Whenever the Canadian real estate market topic comes up in conversation, it typically surrounds how first-time homebuyers are struggling to get their feet in the door. Whether the challenges of putting together a down payment or qualifying for a mortgage, aspiring homeowners have many hurdles to overcome.

But while these labours of Hercules are undoubtedly real, move-up buyers also have an uphill battle to overcome as they are contending with comparable issues, from higher borrowing costs to more expensive residential properties in their communities or a faraway distance.

Wait a minute. What is a move-up buyer anyway? This person currently owns a home and intends to sell this property to acquire a new one that is typically larger. The reasons for this decision will vary, but some common factors of moving up include needing more space for a growing family, upgrading to a better neighbourhood, taking advantage of favourable market conditions, and searching for a differently designed home.

At a time of tightening lending standards and above-trend mortgage costs, move-up buyers will need to determine how to finance this transition, which could happen at a snail’s pace or the speed of light. Let’s dig a bit deeper to consider your financing or borrowing options.

What Every Move-Up Home Buyer Should Know About Financing Options

Here are four financing options that every move-up homebuyer should know:

Using Your Home Equity Wisely

Did you buy your home before the coronavirus pandemic? Did you acquire one in the early days of COVID when rock-bottom interest rates fueled a buying frenzy? Whatever the case may be, you might have accumulated a tremendous amount of tax-free equity over the years. It might be enough to fund your next home purchase or the down payment on your next single-family house in Victoria, townhome in Halifax, or two-bedroom plus den condo in downtown Toronto.

Of course, the question becomes: Should you touch your home equity? The reality of the situation is that you can employ the gains from the sale of your home, but you should do so wisely or conservatively. Rather than use up 100 percent of your home equity, perhaps you can dedicate a certain percentage of the proceeds to your move-up acquisition.

Like buying a home will be the most significant financial decision of your lifetime, so is the decision to sell your home, since you might access hundreds of thousands of dollars in equity.

Line of Credit or Bridge Loan

Because you own your home, tapping into credit is a little easier. It will vary on a case-by-case basis, but generally, homeowners will be given favourable terms for a larger amount of capital.

As a result, you could be tempted to fund your move-up purchase with a line of credit. Or, if you need time between selling your current property and buying your next one, you may consider using a bridge loan. While it is imperative to speak with a mortgage broker about your financing options, making the necessary calculations, from interest rates to extra charges, is vital.

Both credit instruments can be useful and affordable mechanisms at your disposal. A line of credit can be an easier way to fund your purchase if it is only a small mortgage or purchase. A bridge loan can be a helpful tool in this transition period of listing your property and buying a new one without enduring immense financial pressure.

Are Second Mortgages Reasonable Options?

Typically, homeowners will use second mortgages to help consolidate debt when they have lost a job, suffer from a health ailment, or endure credit challenges. Private lenders usually offer them, and they come with higher interest rates (in this climate, it can be in the double digits!).

That said, conventional mortgage lenders might be willing to offer second mortgages with customizable terms and conditions. Many families use these financial products to help their kids buy a house or pay for their children’s post-secondary tuition.

At the same time, financial institutions will often push through a home equity line of credit (HELOC), as borrowers can receive up to 65 percent of the value of their home.

Ultimately, it is about weighing your financing options and determining what is best for you, your family, and your wallet. Communicating with both your real estate agent and the bank is crucial.

Cash-Out Refinance

A cash-out refinancing option consists of obtaining a new mortgage for your home, whether from a current lender or a new source. You will then pay the first loan in its entirety by using the second one, which will help you lock in a new interest rate and loan term.

This might seem enticing, but there are a few things you need to know:

• Users will pay fees and penalties to ensure the long-term savings exceed the upfront costs.
• Borrowers must meet requirements (length of homeownership, credit score, home equity, etc.).
• Clients must have a lower debt-to-income ratio.
• The minimum equity requirement is usually as much as 20 percent in equity.

Other Money-Related Tidbits of Information

In addition to your financing options, it is essential to think about other factors related to your move-up homebuying experience:

• Refrain from going overboard and over budget on your next purchase.
• Sit down and calculate your finances, from what you earn to your liabilities to your retirement savings.
• Determine whether to buy or sell first (there is no right or wrong answer to this quandary).
• Take your time and do your research on what is available in the real estate market.
• Work with the right people to make the best decision possible.

