February Market Report - Back into a seller's market?

‌‌‌‌‌‌​​​​​February is a wrap, let real estate season start! That’s right folks, from now until the end of September it is only going to get busier as each month goes past. What does that mean for you?   Sellers - It is time to start finishing up those little unfinished projects around the house. Each week pick a few rooms in the house and give them a deep thorough clean. - Start going through all the stuff you have been collecting. Anything you no longer use, its time to recycle, sell, give away, or donate it. If there is a layer of dust on those boxes, or if those clothes haven’t seen daylight in a year, use this as an opportunity to PURGE! - This is also going to be the time to talk to a Compass Team member about what your home may be worth on the market. Whether you are thinking of selling or are happy where you are, a home owner should know what their asset is worth in the current market. In March we are trying to hone our skills as realtors. One of those skills is providing a detailed and accurate Market Analysis Report for home owners. Please help us keep sharp by providing a Market Analysis for your home. They are FREE, come with NO obligation, and take about 20-30 minutes. For those who are thinking of selling in 2023 let us explain our marketing strategy. We will explain how your home will get in front of the right buyers.   Buyers March is going to be the last month to snag those great deals. Inventory numbers are already below average and prices will remain constant where they are. If you are holding out for the big market crash then I have bad news, you will be waiting a long time for that to happen in Lethbridge. So do not wait until the summer to start shopping, get started in March with a pre-approval and viewing a couple houses per week. Not sure where to start? Do you need some resources to get you started? The Compass Team works with some of the top Lawyers, Home Inspectors, and Mortgage Brokers in the city and we would be happy to introduce you to them! If you are worried about interest rates, we have seen with our own eyes, interest rates as low as 5.04% this month. The Bank of Canada will be reassessing rates the 2nd week of March so it is better to act fast.     With all this talk of March, what happened in February?   As predicted real estate numbers have rebound back from our slow January. We experienced some cold but for the most part the mild weather brought buyers out.   New construction costs on detached homes are averaging over $500,000 in Alberta. With the BoC making it harder for buyers to get approved for more money, it is no surprise the higher value homes have experienced the most dramatic market change. In this market change you will start to see builders shift away from building as many detached single family homes and start building more multi-family and duplex type properties. These types of properties are less expensive and therefore easier for home buyers to purchase.   We are predicting that Lethbridge will see a strong influx of out of province buyers again this year. These buyers will be familiar to seeing homes worth double or triple the prices out of province vs new construction & resale homes here in Lethbridge. They will be coming to our city with equity looking to relocate. This is where it matters what type of realtor you hire. The Compass Team knows how to get your listing in front of these buyers, ask us how we do that.   The strongest market in Lethbridge is still $300,000 and under. In this price point first time home buyers are able to purchase a home and have their mortgage payments be roughly the same as their rent payments. It is also a lot easier for buyers to get pre-approved in this price range. Real Estate investors are also looking at homes in this price range because the low cost to purchase and higher rent rates mean a greater Return on Investment. If you own a home in this price range and are thinking of upgrading, now a great time to sell. Buyers are looking for properties in your price point and there are fewer buyers in the next price bracket up. Talk to Ryan or Ronaldo with the Compass Team on how to make this possible.   If you have not already done so, be sure to follow us on social media and subscribe to our YouTube channels. The Compass Team has some great new listings coming up in March and April you will not want to miss.   Ryan & Ronaldo The Compass Team  

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10 Tips for Selling Your Home Smoothly

