Rob Smashnuk

If you are trying to sell your house, you will want to maximize profits to help you offset fees associated with selling a home and to give you the best financial boost possible. You also want to sell fast, and not have your home lingering on the market where it will just continue to go down in price. There are many things that you can do to get your home ready to sell so that it goes fast and fetches you a great price. Here are some tips from the Rob Smashnuk team to help you sell your home faster and get a better price!

Declutter
We all accumulate so much stuff over the years, but when you are selling a home, you need to get this stuff out. You can get a storage locker, a POD portable storage unit (which you can then ship to your new home), or go on a purge mission and get rid of things you no longer want or need. Either way, decluttering helps put prospective buyers in the home, they can better envision themselves in the house and will be more likely to make an offer. You should also consider taking down your art. Not everyone will have your taste, and while some well-selected works of art or photography can help sell your home, some art can be off putting (word art decals are notoriously off putting), and you want to take them down before you have open houses.

Clean Up!
This one should really go without saying, but you would be surprised how many open houses happen in houses that have not been cleaned. Clean up and make tiny repairs that are needed. If you have been putting off reattaching a towel rack that fell off now is the time to fix it. Also, tidy up the garage if you have one so that prospective buyers can get a good look.

Fresh Paint
Painting every room of your house in a nice neutral colour (you can go with colours other than white, and your real estate agent can give you great suggestions for showing friendly colours) will help sell your house faster. You may have loved your lime green kitchen or your child’s primary colour bedroom, but prospective buyers won’t. It is easier for them to imagine themselves in the space when it is neutral, and fresh paint means they can move right in and not have to worry about painting right away. Fresh paint can also really help cover up old cooking smells, pet smells, and cigarette smoke if you were a smoker.

Fix it Up
If you have an unfinished basement or can make an addition above the garage or put in a sunroom, then do it. You will recoup the costs on the sale of your home, and so if you can live through the renos, then you can profit off of them and sell your house faster.

Sell Your House or Condo with Rob Smashnuk
If you are looking for houses for sale or condos in Edmonton, then you need to contact the team at Rob Smashnuk. We can help you get your home ready to sell so that it goes from the market fast and you get top dollar. Don’t wait, contact us today!

Keep your cash in your wallet

Before taking on a huge commitment like a new mortgage, it is best to refrain from making large purchases. Lenders are more likely to give you a better contract for your property if they can see you are a responsible borrower. If you open new credit accounts, max out your cards, or buy several big-ticket items it could be difficult to secure a loan.

Get pre-approval not just pre-qualified

There is a big difference between the two. Anyone can get pre-qualified, but getting pre-approved means a lender has looked at your credit history and financial information and determined exactly how much they should lend you. It can make house hunting more efficient getting pre-approved so you do not waste time looking at houses you cannot afford. It also gives you the opportunity to get the best interest rate on your loan and to make sure there are no hidden fees. You will likely have this loan for decades so it is imperative to make sure you get the best deal possible.

Get your new home surveyed

Doing so will prevent future disputes with your neighbours and it is always a good idea to know exactly what you are buying. Your property tax is based partly on how much property you own so it is ideal to have an accurate map drawn up.

Predicting the market

Housing prices have been steadily increasing making it only natural to try and time buying for when they go down. This can be an impossible task though as markets are unpredictable and housing appears to be on an indefinite upward trend. The best time to buy is when you find the perfect home and can afford it. Do not try to wait it out or you may miss out.

Bigger ≠ Better

For those not in the real estate business, there is an old adage that says not to buy the biggest, most beautiful house on the street. Even though it catches everyone eye, only a few people can afford it. This limits the number of potential buyers should you want to re-sell it. Your home is only going to go up in value in proportion to the houses around it. Sometimes, it can pay off to buy the worst house on the street because it will trade up better per square foot than the biggest house.

Sleeper Costs

The biggest difference you will notice between renting and owning are these costs. Most home buyers focus on the monthly mortgage payment, forgetting about property tax, utilities, repairs, and maintenance costs. Make sure to budget for all the expenses that come with home ownership.