Takin’ Your Time

The last few years have been a chaotic time in Canada’s housing market. The roller coaster ride of mortgage rates, the buying frenzy, the dramatic rise in home valuations, the modest correction, and everything else that occurred in the Canadian economy. As we learned, being impatient can often burn buyers and sellers. Therefore, you do not need to put the pedal to the metal. Instead, be patient and precise so you can be confident you made the right choices throughout the move-up homebuying process.

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After sitting on the sidelines waiting out the market, you have decided on selling your home. You are not alone. This past fall, a NerdWallet study found that a fifth of homeowners plan to sell their homes in the next three years, and 41 per cent intend to list their homes in the next five years.

If they plan to follow through on these plans, this could mean an injection of supply in a tight Canadian real estate market, which could help improve the housing affordability situation.

For now, according to the Canadian Real Estate Association (CREA), home prices are up, demand is robust, and mortgage rates look more likely to have peaked at around the six per cent mark.

So, is this your time to erect a for-sale sign on your front lawn? If so, it is vital to understand the Canadian real estate market when selling your home. What should you be looking for anyway? Let’s dig deeper and assess some trends and factors to monitor during this exciting – and at-times daunting – period.

Here are eight things to consider when selling your home in today’s real estate market:

Work with Your Real Estate Agent

Some homeowners will make the mistake of going it alone. This is a misstep. Whether buying or selling, working with a real estate agent is imperative. Yes, you will pay commissions or fees, but it takes the guesswork out of the intense and crucial process. This industry professional understands the current market, knows the neighbourhood well, and comprehends the many facets of the sector’s rules and regulations. Remember, realtors have your best interests at heart, so it is wise to work with one.

Strategic Pricing

Should you strategically price your home or list it at whatever you want? Depending on where you are located, it could be a buyer’s or seller’s market. As a result, it would be prudent to strategically and correctly list your home’s genuine worth. Ultimately, it is about discovering the ideal listing price that strikes a delicate balance of fair market value and attracting buyers.

Here are a few measures you can employ to garner the right price:

Request a home evaluation to determine your property value compared to the rest of the area’s market conditions.
Perform a home inspection to ensure everything is ready to showcase.
Collaborate with your real estate agent on pricing.

Timing Your Listing

Believe it or not, even in today’s housing market, it is crucial to list your home at the right time. While it is not always possible, it should be prioritized, industry experts say. Why? You want to sell when prospective homebuyers want to acquire a property.

Here are a few things you need to know:

Winter is usually the slowest time of the year, particularly around the holidays.
People are typically ready to purchase a home when it is warmer outside.
Selecting the best day of the week can offer a competitive edge.
Your real estate agent’s online and offline marketing strategy will also consider the timing of your listing.

Check Emotion at the Door

Do you think your home is worth much more than what is being listed? Do you think it will be hard to part ways with the keys to your house that you saw your children grow up in? Would you reject a request from the homebuyer to toss in a new refrigerator?

Whatever the case may be, experts recommend checking your emotions at the door and making intelligent decisions. Remember, your objective in selling your home is to sell it fast and garner the best price possible.

Staging the Right Way

Staging is a critical tool in your selling arsenal. You want to present your home in the best possible light. Even if your home is crammed with so much stuff, you should try to remove many of these things and stage your living room, bedrooms, or kitchens so that they are attractive to buyers.

Here are several tips:

• Conduct a deep cleaning of your entire home.
• Stage your home to appeal to buyers rather than gorgeous furniture pieces (a single-family home will appeal to families, while a bachelor condominium suite will appeal to single professionals).
• Improve your curb appeal by mowing the lawn, installing a neat street number sign, changing the light bulbs, and organizing the yard.
• Snap high-quality photos of your home because many buyers will be performing their search online, meaning they will explore virtual tours, floor plans, and still images.

Yes, during the coronavirus pandemic, the buying frenzy meant anything goes, and buyers were indifferent to the conventional approaches to purchasing a property. Conditions have stabilized, and now it is best to utilize traditional methods in the real estate market.

Repairing Major and Minor Problems

From a leaky roof to a leaky faucet, sellers should be responsible enough to help repair major and minor problems throughout your house – inside and outside. By doing this, you can maximize your listing price rather than having to haggle with a buyer about having to repair or replace something. Additionally, homebuyers will request inspections anyway (they have made a comeback in the post-pandemic market!), so these professionals will inevitably find out sooner or later.

