to determine if prices are truly shifting in a particular market. So, relying on the most recent data available and consulting with a local real estate agent is important to get an accurate picture of the local real estate market.

Sellers may be using past high sales prices as evidence that their property is worth a certain amount, while buyers may believe that prices should be decreasing due to market shifts and changes in interest rates, but lack concrete data to support lower offers.

In such a scenario, consulting with a local real estate agent who has experience and knowledge of the current market conditions can provide valuable insight. They can provide information on recent buying and selling trends, supply and demand in the local area, and how it affects pricing.

While comparable sales data can be useful in determining values, relying on a local agent's understanding of the market and its current direction can be crucial when the market is shifting. They can provide an accurate picture of the market before the data reflects it.

Indoor plants are more than just a decorative addition to your home or office. These green friends bring a host of benefits to your environment and improve the overall quality of life. From improving air quality to reducing stress levels, the benefits of having indoor plants are many. In this blog post, we’ll take a closer look at some of the key benefits of having indoor plants in your life.

1. Improved Air Quality

One of the most significant benefits of having indoor plants is the improvement of air quality. Indoor air can contain harmful pollutants, such as benzene, formaldehyde, and trichloroethylene, which can cause respiratory problems, headaches, and other health issues. Indoor plants help to filter out these pollutants, purifying the air and making it safer to breathe. Some of the best air-purifying plants include the spider plant, peace lily, and English ivy.

2. Increased Humidity

During winter months, indoor heating can lead to dry, low humidity levels, which can cause dry skin, eyes, and nasal passages. Indoor plants help to increase humidity levels, reducing these symptoms and making your indoor environment more comfortable. In addition, increased humidity levels can help to keep wooden furniture and flooring in good condition, as well as reducing static electricity.

3. Reduced Stress and Anxiety

Studies have shown that having indoor plants can help to reduce stress and anxiety levels. Spending time with plants can be a form of therapy, and nurturing them can help to improve your mental well-being. The simple act of caring for plants can have a calming effect and can help to reduce feelings of anxiety.

4. Improved Focus and Productivity

Indoor plants have been shown to improve focus and productivity in the workplace. Research has found that workers who have access to plants in their workplace are more focused, less stressed, and more productive than those who do not. This could be due to the calming effect of plants, or simply because they provide a visual distraction from the screen, helping to reduce eye strain.

5. Decorative Element

Indoor plants can be used as a decorative element to enhance the aesthetics of your home or office. There are a wide range of plants to choose from, including hanging plants, trailing plants, and potted plants, so you can find the perfect one to suit your decor. Whether you prefer minimalist, modern styles or more traditional, homely designs, indoor plants can be incorporated into any style of decor.

6. Improved Mental Health

As mentioned earlier, spending time with plants and nurturing them can be a form of therapy and can lead to improved mental health and well-being. Studies have shown that having indoor plants can increase feelings of happiness, calmness and overall sense of well-being. Whether you’re feeling down, stressed, or just need a break from the daily grind, spending time with your indoor plants can help to improve your mood and mental state.

In conclusion, indoor plants bring a host of benefits to your environment, from improving air quality to reducing stress levels. Whether you’re looking to improve the air you breathe, create a more comfortable indoor environment, or simply add a touch of greenery to your home or office, indoor plants are a great choice. So why not invest in a few plants today and start reaping the benefits of having indoor plants in your life!

As we await the busy spring real estate market that is only a short time away, we get calls and messages from homeowners all the time who are ready to sell but who are completely stressed out about getting their homes ready for the market. Selling your home in a hot market can be both exciting and stressful. On one hand, you have the potential to sell your home quickly and for top dollar. On the other hand, you're going to be dealing with a fast-paced competitive market.

Our response?

Take a deep breath. You can do this, and we’re going to help you every step of the way. We will put together an action-oriented plan with some simple and doable steps that will keep the entire process moving along worry-free. Getting your home ready for the market is like most things in life: the anticipation is the worst part. But remember, hiring a solid agent is KEY to helping you prepare, price, market, and negotiate top dollar your home. We’re here to guide you every step of the way!

Here are some ideas to get you started:

Depersonalize Your House

Pack away personal items, family keepsakes, and distracting objects to present buyers with a clean and neutral environment. This makes it easier for them to imagine their own belongings and decor in the home. Only keep understated furniture that won't create a strong impression, to avoid making it difficult for buyers to envision their own furnishings in the space.

Declutter Your House

Simplify your life by getting rid of items you haven't used in over a year. Donate them to charity or a nonprofit, which can benefit those in need. If certain items are not accepted, check with your town for pickup services. Clear bookcases and kitchen counters and store daily essentials in boxes for an efficient packing process when the time comes for you to move.