Emotional Attachment

Some homes take our breath away so well that we overlook issues that good come up down the line. Maybe the place was your childhood home, or perhaps it is in an amazing neighbourhood. At the end of the day, buying a home is an investment so try to make this decision practically by avoiding emotional bias.

Check Under the Roof

Just as you would check under the hood of a car before buying it, you should also get your potential new home inspected by a professional. It would cost you a couple hundred dollars, but will save you thousands in the long run. It is the best way to get an unbiased opinion and, if they do find problems, you can use it to bargain for a lower price.

Bidding

Most people think that starting with a low owning bid is the best tactic to use when bargaining for a home. The best approach is to see what other homes are going for in the neighbourhood and be aware of how the markets are doing. Your opening bid should be based on two things: what you can afford and what you really believe the property is worth. Also, try avoiding rounded off numbers – sellers are more likely to take a specific number more seriously because they will assume you put a lot of thought into it.

Research the Neighbourhood

Drive by the house at all times of the day to get a thorough understanding of the area. Many people have bought homes only to realize the community was not for them. Take trips from the new place to your work to see if the commute is manageable and keep an eye out for amenities like grocery stores and gyms. Even if you do not have kids it can be beneficial to make sure the schools in the area are ranked well as this can affect the price of the property.

Contact us to stay updated.

As prices continue to rise in Vancouver and Toronto through the spring season, there is one city in Canada that is slowly gaining steam as a buyer’s dream: Edmonton. This is good news for Alberta where times have been tough after the massive Fort McMurray fire, subsequent job losses, and real estate slump. Despite it all, activity in Edmonton has increased with buyers ruling the roost.

Early in the year, average house prices went up 3.9%, but seven of Edmonton’s top 25 neighbourhoods went through a sharp drop in prices. Bradner Gardens dipped by 12%. Other areas reported a sharp rise of nearly 38%. This means Edmonton is divided into two neighbourhood categories; one area scores above the other for enthusiastic first-time investors.

Edmonton’s Two Main Neighbourhoods

• Downtown and Inner Suburbs: Edmonton’s urban downtown is a hot marketplace for home buyers. Renters are giving up their home to own one instead because prices are stable and affordable now with an average of $388,000. Home prices in Calgary, on the other hand, are expected to increase by 2.3 percent.

• Outer Suburbs: The outer suburbs are 45 minutes away from the city centre on an average. This is an ideal nesting ground for young home buyers who are looking for more affordable options for spacious homes.

Edmonton Homes Ideal for Young Buyers and First-Time Home Investors

More and more young buyers between the ages of 25 and 30 are now looking to invest through home ownership. 69% hope to own a home within the next five years, but with the number of Canadian cities becoming increasingly out of reach for investors, only 57% feel they can actually own one. On the bright side, the situation is changing here for first-time home investors. The reasons are several:

1. Less down payment: The down payment required for listed homes is only 5% for homes less than $500,000. This makes spacious homes affordable for first-time investors.

2. Different Property Options: Edmonton offers a bevy of options in all sizes. Apart from sprawling homes, there are duplexes and townhouses in Brookfield’s neighbourhoods where monthly mortgage payments are at par or lesser than the average monthly rental fees.

3. Affordable payment options: In Brookfield, homeowners are also getting a biweekly payment option, making it easier for new professionals to invest in smaller homes with a smaller mortgage. Once they build credit and equity, they are in a position to afford a bigger property. If they continue to rent, they can’t avail of this advantage so buying makes more sense. Opting for fixed-rate mortgage allows new buyers to steer clear of the financial stress in rent fluctuations.

4. Add-ons: Since the homes are affordable, new buyers are in a position to upgrade with add-ons, making the prospect of a home very attractive. They can enjoy their own property and enjoy customized comforts with top-of-the-line appliances, unrestricted by rules and regulations that come with a condo. Homes come with private, attached garages and added security is affordable with the drop in prices for young professionals.