Expect Smart Buyers

In the end, many prospective homebuyers are equipped with a heavy arsenal of knowledge. Be it smartphone apps or an exceptional real estate agent at their side, you should definitely expect intelligent buyers to walk through your doors.

Finalize the Sale

After both sides of the transaction have agreed to the terms, it is time to sign a purchase agreement. Your attorney or a notary will have likely performed the legal aspects. The title is clear, the required documents have been filled, and the paperwork officials transfer ownership from you to the buyer. When closing day arrives (yay!), the buyer will visit the attorney’s office to finish the paperwork and offer the funds. At this stage, the transaction is complete, keys are exchanged, and proceeds from the sale will be distributed.

When Selling Your Home, It’s About Confidence

Indeed, buying and selling your home can be an arduous experience. There are many steps involved on both sides of a deal. That said, as long as you have trusted and seasoned professionals on your team, be it a real estate agent or a lawyer, you can be confident that selling your home in today’s real estate market is simple and hassle-free.

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Thinking of selling your home this Spring? Don't wait too long! In 2024, you might find yourself competing with a surge of sellers and new home constructions. Maximize your home's value this Spring! Act now to beat the competition and capitalize on the market.

Contact me today to get started!

Craig Finnman
RE/MAX Elite
(780) 982-1589⁠
craig@craigfinnman.ca⁠

Looking to Refresh Your Space in 2024? Here are the Hottest Renovation Trends! Whether it's for family milestones, house functionality, or the need for extra space, renovations are on the rise! Need expert advice or looking to make a move? Let's chat!

Craig Finnman
RE/MAX Elite
(780) 982-1589⁠
craig@craigfinnman.ca⁠

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Exciting News for Canada's Job Market! Despite the unemployment rate ticking up, job gains have surpassed expectations, with 41,000 new jobs added in February.

As a Realtor, this signals positive momentum for the housing market! More jobs mean more potential homebuyers entering the market.

While employment growth may be trailing population growth, the surge in full-time work indicates stability and confidence in the workforce.

With job gains spread across various sectors, including accommodation and food services and professional services, the economy shows resilience and diversity.

As we navigate these economic shifts, rest assured that the real estate market remains a solid investment option.

Let's continue to monitor these trends and seize opportunities together!

Have questions? Thinking of buying or selling? I’m here to help you make the best financial decisions. Reach out today!

Craig Finnman
RE/MAX Elite
(780) 982-1589⁠
craig@craigfinnman.ca⁠

There were a total of 1,966 residential unit sales in the Greater Edmonton Area (GEA) real estate market for February 2024, showing increases of 36.9% over January 2024, and 52.6% over February 2023. New residential listings amounted to 2,762, a number 27.7% higher than in January 2024, and 9.3% higher than February 2023. Overall inventory in the GEA increased 5.8% from January 2024, but is still 14.3% lower than February 2023.

Total residential average prices came in at $407,458, a 2.3% increase from January 2024, and a 10.4% increase from February 2023. The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $382,200, increasing 1.5% from January 2024, and 3.7% from February 2023.

Overall, all residential listings averaged 50 days on the market, a month-over-month decrease of nine days and a seven-day decrease when compared to February 2023.

Detached unit sales totalled 1,159, a number 32.5% higher than the previous month, and 60.5% higher than the previous year. They averaged $508,411, increasing 5.2% from January 2024 and up from the previous year by 10.7%. Detached homes averaged 48 days on the market, decreasing 12 days from January 2024. 

Semi-detached unit sales increased 36.2% month-over-month and showed an increase of 28.0% year-over-year. They sold for an average of $385,163, a 7.7% increase year-over-year, and a 1.8% increase from the previous month. Semi-detached homes averaged 42 days on the market, a decrease of 11 days from the previous month.

Row/Townhouse unit sales also increased 44.6% compared to January 2024 and 49.2% compared to the previous year. Prices were up 2.4% from January 2024 and 9.7% when compared to February 2023, selling at an average of $275,735. Row/townhouses’ days on the market decreased eight days to 45. 

Apartment Condominium unit sales also increased 46.7% over February 2024, and 48.0% from the previous month. They averaged $181,347, decreasing 5.7% over last month and coming in 3.2% lower than the previous year. Apartment condominiums averaged 65 days on the market, showing no change from January 2024.

Considering buying or selling? I love to help!

Craig Finnman
RE/MAX Elite
(780) 982-1589⁠
craig@craigfinnman.ca⁠

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The future looks bright! Here are three reasons why these trends are impactful:

Growing Families: With 3 million marriages and 7 million births projected, we're witnessing a significant increase in family formation. This not only signals personal milestones but also indicates a surge in the demand for larger homes or homes in family-friendly neighbourhoods.