Organize Your Bedroom Closets and Storage Cabinets

Impress potential buyers by organizing your storage spaces, such as closets and cabinets. A cluttered and disorganized appearance can leave a negative impression, while neat and tidy storage showcases attention to detail and care for possessions. In the kitchen, arrange spice jars alphabetically and neatly stack dishes, with coffee cup handles facing the same way. In closets, hang shirts with buttons done up and line up shoes neatly. This will demonstrate to buyers that the house has been well-maintained.

Consider Renting A Storage Unit

For a more appealing look, reduce the amount of furniture in your home. Store pieces that obstruct or limit movement, as well as any distracting furniture, artwork, and empty bookcases. This will create a more open and accessible space. Leave just enough furniture to showcase the room's purpose with plenty of room for buyers to move around. 

Remove Or Replace Favourite Items

Before showing the house, remove any window coverings, appliances, or fixtures you plan to take with you. This includes items like a chandelier in the dining room that adds to the house's appeal but is not part of the sale. Avoid disappointment by taking down these items before a buyer requests their inclusion and it becomes an issue.

Make Minor Repairs

To sell a home effectively, address any necessary repairs in the property. This is particularly important in normal markets or a buyer's market, where repairs can greatly impact the success of a sale.

Fix any damaged floor or counter tiles, and patch any wall holes. Repair leaky faucets and doors that do not close properly, and fix any kitchen drawers that are not functioning correctly. Consider painting walls with neutral colours to appeal to a wider range of buyers and avoid creating a strong and potentially unappealing visual memory, such as an orange bathroom.

Ensure that all lightbulbs are functioning, replacing any that are burned out or have been in service for a considerable period of time. This helps to prevent any negative experiences for buyers during showings, as the last thing you want is for a bulb to blow out when the light switch is turned on. Take these steps to make the buyer's experience as positive as possible.

Get The House Cleaned

For a top-notch showing, consider hiring professional cleaners to tackle a deep clean of your home. This can include tasks such as washing windows, pressure washing outdoor surfaces, re-caulking fixtures, and shining chrome and mirrors. Make sure to remove all dust and debris from furniture, cabinets, closets, and other hidden areas.

To maintain a clean appearance, make an effort to vacuum daily, wax floors, dust surfaces, and keep bathrooms and kitchen sparkling. Present a welcoming atmosphere with fresh towels and keep toilet lids closed when not in use.

Prioritize removing any musty odours from your home. The day before a showing, refrain from cooking foods with strong scents like fish, garlic, or cabbage as these can linger. Keep an eye on areas affected by pets, like litter boxes, to ensure no unpleasant smells are present during the viewing.

And Finally

Step into each room of your home, pause at the doorway and visualize it from a potential buyer's perspective. Assess the furniture placement and rearrange it for optimal visual appeal. Ensure window treatments are hung straight. After thoroughly cleaning and repairing everything, it's time to stage your home for showings.

Thinking about selling?

Want to keep talking about selling your home in 2023? We’d love to! Send us a message or give us a call, and we'Il be in touch.

Moving day can be a stressful and hectic experience, but there are several hacks that can make the process smoother and more efficient. Here are a few tips to help you make the most of your moving day.

1. Purge your closets before you move and don't pack anything that you haven't needed, worn, or used in a year.

2. Pack a cooler so you have easy-to-grab snacks and water as needed. And make sure that cooler doesn't end up in the moving truck instead of with you.

3. Don't empty dresser drawers. Leave items there, and wrap the drawer in plastic wrap. Likewise, leave clothes on hangers and store them in a garbage bag or wardrobe box.

4. Put a fitted sheet on both sides of your mattress before loading it into the moving truck to keep it clean.

5. Fill large kitchen pots and other containers with small kitchen gadgets or spices to save space and cut down on

boxes.

6. Put stemware and glasses inside of clean socks for free padding.

7. Snap a pic of the back of your TV to help you remember where all those wires go.

8. Get little ones and pets out from underfoot. If making a crosstown move, schedule a playdate or a sleepover so you can focus on the move and have time to get somewhat settled before they arrive home.

Open kitchens have had their moment in the sun, but some think the trend could be waning as people spend more time at home and with each other. The design offers fantastic opportunities for families to connect but can also be seen as lacking privacy and making it difficult to establish “zones” in the home.

So, how can you decide whether an open kitchen design is something that will work for you and your lifestyle? Check out this list of pros and cons to see what benefits and drawbacks open kitchens can have.

Pros:

1. Increased social interaction: An open concept kitchen allows the cook to interact with guests or family members while preparing meals. This can be especially useful when hosting a dinner party or hosting guests.
2. Greater sense of openness and space: Removing walls between the kitchen and living or dining area can make the space feel more open and spacious.
3. Better for entertaining: An open concept kitchen allows the cook to be part of the conversation and activity while preparing food, making it easier to entertain guests.
4. Improved traffic flow: An open concept kitchen can improve traffic flow in a home, as people can move more easily between the kitchen and other areas of the home.