Consult Rob Smashnuk to Buy a House in Edmonton

Rob Smashnuk has years of expertise in real estate, backed by Re/Max’s reputed professionalism. Rob Smashnuk has received various awards for excellence in real estate so you know you are in good hands. He is an Accredited Buyer Representative (ABR) and Seller Representative (SRS) with 10 years of award-winning customer service experience and in-depth knowledge of residential real estate. Call him for a consultation.

Everyone is looking for ways to save some money, and you may notice, like so many other people, that your utilities are one of your largest expenses. Fortunately, there are a number of tips that you can use to help bring down your utility costs. These tips are generally easy to implement, but you will need to stick to them long term if you want to see the best results. Here are the top three ways to keep your utility costs low!

Turn It Down

During the winter we turn on the heat and in the summer we turn on the air conditioner. However, you need to consider if you are turning the heat and air conditioner up too high. In the winter you can bundle up, and in the summer you can wear shorts and a T-shirt to keep yourself comfortable. By lowering your heater by 2 degrees and increasing the air conditioner by 2 degrees you will find that you have significantly lower utility bills. Small increments like this will generally not affect your body but can save you a lot when it comes to utilities, and if you do notice the change then there are other options to keeping warm and cool.

Turn It Off

One of the worst habits that you can have is leaving lights and devices on when you do not need them. This even extends to leaving them plugged in because devices that are plugged in but off still actually use power! Taking the time to turn off your lights when you leave a room can save you more than you might imagine. It is important that you have a rule in your home to turn off all the lights that you do not need and ensure that everyone sticks to this.

You should also turn off devices that you are not using. Most people will place their TV on standby, but this still uses energy and will be adding to your utility bills. Any electronics that you are not currently using should be completely turned off and if they do not have a power button, you should unplug them from the socket.

Air Dry Your Clothing

If you have a clothes dryer, you are going to be using a lot of energy every time you run it. To save yourself some money, you should look at air drying your clothes instead. This will take longer, particularly in winter, but it will save your bank account. It is not only your clothes that you should be air drying, you should do the same for your dishes as well.

Most dishwashers will heat dry the dishes if you do not change the settings. This will use a lot of energy that you don’t have to sacrifice. All you need to do is change the settings and then open the door of the dishwasher once it is done to leave it slightly ajar. The dishes will come out nice and dry and you’ll be saving money.

The time of year has arrived where face paint flies off the shelves and spooky DIY The projects are well underway. From ghosts, goblins and witches to the latest pop-culture heroes and villains, this is the time of year where creativity hits an all time high as people far and wide celebrate the spookiest season of all, Halloween! While collecting candy and trying to get a scare out of your friends and family is all fun and games, worrying about the safety of your home and guests isn’t. See below for some Halloween home safety tips that will help you ensure the only thing scarier than your costume is the thought of your expanding waistline after consuming endless amounts of sugary treats!

Make a Clear Path for Guests

With costumes that include fancy wigs, complicated masks and endless accessories, eliminating obstacles is the main safety tip you need to keep in mind. Whether it’s clearing the walkway or eliminating debris from your lawn, a clear path to your front door will help you avoid any potential accidents and is one of our top Halloween home safety tips.

Avoid Accidents with Lighting

With the shorter days upon us, your guests will not be showing up until long after the sun goes down. Help them stay on course by lighting up the path to your door. Whether a couple pumpkins or some strategically placed string lights, a well-lit entryway will not only make it easier to choose your favorite costume, it will help keep everyone safe.

LED Candle vs. Real Candle

We just told you to ensure the pathway to your door is well lit, but that doesn’t necessarily mean a candle! LED tea lights are a great option for your outdoor décor that will look just as spooky as a candle, but will take away the fear of lighting a pumpkin on fire! These are also a good option for your indoor décor since you may not have the opportunity to keep a close watch on a candle burning inside your home throughout the night.