Pent-Up Housing Demand: As more people get married and start families, combined with declining mortgage rates, there's a pent-up demand for housing. This creates a favourable environment for sellers as the market experiences increased competition and potentially higher selling prices.

Economic Implications: The housing market is not just about buying and selling homes; it's a crucial indicator of economic health. Increasing marriage rates and birth rates, along with favourable mortgage conditions, can stimulate economic growth by driving demand for construction, home improvement, and related industries, contributing to overall economic prosperity.

Ready to make your move? Reach out today!

Craig Finnman
RE/MAX Elite
(780) 982-1589⁠
craig@craigfinnman.ca⁠

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hen you’re in the process of selling in Canada, it can be confusing to navigate an offer on your house and figure out whether any are worth accepting. Assessing offers on a house involves carefully considering various components to ensure the best outcome for the seller. Whether you are in the vibrant cities of Toronto and Vancouver or the tranquil landscapes of rural Canada, our guide can help you secure an offer that meets your financial and real estate goals.

Assess Financial Components

The financial components of the offer are the first thing sellers look at when considering an offer. This step involves a detailed examination of the offered price, the earnest money deposit, and any additional financial considerations that might impact the transaction.

Evaluate the Offer Price – The offer price is often the most immediately scrutinized component of an offer. Compare the offered price with your property’s appraised value and the insights gained from your Comparative Market Analysis (CMA). This comparison will help you determine how the offer aligns with your expectations and the current market conditions.

Weigh Against Financial Goals and Needs – Beyond market comparisons, assess how the offer on your house aligns with your financial goals and needs. Consider the net proceeds from the sale after accounting for closing costs, agent commissions, and any outstanding mortgage or liens on the property. Reflect on whether the offer meets your financial objectives and accommodates your plans.

Assess the Buyer’s Commitment – The deposit reflects the buyer’s commitment to the transaction. A larger down payment typically signifies a serious buyer, reducing the risk of the deal falling through. Some buyers might even include a deposit cheque or personal letter indicating they are just as interested in buying the home as you are in selling it.

Analyze Offer Conditions

Analyzing the conditions within an offer is a crucial step, as these stipulations can significantly impact the progress and finalization of the transaction. Conditions are clauses within the offer that must be fulfilled for the sale to proceed, and they often include aspects related to financing, inspections, and additional terms that can be deal-makers or deal-breakers.

Buyer’s Mortgage Pre-Approval and Financing Stability – Evaluate the buyer’s financial readiness by reviewing any financing conditions. A buyer with a mortgage pre-approval is generally more reliable, as this indicates a lender’s preliminary commitment to lend. Assess the stability of the buyer’s financing, considering factors such as the down payment amount, type of loan, and the lender’s reputation.

Home Inspection Conditions – Home inspection conditions are standard in most offers. Anticipate potential issues that might arise during the inspection, such as necessary repairs or system upgrades. Be prepared to address these concerns by negotiating price adjustments or agreeing to undertake repairs before closing.

Closing Date – Evaluate whether the proposed closing date aligns with your relocation plans, giving you ample time to move out and ensuring a smooth transition to your next residence. While a sooner closing date might be tempting for quicker access to funds, it’s essential to balance convenience with practicality. Assess your ability to meet the proposed closing date and consider whether a more flexible timeline might benefit both parties, reducing stress and allowing for unforeseen delays or complications.

Accept, Reject, or Counteroffer?

After meticulously evaluating the offer, understanding your property’s value, analyzing financial components, and dissecting various conditions, you reach a critical juncture: deciding whether to accept, reject, or counter the offer.

Accepting the Offer – If the offer aligns well with your expectations and needs, communicate your acceptance promptly and clearly. Ensure that all parties are informed and that acceptance is documented in accordance with local and provincial regulations.

Crafting a Counteroffer – If some aspects of the offer are not satisfactory, identify areas for negotiation. Be clear about your requirements and what adjustments are needed to reach an agreement, whether it’s the price, closing date, or specific conditions.
Rejecting the Offer – If the offer falls significantly short of your expectations and there is little room for compromise, it may be in your best interest to reject it. Communicate your decision diplomatically, providing clear reasons for the rejection and, if possible, offering guidance on what would make the offer acceptable.