Cons:

1. Lack of privacy: An open concept kitchen can lack privacy, as the cook is on display while preparing meals. This may not be suitable for everyone.
2. Increased cooking odours and noise: An open concept kitchen can allow cooking odours and noise to spread more easily into the living or dining space. This can be a drawback if you have a small space or are sensitive to smells or noise. 
3. Increased clutter and mess: An open concept kitchen may be more prone to clutter and mess, as it is more visible to others. This can be especially true if the kitchen is not kept organized and clean.
4. Reduced storage space: An open concept kitchen may have less storage space, as walls and cabinets may be removed to create the open layout. This can be a problem if you have a lot of kitchen equipment or supplies.

Ultimately, the pros and cons of an open concept kitchen will depend on your personal preferences, needs, and lifestyle. It's important to carefully consider the benefits and drawbacks of this layout before making a decision.

Although the frequency of experiencing a bidding war when you’re putting an offer in on your dream home is far less likely as we’re nearing the end of 2022 then it was in the height of the seller’s market Fort McMurray saw in 2021, competing offers are still common-place at certain price points and in desirable neighbourhoods.

When you are competing with other buyers on the same house you need your offer to stand out. You also have to demonstrate that you are serious about the property and make the sellers feel confident in your intentions. Most people believe that it’s always the highest price that wins competing offers, but that is not the only factor that sways sellers. Often times it is the offer that has fewer conditions, a short condition period, a possession day that is favourable to the seller and the highest deposit amount that wins.

Avoid the frustration and heartbreak of finding out your offer has been rejected. Improve your chances at winning a bidding war with these tips:

DO Get a Pre-Approval Letter

Ask your financial institution to provide a pre-approval letter showing that you are capable of purchasing. You can ask your mortgage broker or bank for this document and sometimes including it in your offer will make it stand out from the rest.

DO Give a High Deposit

Offer a healthy deposit and have the funds readily available within 24 hours. A good rule of thumb is to offer a deposit of 5%. This shows the sellers good faith and that you are serious, organized, and financial capable.

DO Know the Market Comparables

Know the neighbourhood and comparable properties that have recently sold. Ask your agent for this information and discuss how much you are willing to pay before you write the offer.

DON’T Talk Price

Many sellers have technology installed in their homes or at their front door that can pick up what you are saying when you are viewing the property. Always assume someone is listening. Play your cards close to your chest and keep these conversations off-site.

DO Keep Conditions to Minimum

If your offer to purchase contains conditions that need to be met before the sale is firm, like a home inspection or mortgage approval, keep them to a minimum and do your best to have them met within a week. Your offer will be more attractive to the sellers if it has a shorter time frame to a firm sale.

Don’t Wait to find a Home Inspector

Decide on who you will hire to complete the inspection before you make an offer. Having this decided in advance will speed along the process and enable you to give a shorter condition period. If you don’t know a home inspector, your agent will be able to provide you with some contacts.

DON’T Include Easy-Out Conditions

Avoid conditions such as the offer is subject to parent approval, review of title or you have to talk to your lawyer. Have this sorted out in advance and put your best foot forward. These kind of conditions signal to the buyer that you may not be seriously invested in the property or that you may try to back out. They will be more likely to select an offer without these kinds of conditions.

DON’T Include Furniture in the offer

Keep it simple. The less complicated your offer, the better. You can always approach the sellers after your offer is accepted to ask if they are interested in selling any of the contents or furniture in the home.

DO Find out How many Offers Are Being Presented

Ask your agent to find out how many offers are being presented. Generally, the more offers that come to the table the higher you will need to go in price.

DO Ask Who Else is Presenting Offers

Find out the names of the other agents who are submitting offers and ask your agent what they know about them. A very experienced agent will usually not enter into a competing offer situation unless their clients are very serious buyers. You can bet that they have prepared their clients to give a very strong offer. Knowing the other agent you are up against can give you a competitive edge.

DO Include a Personal Letter

This is a trend we’ve been seeing more of this year. Include a letter about yourself and why you are right for the house. As corny as it sounds, sometimes this technique can appeal to the seller and make a big difference.

DON’T Sleep On It

Home buyers need to be ready to make an immediate decision. The competition is so fierce in some market segments that houses can be sold in a matter of hours.

If you're in the market to sell or buy in Fort McMurray, please don't hesitate to reach out. We would love to help you get into the home of your dreams.

Winter is definitely here! If you haven’t already, it’s time to create an inviting and cozy space for you and your guests.

Being told that your home is “cozy” is probably the best compliment a homeowner could ever receive. It means that your guests feel comfortable in your home.