  10 Tips for Selling Your Home Smoothly Selling a home is an involved process with many steps and strategies to promote a successful sale. In order to sell your home quickly and efficiently, follow the ten following tips to appeal to buyers.   Make an "I'll Miss It!" List! There are several items you'll probably miss when you leave your house. These items can be excellent marketing features that are worth promoting to potential buyers. Take time to make note of the things you enjoy and will miss when the sale is complete and you've moved from your house. Items you appreciate are items someone else will enjoy too! Know the Facts About Your Home Most buyers will have questions about taxes, lot size, utility costs and other pertinent information about your property. It's always a good idea to know the facts and to have this information ready for potential buyers. Take time to research this information and have it readily available for buyers or real estate agents. Document Recent Repairs Most borrowers need to know about any recent updates, repairs, or additions you've made to your home. For example, things like a new roof, furnace, central air, or hot water heater are all important to note. What was the cost? When was it installed? And who did the work? These are important questions that agents or buyers will ask. Any items of repair or things that were added to the home during your tenure should be listed on a separate sheet if at all possible. It's also a good idea to furnish copies of paid receipts for items repaired or installed in order to validate these costs. Placing this information in a binder can be a good idea, and will help to promote your home to buyers and agents. Replace Light Bulbs in the Home Changing light bulbs to a higher wattage can help brighten the area and give a more spacious feel to your rooms. Always check the light fixture and the maximum wattage, and never add bulbs that are above the recommended usage. You can also add a drop of vanilla extract to lamp bulbs to add a fresh smell to rooms. Remove Any Heirlooms or Keepsakes Many times sellers will want to keep certain items that have sentimental value like a light fixture or wall mirror that has been affixed to the house. If you have any items that you plan to replace, then you should do so prior to any showings. Once buyers visit your property and begin making offers to purchase, it's generally hard to negotiate these items off of the offer to purchase. Clean the Gutters and Add Extensions When Needed You never know when your property may be shown, and if it's a day that is raining, the last thing you want is water gushing over the gutters and downspouts. Making sure the gutters are cleaned and extensions move the water away from your foundation is always a good idea for continued maintenance of your home. It also shows buyers your commitment to caring for your home and keeping it in tip-top shape. Hire a Building Inspector Let's face it; you want to sell your home. It's probably not a bad idea to have a building inspector look at your home and make a list of any repairs that need to be fixed prior to marketing your property. After all, many home buyers will get a home inspection too, so this type of pre-inspection will inform you of any potential problems that need to be taken care of. Many buyers will also get “cold feet" if the inspection shows too many needed repairs on their report. By fixing these issues in advance, you can ward off these potential problems. Having a home inspection done prior to the buyer's home inspection is a good way for you to ensure there aren't any surprises later on in the home-buying process. If an inspection report turns up any serious issues, you have the chance to fix them before the buyer ever steps foot in your home. Don't Be Too Overbearing to Buyers Sellers will sometimes point out too many facts or features about the home, and can sound desperate to sell quickly. This attitude can hurt you when negotiating with the buyers, and can often cost you several thousands of dollars. This is one area where a real estate agent can be invaluable when selling your home. They can take care of the negotiations, and showing of your home, so you don't have to worry about it. Have Your Home Professionally Appraised It's usually a good idea to hire an independent appraiser when you're selling on your own. This way you'll feel certain that you are getting top dollar for your home. Call Us If You Have Questions If you have any questions or concerns that arise in the near future please don't hesitate to give us a call. We can make the process of selling your home much easier than if you try to go it alone.   *Adapted from an article written by John D. Mayfield ABR, ABRM, GRI, e-PRO, CRB.  