Navigating through the intricacies of assessing an offer on your house in the Canadian real estate market is a journey that requires knowledge, diligence, and strategic thinking. Reach out to us to learn more.

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Living in an “information age,” the answers to nearly every question are just a click away. Problems find solutions, mysteries are solved, and the world seems to spin faster, but how do we verify that the information is correct?

With 90% of consumers beginning their home search online, virtually anyone can make a reasonably educated guess on what the value of their home is. Sellers can explore similar houses with similar features and cross-reference those with listings in their neighbourhood to see what buyers are looking for and how much they are willing to pay. As a buyer, this leaves you wondering whether you are paying a fair price for your dream home. Fortunately, some professionals conduct Home Appraisals, giving everyone involved in the transaction peace of mind.

Home Appraisal

A home appraisal is an objective assessment of a property’s value conducted by a licensed or certified appraiser. The home appraisal provides buyers with a market value of the home based on several factors, including the property’s location, age, and current condition. A home appraisal generally costs between $300-$400, and along with providing security to all parties involved, it is also used to satisfy mortgage requirements.

During the appraisal process, the appraiser visits the property and conducts a thorough inspection, taking note of its physical characteristics, features, and any improvements or renovations. The appraiser also considers factors such as the neighbourhood, proximity to amenities, and recent sales of comparable properties in the area.

After gathering all the necessary information, the appraiser uses a combination of valuation methods, including the sales comparison approach, income approach (for rental properties), and cost approach, to arrive at an estimated value for the property. The final appraisal report provides a detailed analysis and justification for the determined value.

Mortgage financing companies want to know the value of the property they are providing a loan for, should the buyer not be able to pay their mortgage. By getting a home appraisal, all parties can feel secure in the sale, knowing they are making a good investment and receiving a fair arrangement.

Current Market Assessment

A current market assessment (CMA), also known as a market analysis or market evaluation, is an evaluation of a specific market’s current state and conditions. It involves gathering and analyzing data to understand the dynamics, trends, and factors influencing supply, demand, and pricing within a particular market segment or industry. There are several elements considered:

Market Size and Growth – The market is assessed regarding sales volume, revenue, or other relevant metrics. Additionally, historical data and trends are analyzed to determine the market’s growth rate over a specific period.

Market Segmentation – A CMA identifies and categorizes the market into segments based on various factors such as demographics, customer preferences, product types, or geographic locations.

Competitive Landscape – A CMA evaluates the competitive environment within the market, including the number and strength of competitors, their market share, key players, and their strategies.

Supply and Demand Analysis – The market’s balance between supply and demand is examined. This includes analyzing inventory levels, production capacity, consumer preferences, and pricing dynamics.

Market Trends and Influencing Factors – Key trends, drivers, and external factors that impact the market are identified and analyzed. This includes technological advancements, regulatory changes, economic conditions, consumer behaviour, and social trends.

A home appraisal is not to be confused with a current market assessment. Typically, a CMA is provided by your local real estate agent during the listing process and is complimentary. This report assists with determining the home’s asking price, using current housing market information such as supply and demand, seasonality and home information like location, age, square footage and more.

Although both reports are similar and use relatively the same set of criteria, a CMA is ultimately determined by what current buyers are willing to pay for the home in a range acceptable to the seller. A Home Appraisal is based strictly on the physical attributes of the house.

Ensure you are prepared and ready for anything in your home-buying journey. Are you interested in getting a Current Market Assessment on your home? Connect with me today!

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

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Closing the deal on a real estate transaction can be an exhilarating yet complex process. As you approach the finish line, it's crucial to ensure that all the necessary steps are taken to facilitate a seamless transition from buyer to owner. In this guide, we'll walk you through the essential elements of preparing for a successful closing, ensuring that every detail is accounted for.

1. Completing Repairs and Inspections: Before closing, it's essential to address any repair issues that were identified during inspections. Work closely with your real estate agent and contractors to ensure that all repairs are completed to the satisfaction of both parties. A well-maintained property builds trust and ensures a smoother closing process.

2. Submitting Disclosures: Transparency is key in real estate transactions. Ensure that you've provided all required disclosures about the property's condition, potential issues, and any historical data. This information helps buyers make informed decisions and can prevent future legal complications.

3. Reviewing Closing Costs: Closing costs can be a significant financial aspect of a real estate transaction. Review the estimated closing costs with your agent and lender well in advance. Understanding these costs will help you prepare financially and avoid any last-minute surprises.

