As technology evolves and improves over time, online home listings get more sophisticated. With features such as 3D home tours now available, it is now possible to view a home and go through the entire home purchase online. While many online listings are packed full of great photos and lots of information, going through the home buying process virtually and being unable to view a property in person may leave some things overlooked, as they are not as obvious through a screen. Here are four things to take into consideration when viewing a house virtually.

3D & Virtual Tours

If doing a physical walk-through of a property isn’t an option, 3D and 360 tours can be a great alternative to give you a feeling of what it would be like to walk through a home. Many realtors now offer 3D tours or virtual walk-throughs for their listings, so now is a great time to take advantage of those! 3D tours are great for allowing you to view a property from the comfort of your own home, while also giving you the freedom to virtually navigate your way through the property. This will give you a chance to get a feel for the floorplan and layout of a home without having to actually set foot on the property. With the current situation, many realtors are also offering virtual video walk-throughs of their properties that are currently on the market. Many realtors have asked the seller to film a walk-through of their home that they are then able to share with prospective buyers. Utilizing these virtual tours are a great way to get a feel for the property you are looking at and can be useful for helping potential buyers narrow down the different properties they may be interested in.

Analyze the Photos

Many realtors work with professional real estate photographers to take photos of their listings. This is a great asset to potential buyers as the photographers know the best ways to show off the different rooms in a home. Make sure you take a look at all of the photos and spend some time noting where windows are and what rooms look like they will get the best natural light. Another good thing to consider when looking through the photos is how your own furniture will look in the space. If the photos of the home are furniture free, allow yourself to mentally place furniture where you think it may look best. If the property is staged, take into consideration where different furniture pieces are placed and how you could change the furniture layout to work for you and your style.

Take Note of Potential Fixes/Renos

While buying a new construction or newly renovated home is great, some people look for fixer upper’s that they can make their own. If you’re looking at a property online that may not be quite your style or that needs some upgrades, take note of those. See what elements of the home work for you and which areas you would consider renovating or giving some TLC in the future. Remember that your realtor is going to be the expert, so don’t be afraid to give your realtor a call to chat about a listing you are interested in and get their thoughts. And remember, paint colour is an easy, relatively inexpensive change that make a huge different in a home!

Consider the Outdoor Space One thing that many people forget to take into consideration when viewing a home online is the outdoor space. Whether this be a small balcony or a large backyard, outdoor space is definitely something to try to get a feel for when viewing a home virtually. Take account of what furniture you may need to fit into the space or invest in, what sort of maintenance will be involved in the upkeep of the outdoor space. Many realtors ask their sellers to try to have two photos of the exterior of the home, one from the summer and one from the winter. This allows potential buyers to get a feel for what the exterior of the home will look like in every season.

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Selling a home can be exciting but challenging, especially in a dynamic market like Edmonton. As a home seller, it's crucial to be aware of the common concerns that many sellers in the area are facing. In this article, we will explore three primary concerns that Edmonton home sellers encounter in the current market and provide some insights to address them effectively.

Pricing in a Changing Market:  One of the significant concerns for home sellers in Edmonton is accurately pricing their properties in a market that experiences fluctuations. The real estate market is influenced by factors such as supply and demand, interest rates, and local economic conditions. To overcome this concern, it is essential to consult with me so I can provide you with a comprehensive comparative market analysis (CMA) and guide you in setting the right price for your home. A well-priced property can attract more potential buyers and increase the chances of a successful sale.

Competition and Buyer Demand: In a competitive market, standing out among other listings and capturing buyer attention is crucial. Many home sellers in Edmonton worry about how to differentiate their homes and attract qualified buyers. To address this concern, consider investing in staging your home to showcase its full potential. Professional staging can create a visually appealing and inviting atmosphere, making it easier for buyers to envision themselves living in the space. Additionally, I  employ effective marketing strategies that can help your listing reach a wider audience, increasing the chances of finding the right buyer.

Home Inspection and Repairs: Home inspections are a standard part of the home buying process, and sellers often have concerns about the potential discoveries and necessary repairs. It's important to remember that no house is perfect, and minor issues are common. To alleviate this concern, consider conducting a pre-listing inspection. This proactive step allows you to identify any problems beforehand and address them accordingly. If repairs are needed, consult with trusted contractors or professionals to ensure the work is done efficiently and satisfactorily. Being prepared and proactive can help streamline the negotiation process and instill confidence in potential buyers.

Navigating the challenges of selling a home in the current Edmonton market requires careful consideration of these common concerns. By understanding the importance of pricing, addressing competition and buyer demand, and handling home inspections and repairs, you can confidently approach the process. I welcome the opportunity to guide and support you throughout your home-selling journey.

I am sharing with you some well-researched facts about the “real state” of the real estate market. Of course, all real estate is local — what happens in other areas can be quite different. Please always know you can contact me anytime with your questions and I will get those answers for you.

Is there renewed optimism in the Canadian real estate market?

It has been more than a year since the Bank of Canada (BoC) raised interest rates, and now the policy rate is the highest since before the global financial crisis. Has Canada’s housing market baked rates into the cake? Are homebuyers taking advantage of the modest correction in residential property prices? Is the real estate sector bracing for the typically busy homebuying spring season?

The latest March 2023 numbers potentially offered a sneak preview of what to expect over the next few months.

According to the Canadian Real Estate Association (CREA), home sales rose 1.4 percent month-over-month in March but remained down more than 34 percent year-over-year. The MLS® Home Price Index (HPI) edged up 0.2% month-over-month but was down 15.5% year-over-year. The national average home price was down nearly 14 percent from the same time a year ago, sliding to $686,371. When the Toronto real estate market and the Vancouver housing industry are removed from the equation, national home prices are about $530,000.