Creating a space that is not only inviting but also gives a feeling of warmth, is the most difficult task for any interior decorator to achieve, let alone, the most important. With these easy and quick tips, you can transform your home into the coziest living space imaginable!

STAY WARM, LITERALLY.

The most important part of having a “cozy” home is to keep yourself warm! We know that it can get really cold outside, so having tons of blankets, especially bulky blankets accessible to you can make a world of a difference. In fact, many interior decorators use this tip to create inviting and relaxed environments.

LIGHTING IS EVERYTHING!

The key to creating a warm and cozy space is to have the just right amount of light You don’t want a space to be too bright yet not too dark either, so finding this perfect in-between can be difficult. However, playing around with different types of lighting can make your space feel cozier.

START WITH CANDLES.

Speaking of the perfect amount of lighting. Why not bring in some candles?

By using candles you not only play around with the use of lighting and create a much cozier space but you can also have control over how you want your home to smell! We love vanilla scented candles.

DID SOMEONE SAY PILLOW TALK?

Lastly, pillows are also a great way to make any space feel comfortable and inviting. Interior decorators use this tip also to fill in some awkward spaces like adding throw pillows to hallway benches, empty reading nooks, and more!

With these easy tips, you are sure to have the most comfortable and cozy space in the world! In fact, you may not want to step outside after this.

When most people assume that the Holidays are the slowest time for Real Estate, there is actually a unique opportunity to capture some attention for your listing or as a buyer to jump on a property when others may not be paying much attention. Every year it's a conversation we have with clients!

Take a look at our 11 Reasons to list your home during the holidays! 

1. People who look for a home during the Holidays are typically more serious buyers.

2. Often because inventory is low around the Holiday season, serious Buyers have fewer houses to choose from. Less competition means your home has a higher likelihood of selling for top dollar.

3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home, statistically lowering the offers coming in. Less demand means less money for you.

4. Houses show magnificently when decorated for the holidays! 

5. Buyers are more emotional during the Holidays, so they are more likely to pay closer to your list price.

6. Buyers have more time to look for a home during the Holidays and brief time leading up to them than they do during their typical working week.

7. Some people must buy before the end of the year for tax reasons.

8. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until Spring to buy, you must be on the market now so you don’t miss out on this niche of potential buyers.

9. You can still be on the market but you have the option to understandably restrict showings during the six or seven days during the height of the Holidays. 

10. You can sell now for more money and we will negotiate for a delayed closing or extended occupancy until early in the New Year.

11. By selling now, you may have an opportunity to be a non-contingent buyer during the Spring, when many more houses are on the market, for less money. This will allow you to sell high and buy low, while not having to worry about the sale of your current home to waive conditions on the purchase of your new one.

Deciding if it is time for your family to upsize or downsize is not always a clear choice. There are factors to consider that might push you to take the leap or stay put for a while longer. Whether you are thinking about upsizing so your family can spread out or purging possessions so you can downsize, here are some questions to ponder.

How are you using your current space?

Do your family members feel like they don’t have adequate privacy or space to do their own thing?  Are you tired of working at the dining table and really need an office or workshop? Is having the kids share bedrooms just not working out? Maybe an upsize is warranted. On the other hand, do you have rooms that aren’t being used, or are you tired of paying property taxes on more house than you need? Check for the downsize column!

Have you considered the maintenance costs?

If upsizing is on your mind, consider the added costs for maintaining a larger home and property, whether in money or time. Will you be able to keep up with cleaning, lawn care, and general maintenance issues that come with owning a home? If you are ready to cross maintenance off your to-do list, perhaps you are ready to downsize to a more manageable property or one where the HOA handles part of the job.

What are your outdoor space needs?

Are you ready to give up having a yard or garden to downsize to a maintenance-free space? Do you have pets that need outdoor space? Do you need more outdoor space for your children to play or your dog to run around in? The size of the house is one thing, but the property is important also.

Have you looked to the future?

What do you expect your needs to be in the next five, ten, or twenty years? Do you want a large home where your children and grandchildren will come for vacations and holidays, or will you be spending those times at their homes? Will you want to entertain groups of friends, or do you foresee going out for your entertainment? What will happen if your spouse passes; will you want to stay in the home on your own?

Do the financial implications add up in your favour?

Can you handle the higher costs involved with a larger home, or are you ready to cut costs with a downsize? Consider where you stand on your current mortgage. Are you alright with starting a new mortgage at this point in your life, or are you in a position to purchase in cash? What are the tax implications for your move?  

Is it the right market to upsize or downsize?

A seller’s market is hot for those looking to sell a larger home and downsize. Upsizing may be riskier in a big seller’s market, but if your family would be happier in a larger home, it might be worth the leap.

Whatever questions you have about purchasing your next home, we’d be honoured to assist you. So let’s work together to make sure your next move is the right one.