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Moving out checklist

Introduction Moving out day is exciting. You're finally getting your own place, and you get to start fresh. But before you pack up your stuff and move it into storage, there's some prep work that needs to happen first. Here are some important things to consider as your move approaches: Clean the house Clean the house top to bottom Clean the kitchen and bathroom. This will save you time later, when you need to put away newly purchased items, or if any of these rooms are in disarray when guests come over after you move out, it can be difficult for them to find anything. Clear out all of the clutter in your living room and bedrooms—make sure that everything has been properly packed up and labeled with its new home (for example: Bedroom 1 or Bathroom 2). Having a lot of stuff here can make it harder for you when moving day comes around! Take care of any maintenance issues (e.g., fix leaks in toilets or sinks) before leaving town so that they’re not left behind for someone else to deal with later on down the road. This is an easy way how let someone know how nice your home actually was while renting Plan for Utilities Check your lease agreement to make sure you know what utilities are covered by the landlord and which ones are not. If you are moving out, make sure that all of your utilities have been shut off and disconnected in your name (not just turned off at the main switch). Change the locks Change the locks. If you live in a multi-unit building, you'll want to change the locks on your door. This is an easy thing you can do on your own before moving out that will make both potential renters and landlords more comfortable with their new homes or apartments. Change the code to your alarm system. You'll want to change the code for both your building's security system as well as for any other home security devices you have (such as smoke detectors). For example, if you are renting a house with an alarm system built into it and have never changed its default code from "1234," then this would be something you'd definitely want to go ahead and change now before moving out! Why? Because otherwise anyone who got access could just ring in again later at any time of day or night without even needing permission from anyone else living inside - which could cause major problems down the road if someone tries using these emergency services while drunk/high etc.... Sell Stuff If you're looking to sell items (and why wouldn't you? We all love money), there are a few ways to go about it. Craigslist is a great option, as is eBay. If these don't work for you, perhaps your items could be considered trash—my friend once salted and poured concrete over his old mattress and then sold the resulting sculpture on Etsy! Personally, I find that donating unused clothing to Goodwill is an easy way to clear up some space without having to make any tough decisions about whether or not something deserves more time in my life. If there are still things left over after selling your stuff or trashing it, consider giving them away as gifts or even selling them secondhand via apps like Letgo or Facebook Marketplace (I've seen people sell literally everything from flooring samples at Home Depot for $5). This can be especially useful if moving into an apartment where there may not be room for furniture—just ask around among friends who might want something before throwing out the rest! Don't forget to take your valuables Before you leave a place, it's important to make sure you don't forget anything valuable. This includes your jewelry, electronic devices, important documents and papers, and other valuables. Make sure that if you have any items of value stored in the apartment (such as a large sum of cash), that they're stored away safely somewhere in your room or another secure location. Move-out day is coming! Plan for Moving Day Moving day can be a stressful time, so it's important to have everything you need and a plan for getting there. It's also important to have a plan for your stuff, where you're going to park the car, what time of day you'll arrive at the new place, etc. Here are some questions to ask yourself before moving day: Do I have all the boxes and packing materials that I need? Do I know where they are? (If not, go back and get them.) Have I left enough space in my car or truck if I'm driving myself home on moving day? (If not, go back and get more.) Where will we park our vehicles during our move? Is there enough shade in this area of town? And is it close enough so that people won't get too tired carrying boxes all around town? Plan to clean up after you move out As a landlord, you want to be able to rent your property out as quickly as possible. To do this, it's important that your rental is in pristine condition when you hand over the keys. Fortunately, there are some easy steps that can ensure your property is ready for new tenants: Clean up after yourself. Take pride in your home and make sure it looks amazing! This means cleaning all surfaces from top to bottom (including light fixtures), sweeping and mopping floors, wiping down cabinets and drawers, even taking down old decorations or bringing them into storage if necessary. If there are any stains on walls or carpets that won't come out with cleaning products (for example pet stains), hire professional cleaners who know how to treat these types of problem areas right away so they don't set into the flooring materials permanently! Empty out fridge/freezer before moving day! It's better if no food is left inside because it will make things easier on everyone involved - including yourself since this means less time spent preparing meals while unpacking boxes later down the line ;) Make sure you check these off before you go! Don’t move out until you have a plan for moving day, utilities, selling your stuff and changing the locks. You can find everything you need to know about all of these in our Moving Out Checklist. Conclusion Moving out is a big step, but it doesn’t have to be a stressful one. By carefully planning ahead and checking off each item on this checklist as you go through the process, you can ensure that your move out goes smoothly. You’ll also save yourself time and energy in the long run because you won't have any last-minute surprises or unexpected expenses.

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