4. Signing Documents: The closing process involves a substantial amount of paperwork. From loan documents to the property deed, ensure that you thoroughly review and understand each document before signing. If needed, consult a real estate attorney to clarify any legal aspects.

5. Handing Over the Keys: The symbolic moment of handing over the keys marks the official transfer of ownership. Coordinate with your agent and the buyer's representative to ensure a smooth exchange. Prepare any necessary instructions, such as alarm codes or appliance manuals, to make the transition as seamless as possible.

6. Closing the Transaction: Closing day is the culmination of weeks or even months of work. Ensure that you have a clear schedule for the day, allowing ample time for the final walkthrough, signing documents, and any last-minute clarifications. Be patient and prepared for potential delays.

In conclusion, preparing for closing involves a series of meticulous steps that demand attention to detail and effective communication. By completing repairs, submitting disclosures, understanding closing costs, carefully reviewing documents, facilitating the key handover, and navigating the final stages, you'll increase the likelihood of a successful and hassle-free closing.

Remember, partnering with a knowledgeable real estate agent and, if necessary, a real estate attorney, can provide invaluable guidance throughout the process. Now that you're armed with these tips, you're well on your way to confidently closing the deal on your real estate transaction.

Your journey to a seamless closing begins with knowledge!

Thinking of selling your home in Edmonton? I've got you covered and am here to guide you through every step of the process.

From pricing your home right to marketing it effectively, I'll ensure you get the best value for your property.

Quick Fact: Did you know that Edmonton's real estate market has seen steady growth in recent years, making it a great time to sell?

Let's get started today and make your home-selling journey a success!

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As the famous saying goes, don’t judge a book by its cover – except, of course, when we’re talking about real estate. When buyers are hunting for their dream home, curb appeal can be the deciding factor on whether or not they want to take a closer look inside. Here are five curb appeal tips to set your listing apart from the others on the block.

Improve Your Curb Appeal | 5 Easy Tips to Get Started

Start with the Basics

One of the first things potential buyers will see is your driveway, and it is one of the easiest things for you to fix. Ensure your garbage and recycling bins are always neat and tidy, and keep an eye out for garbage and debris that you can easily clean up as it appears. Look for cracks in the sidewalk and driveway, and hire a professional to fix them up so guests will be impressed as soon as they step out of their car.

Be the Light in Their Eye

From taking the perfect selfie to making your home brighter, we can all agree that lighting is important. Not only should you ensure all light bulbs are working correctly, but make sure that your lighting fixtures are clean, stylish, and in good condition. If you have it in the budget, updating your light fixtures can have a large impact on your curb appeal.

Groom the Gardens

Not everyone has a green thumb, but even if your gardens aren’t the envy of the neighbourhood, you can still ensure they are clean and well maintained. Overgrown flowers and shrubs can be unappealing and turn away potential buyers, and taking care of them is simple. All you will need is a pair of garden shears and a little elbow grease and your yard will be in tiptop shape in no time!

Give the Lawn a Trim

There is nothing like an unkempt lawn to turn away buyers! Tending to your lawn is important whether you’re selling or not, but ensuring your grass is healthy and regularly cut will be a big key to your success. If you’re lawn isn’t quite as green as you would like it, you can also spray your lawn with a green spray paint that is created specifically for grass and is both non-toxic and environmentally friendly.

Clear the Dirt!

Over time, your home can build up a fine layer of dirt. Fortunately, it is easy enough to clear it off! Whether it’s a pressure washer or the strongest setting on your garden house, clearing off that extra dirt is an easy task for a lazy summer afternoon in the sun! Start with the sidings of your home, and from there take it to the sidewalks, driveway, and anything else that could use a bit of freshening up.

The best part about summer curb appeal is it doesn’t need to be an annoying task you put off for weeks. Wait for a weekend where the sun is shining bright and the air is warm, and start checking these items off your list. With the beautiful weather and a cold glass of lemonade you will have the best curb appeal on the block in no time at all!

Curious what your home is worth? Connect with me for a complimentary market evaluation!

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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.

Empowering Edmonton Sellers: Navigating the Real Estate Journey in July 2023

As the summer heats up, so does the real estate market in Edmonton. If you're a seller in this bustling city, you may be wondering what challenges lie ahead and how to overcome them. In this blog post, we'll delve into the three key areas where sellers in Edmonton need the most help in July 2023: pricing their home, understanding the real estate process, and deciphering the intricacies of closing. Let's dive in!