Keep Furry Friends Safe

Halloween is an exciting time, and my Halloween home safety tips aren’t only for you, but also your pets! To avoid them escaping, getting into the candy, or getting scared of your visitors, keeping them locked away in a safe room for the evening is advisable. Since they don’t get to enjoy all the fun, leaving them a Halloween treat will keep them happy until the activity has subsided.

Be a Smarty with the “Smarties”

If you are unable to come to the door when Trick-or-Treater’s arrive, or you will not be home to handout treats, leaving a bowl full of treats is not a good idea. Not only will it encourage people to come to your door when you aren’t there, it increases the risk of someone trying to tamper with the treats you have left out. A quick sign at the bottom of your driveway may be a good option and don’t forget to remind them you will see them next year!

The Liberal government has announced sweeping changes aimed at ensuring Canadians aren’t taking on bigger mortgages than they can afford in an era of historically low interest rates.

The changes are also meant to address concerns related to foreign buyers who buy and flip Canadian homes.

Below is a breakdown of the four major changes Finance Minister Bill Morneau announced Monday.

The current rules

Buyers with a down payment of at least 5 per cent of the purchase price but less than 20 per cent must be backed by mortgage insurance. This protects the lender in the event that the home buyer defaults. These loans are known as “high loan-to-value” or “high ratio” mortgages.

In situations in which the buyer has 20 per cent or more for a down payment, the lender or borrower could obtain “low-ratio” insurance that covers 100 per cent of the loan in the event of a default.

Mortgage insurance in Canada is backed by the federal government through the Canada Mortgage and Housing Corp. Insurance is sold by the CMHC and two private insurers, Genworth Financial Mortgage Insurance Company Canada and Canada Guaranty Mortgage Insurance Company. The federal government backs the insurance offered by the two private-sector firms, subject to a 10-per-cent deductible.

The change

Expanding a mortgage rate stress test to all insured mortgages.

What it is

As of Oct. 17, a stress test used for approving high-ratio mortgages will be applied to all new insured mortgages – including those where the buyer has more than 20 per cent for a down payment. The stress test is aimed at assuring the lender that the home buyer could still afford the mortgage if interest rates were to rise. The home buyer would need to qualify for a loan at the negotiated rate in the mortgage contract, but also at the Bank of Canada’s five-year fixed posted mortgage rate, which is an average of the posted rates of the big six banks in Canada. This rate is usually higher than what buyers can negotiate. As of Sept. 28, the posted rate was 4.64 per cent.

Other aspects of the stress test require that the home buyer will be spending no more than 39 per cent of income on home-carrying costs like mortgage payments, heat and taxes. Another measure called total debt service includes all other debt payments and the TDS ratio must not exceed 44 per cent.

Who it affects

This measure affects home buyers who have at least 20 per cent for a down payment but are seeking a mortgage that may stretch them too thin if interest rates were to rise. It also affects lenders seeking to buy government-backed insurance for low-ratio mortgages.

Why

The government is responding to concerns that sharp rises in house prices in cities like Toronto and Vancouver could increase the risk of defaults in the future should mortgage rates rise.

The change

As of Nov. 30, the government will impose new restrictions on when it will provide insurance for low-ratio mortgages.

What it is

The new rules restrict insurance for these types of mortgages based on new criteria, including that the amortization period must be 25 years or less, the purchase price is less than $1-million, the buyer has a credit score of 600 and the property will be owner-occupied.

Who it affects

This measure appears to be aimed at lowering the government’s exposure to residential mortgages for properties worth $1-million or more, a category of the market that has increased sharply in recent years in Vancouver and Toronto.

Why

Vancouver and Toronto are the two real estate markets that are of most concern for policy makers at all levels of government. These measures appear to be targeted at those markets.

The change

New reporting rules for the primary residence capital gains exemption.

What it is

Currently, any financial gain from selling your primary residence is tax-free and does not have to be reported as income. As of this tax year, the capital gains tax is still waived, but the sale of the primary residence must be reported at tax time to the Canada Revenue Agency.