So, with this in mind, what are some of the key trends in today’s Canadian real estate market?

Economic Concerns

Unsurprisingly, concerns over the cost of living are playing a crucial role in the home buying and even selling process in 2023

A new study commissioned by RE/MAX found that 59 percent of Canadians have at least one financial worry as they navigate the housing market: rampant price inflation (34 percent), the lack of affordable housing in their neighbourhood (25 percent), and the rising cost of rent impacting their ability to save for and purchase a home (25 percent). But even the broader economy is weighing on homebuying decisions, particularly among first-time homebuyers. The study revealed that 42 percent of first-time homebuyers are sitting on the sidelines of the Canadian real estate market due to the consternation surrounding the economy

Overall, evolving conditions in the economic landscape have altered the buying decisions of 72 percent of Canadians.

Barriers to Homeownership Before the coronavirus pandemic, real estate prices in the major urban centres, particularly Toronto and Vancouver, were obstacles for households trying to accomplish the dream of homeownership. A common strategy was to relocate to a rural or suburban community. But with prices higher than they were before the COVID-19 public health crisis, this might no longer be feasible.

Put simply; there are too many barriers to homeownership.

The report commissioned by RE/MAX highlighted a series of barriers to entry to the country’s housing sector:

Economic Uncertainty (46 percent)
High Interest Rates (44 percent)
Not Enough Savings (36 percent)
Dislike the Neighbourhood (34 percent)
Language and Terminology (31 percent)

Real Estate Agents

Real estate agents have always been critical to the homebuying and selling journey. Without them, you might set yourself up for too many headaches, and Canadians realize this. In fact, for the latest crop of homebuyers, 69 percent acknowledged that their real estate agent made them feel less stressed throughout the process.

Despite conceding the pressing need for real estate agents, buyers and sellers still have set criteria for realtors. Specifically, nearly half (49 percent) of Canadians list a real estate agent’s ethical credentials to be of the utmost importance, which is especially true for millennials (65 percent) and Generation Z (56 percent).

In the end, it is all about honesty, says Alisha, a repeat homebuyer in Alberta.

“[Our real estate agent] was very honest with us when we were doing our inspection,” she said in the report. “She went through it. She’s a mother of older kids now and went through it as if she was our mom, and she was like, ‘Make sure you ask them about this and do this.’ I felt she really cared.”

Space for Work and Play

In the early days of the public health crisis, families learned that they needed more space since they would be confined to their homes for work, school, and a broad array of other activities, like entertainment and exercise.

Therefore, the post-pandemic modern life requires more space at home, meaning that they need to better utilize floors, rooms, and walls in the kitchen, living room, bedroom, and everywhere else.

“People learned during COVID that they can perform a lot of their working functions at home, which has implications for what the home is. The home is also a workplace, and the design of the home needs to accommodate that,” said Ken Greenberg, the former director of urban design and architecture of the city of Toronto, in the report.

At the same time, Canadians desire a healthier work-life balance. Forty-seven percent of remote Canadian workers are struggling to achieve this desire, and a third of Canadians report feeling burnout.

Ultimately, it is about the home allowing families to “shift their mindset,” says Chelsea Hamre, a RE/MAX real estate agent.

“People are bringing more intentionality and purpose to how they are utilizing space. The office needs to feel different from the kitchen or the bedroom. They’re looking for spaces that can shift their mindset,” she stated.

The Community

In recent years, it has often felt like the idea of community has been abandoned. Some assert that this is more pronounced in the big cities. However, experts argue that the pandemic diminished this feeling since more households gathered in parks instead of in front of their television sets.

As a result, more households have become accustomed to frequenting public areas, whether streets or outdoor cafes. In fact, more than half (56 percent) of Canadians consider community spaces as something they consider when purchasing a home and the same percentage report that a vibrant local community is something they consider when buying a home. Of course, safety is paramount, too. Seventy-three percent of Canadians list neighbourhood safety as a top priority when deciding where to buy.

Homebuying Sentiments

Is the Canadian real estate market still moderating? Many markets across the country are shifting into balanced territory, and this, according to a survey, is the greatest cause for optimism (34 percent).

But there are several other wishes that homebuyers need:

New ‘missing middle’ housing
Eco-friendly housing options
Liveability in rural areas
Car-free infrastructure
Updated road infrastructure

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The Bank of Canada implemented a 0.25% increase in its target for the overnight rate, bringing it to 5%. This adjustment signifies a shift towards a more restrictive monetary policy with the objective of addressing inflationary pressures.

Mortgage costs for individuals with variable rate mortgages will see a rise. The mortgage rate for variable rate mortgages and secured lines of credit will increase by 0.25%, translating to an additional approximate monthly payment of $16 per $100,000 borrowed.

Global financial circumstances have become more restrictive, with bond yields on the rise in Canada, the US, and Europe. This trend has been influenced by major central banks indicating the necessity for additional interest rate hikes as a measure to tackle inflation.

Elevated bond yields have resulted in an upward movement in all fixed mortgage rates. This presents a difficulty for individuals with maturing mortgages, as they will face the task of renewing their mortgages at significantly higher rates.

The economy has exhibited stronger-than-anticipated growth, especially in the United States, which serves as Canada's primary trading partner. Although global inflation is showing signs of easing, persistent and resilient inflation is being fueled by strong demand and tight labor markets.

Take action today and secure your financial future. Reach out for a referral if you're in need of a fantastic mortgage broker who can help you make the right decisions and find the best mortgage options tailored to your needs.