Pricing Your Home for Success Determining the right price for your home is crucial to attract potential buyers and ensure a profitable sale. In this section, we'll discuss effective pricing strategies, taking into account market trends, property value assessments, and competition analysis. We'll also explore how to showcase the unique features of your home and leverage them to capture buyers' attention. Remember, a well-priced home is more likely to generate interest and offers.

Demystifying the Real Estate Process Selling a home can be an overwhelming process, especially if you're unfamiliar with the intricacies of real estate transactions. In this section, we'll break down the entire selling journey step-by-step. From preparing your home for listing to marketing strategies, negotiating offers, and navigating inspections and appraisals, we'll provide you with comprehensive guidance. By understanding the process, you'll gain confidence and make informed decisions throughout the sale.

Decoding Closing: The Final Steps to Success Closing marks the culmination of your home-selling journey. It involves finalizing paperwork, transferring ownership, and ensuring a smooth transition for both parties involved. In this section, we'll explain the essential elements of the closing process, including legal obligations, title transfers, and the role of escrow. Understanding these crucial aspects will help you navigate the final steps with ease, ensuring a successful closing.

As a seller in Edmonton, knowledge is power. By addressing the most pressing concerns of pricing, understanding the real estate process, and decoding closing, you're equipped with the necessary tools for a successful home sale in July 2023. Remember, seeking professional guidance and staying informed are key to maximizing your selling potential.

I welcome the opportunity to help you navigate the real estate market and towards achieving your goals.

Ready to sell your home in the vibrant Edmonton or Sherwood Park area? Here's why I can help you achieve a successful sale:

Market Expertise: My in-depth understanding of local trends, pricing strategies, and buyer preferences will be leveraged to position your home competitively and attract the right buyers.

Strategic Marketing: Selling a home requires a strategic approach. Together we'll establish a tailored marketing plan that highlights the unique features and selling points of your property. From professional photography to captivating descriptions, your listing will stand out in the crowd.

Wide Network: Over the years, I've built a vast network of buyers, agents, and industry professionals in Edmonton and Sherwood Park. Through targeted outreach and networking, I'll connect your home with interested and qualified buyers, maximizing exposure and generating buzz.

Pricing Precision: Accurately pricing your home is crucial for a successful sale. Using comprehensive market analysis and my expertise, I'll determine the optimal listing price that attracts buyers and ensures you get the best return on your investment.

Effective Negotiation: Negotiating is an art, and I excel at it. I'll skillfully represent your interests, working to secure the highest possible price and favorable terms. From offers to counteroffers, I'll guide you through the negotiation process with confidence.

Smooth Transactions: I understand that selling your home can be stressful. That's why I'll handle all the paperwork, coordinate with potential buyers, and ensure a smooth transaction from start to finish. I'll navigate the complexities, allowing you to focus on your next chapter.

Let's make your home-selling journey a resounding success! Reach out today, and together we'll navigate the real estate market. Call/text (780) 982-1589, send me a DM, or email craig@craigfinnman.ca.

According to a RE/MAX Canada survey of Canadians, 16% said they want to enter the housing market or sell in order to “move up.” The high cost of real estate has made entering the market a challenge for many first-time homebuyers, but thanks to well-timed purchases and considerable equity gains, move-up buyers are in a great position right now, making shopping for a “forever home” feel like less of a stretch.

When you bought your first place, chances are you were young, strapped for cash, and prepared (or at the very least, warned) to make some concessions. “You can’t have it all,” they said. “So where will you take the hit – price, location, home style?” Move-up buyers, on the other hand, typically has some savings and equity to work with, making their next move less of a compromise and more of a thoughtful selection.

But move-up buyers face their own set of challenges that call for a carefully considered strategy. Here are three options for the smart move-up buyer with a plan!

1. Sell First, Buy Later

This strategy is ideal for the move-up buyer who doesn’t want to get stuck paying two mortgages simultaneously. Selling the existing home eliminates the risk of having to carry two mortgages if you don’t sell your existing home in time. It also reduces the chances of having to reduce your asking price if the sale isn’t happening quite quickly enough for your liking. This is a good option for move-up buyers who are banking on the proceeds of their sale to fund their new (and likely more expensive) property. By selling first, you’ll know exactly how much money you have to purchase your next home.