Who it affects

Everyone who sells their primary residence will have a new obligation to report the sale to the CRA, however the change is aimed at preventing foreign buyers who buy and sell homes from claiming a primary residence tax exemption for which they are not entitled.

Why

While officials say more data are needed, Ottawa is responding to extensive anecdotal evidence and media reports showing foreign investors are flipping homes in Canada and falsely claiming the primary residence exemption.

The change

The government is launching consultations on lender risk sharing.

What it is

Currently, the federal government is on the hook to cover the cost of 100 per cent of an insured mortgage in the event of a default. The federal government says this is “unique” internationally and that it will be releasing a public consultation paper shortly on a proposal to have lenders, such as banks, take on some of that risk. The Department of Finance Canada acknowledges this would be “a significant structural change to Canada’s housing finance system.”

Who it affects

Mortgage lenders, such as banks, would have to take on added risk. This could potentially lead to higher mortgage rates for home buyers.

Why

The federal government wants to limit its financial obligations in the event of widespread mortgage defaults. It also wants to encourage prudent lending practices.

Five previous federal housing moves since 2008

Monday’s package of announcements is the sixth time since the onset of the 2008 financial crisis that Ottawa has taken policy action in response to concerns about Canada’s housing market.

July, 2008: After briefly allowing the CMHC to insure high-ratio mortgages with a 40-year amortization period, then Conservative finance minister Jim Flaherty moved to tighten those rules by reducing the maximum length of an insured high-ratio mortgage to 35 years.

February, 2010: Responding to concern that some Canadians were borrowing too much against the rising value of their homes, the government lowered the maximum amount Canadians could borrow in refinancing their mortgages to 90 per cent of a home’s value, down from 95 per cent. The move also set a new 20-per-cent down payment requirement for government-backed mortgage insurance on properties purchased for speculation by an owner who does not live in the property.

January, 2011: The Conservative government under Stephen Harper tightened the rules further, dropping the maximum amortization period for a high-ratio insured mortgage to 30 years. The maximum amount Canadians could borrow via refinancing was further lowered to 85 per cent.

June, 2012: A third round of tightening brought the maximum amortization period down to 25 years for high-ratio insured mortgages. A new stress test was also introduced to ensure that debt costs are no more than 44 per cent of income for lenders seeking a high-ratio mortgage. Refinancing rules were also tightened for a third time, setting a new maximum loan of 80 per cent of a property’s value. Another new measure limited the availability of government-backed insured high-ratio mortgages to homes valued at less than $1-million.

December, 2015: The recently elected Liberal government moved to tighten lending rules for homes worth more than $500,000, saying it was focused on “pockets of risk” in the housing sector.

The package of measures included doubling the minimum down payment for insured high-ratio mortgages to 10 per cent from 5 per cent for the portion of a home’s value from $500,000 to $1-million.

Marginal dips in prices and unit sales signal a stable market!

Edmonton, September 2, 2016: August’s all residential average sale price in the Edmonton Census Metropolitan Area (CMA) remains consistent with last August at $369,956, down 4% from July of this year. The price of single family homes in August dropped 4% relative to July from $450,366 to $434,362. Year-over year prices remained stable decreasing by less than 1%. The average condo sale price for August 2016 of $251,526 is down 2% month-over-month (m/m) and 1% year-over-year (y/y). The average duplex/rowhouse sold for $344,377; down 2% y/y and down 1% (m/m).

“Alberta’s economy has been under enormous pressure for some time, but the residential real estate market in the Edmonton Census Metropolitan Area continues to hold. Prices and unit sales for all residential homes are consistent with last year, down less than 1% and 2% respectively,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton.

At 1,433 units reported sold, all residential sales in the Edmonton CMA were down 5% m/m and down 2% y/y. 861 single family homes were reported sold in August 2016, down 3% from the previous year. Reported condo sales at 406 were down 6% over August 2015. Duplex/rowhouse sales at 136 were up 11% over last year. New residential listings were down 5% m/m and over 6% y/y.