2. Buy First, Then Sell

If homes in your area of choice are selling faster than the “For Sale” signs can hit the front lawn, also known as a seller’s market, the “buy first” strategy might be the way to go. By buying your new home before selling your old one, you won’t feel rushed into settling for a sub-par property or having to seek alternative temporary accommodations while you shop the market. This move-up buyer still lives in their existing home, allowing them the flexibility to shop around and continue looking until they find that perfect place, without any added inconvenience or pressure. This move-up buyer typically requires a bridge mortgage.

3. Time and Align Your Purchase and Sale

When all is said and done, this move-up approach is the most ideal, but getting there is another story. Aligning your purchase and sale closing dates can be tricky. Remember that there are three dancers in this tango – you, the person you’re buying from, and the person you’re selling to. You’ll also have to move out and move in on the same day. In this scenario, time is your best friend and flexibility your savior.

This means you’ve planned ahead – you’ve researched neighborhoods, gotten pre-approved for a mortgage, and you’ve started the organizing and de-cluttering process well in advance.

Your move-up strategy will depend on a number of factors, such as your financial situation, current housing market conditions, and your personal comfort level. Plan ahead and get the right advice to ensure a smooth transaction at both sides of the offer table. Reach out with your questions, it would be a privilege to serve as your Realtor and I love to help!

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca
780-982-1589⁠

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Source: 3 Selling Strategies for Move-Up Buyers | Re/Max

Sitting down and planning a home renovation can quickly become overwhelming when costs start adding up. Even with a budget, you’ll likely find yourself going over which is why it’s crucial to add in that 10-20% contingency fund. It’s totally possible to renovate affordably if you invest a bit of time and effort. Here’s how to renovate your home on a budget without sacrificing quality.

Increase Efficiency, Not Size

Storage can be a problem and needing to renovate to gain more can be costly. Recognizing and equipping the room for maximum utility will save you from having to remove walls entirely. If it’s vital to enlarge the size of the room, inquire if it’s at all possible to remove a wall instead of creating an addition. This helps will that brand-new feeling and improves flow without costing a ton. Be sure to check if the wall you want to remove is wall-bearing (if so, it will be more difficult to move and will cost you).

Refinish Instead of Replace

As a homeowner, it’s easy to get caught up on the cosmetics and when something looks worn down and old, instinct is to rip it down and start over. There is, however, ways to refresh a space without completely redoing it. A fresh coat of paint goes a long way; you can add an accent wall with a splash of a fun colour or keep things neutral throughout with lively décor.

Kitchen backsplashes have become increasingly easier for homeowners to install themselves which would help revamp the space. A runner down the hallway or on stairs can hide large marks and give new life to high-traffic areas. Fresh caulking around a tub can go a long way in making your bathroom look new and old furniture can be spruced up by refinishing the wood or reupholstering the material. The possibilities truly are endless.

Reuse and Recycle

What you’re tired of in one space might refresh another. Kitchen cabinets can be used in a basement kitchenette or in the garage and knobs and light switches are easily interchangeable. Simple rearranging can completely change the look and feel of a room without costing a dime.

If you are willing to put in a little time, to reap big savings, search online or thrift stores for items at a fraction the price.

Are there disadvantages of recycling? Several contractors will not work with salvaged items, or homeowner-supplied items in general, because they don’t want to assume the liability if something goes wrong. However, if you are doing most or all of the work yourself, you can find plenty of materials simply by looking around a little bit.

DIY When Possible

It’s always worth doing at least some of the work yourself. There are plenty of jobs that can be done, such as demolition, painting, sanding, or insulating to save yourself some money.

But before you begin, make sure you have a plan. If you are not specific about what you want both with yourself and any contractors, you will end up costing yourself more money by potentially performing renovations that you don’t end up loving.

Reach out with any questions anytime! It would be a privilege to serve as your Realtor.

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589

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Source: How to Renovate Your House on a Budget | Re/Max | February 17^th, 2023

In recent years, home sellers have had the advantage but since the market conditions are expected to shift, questions may be arising about what a balanced market is. During the peak of the pandemic, cities across Canada experienced extremely high home prices, from single-family residential properties in highly populated areas to townhomes in rural communities. Homebuyers had to overcome bidding wars which resulted in some buyers ditching best practices, including home inspections. The market swiftly changed to a seller’s market due to unprecedentedly low mortgage rates.

The Bank of Canada (BoC) continues to raise interest rates and the housing market in Canada is moving towards a balanced market. So, what does this mean?

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589

Watch Video
Source: What Is A Balanced Market | Re/Max | January 14th, 2023