While this is one of the most active times of the year, we are seeing both listings and sales tapering off as we move into the fall months. This is standard in our local real estate cycle. While unit sales for condos have been impacted the most, prices remain stable. This is thanks in part to the continuing trend of unit sales of over $750,000 that are keeping average sales price of condos elevated by almost 3%.

The number of days the average home in the Edmonton Census Metropolitan Area (CMA) took to sell in the month of August was 55. This is consistent with August 2015 and down one day from July 2016. On average, single family detached homes sold in 49 days in August 2016, while condominiums sold in an average of 62 days and duplex/rowhouses sold in 56 days.

There were 7,908 residential properties available in the Edmonton CMA at the end of August, down 2% from 8,048 in July 2016, but up 9.4% from the 7227 properties available on the MLS® System at the end of August 2015.

When looking for a place to call home, it’s easy to get sidetracked by thinking with your heart rather than your head. Although it takes less than seven seconds to make a first impression, a quick decision could lead to an unavoidable case of buyer’s remorse. In order to avoid this, I’ve listed a checklist for the top ten house hunting tips you need to know before you attend a viewing.

Location: There are many things that can be changed, upgraded, or improved after you have purchased a home, but the location isn’t one of them. You need to think about the proximity to work, schools, and other attractions you frequently visit and also research any new developments or upcoming changes to the area in the future.

Smells: While air fresheners and open windows can clear out certain scents, it’s important to pay attention in order to sniff out other potential issues. For example, if you notice a damp smell, it could mean the home has poor ventilation or issues with mold.

Even Floors: Noticing a slanted floor is one of the major hints that there could be a large structural issue with the home. If you do notice something, you can ask your Agent to inquire with the owners or make note of it for the home inspection if you decide to go that far in the purchase process.

Lighting: Natural lighting is something that is often overlooked in your house hunt, especially if you are viewing a home at night, or in the middle of winter. Think about how important natural lighting is to you, and plan your viewing times around when the lighting will be optimal.

Shape & Size of Rooms: It is important to take a good look at the layout to make sure not only you but also your furniture can fit comfortably in the space.

Parking: Is there enough space for everyone in your household to park or will this become an added expense? Additionally, if there is parking available, will your vehicle fit?

Laundry: If there is laundry in the home, you need to make sure it is in an accessible location. If there is no laundry, is it in a convenient location you can easily get to with or without a car?

Storage Space: Depending on how creative you can get with your storage, you will want to make sure that there is enough room to store your belongings without things becoming cluttered or unliveable.

It looks perfect, but are you missing something? Professional staging can sometimes fool buyers into thinking a property is perfect while diverting their eyes away from potential issues. Don’t let the professional décor and scent of fresh baked cookies take your attention away from the things that matter.

Assess the Kitchen and Bathrooms: The kitchen and bathroom are two of the most costly rooms in a home. Make sure you pay special attention to these rooms to avoid getting stuck with unwanted repairs or updates after purchasing the home.

While a home inspection will help advise you of any potential issues, it is still a good idea to pay attention to these things in the initial stages of your home search. This will also help ensure you don’t waste money on unnecessary home inspections.

Food, games, Beer Gardens, Music & More.

Secord Community League Memberships available for purchase at the event.

We want to thank Hopewell Residential Edmonton for their continual support of our community and their generous donation towards food for our Epic Block Party! ** Upon arrival please check in at our welcome/membership table to receive your food ticket. Fat Franks will be on location.

For legal reasons we will also need to check for ID and community membership before entrance to the beer tent, so please remember to bring with you. (Kids are not permitted inside the tent.)

We will have many activities including bouncy castle, inflatable soccer TBC, games hosted by CIty of Edmonton, glitter tattoos and activity tables hosted by the EPL and Allstate Grange.
Beer available for purchase in the beer gardens.

Thank you to our many sponsors of the event including: All Weather Shelters Inc., Rob Smashnuk Realty, Relife, All State Grange, AdaptAbilities, RBC Webber Green, EPL, City of Edmonton. Big thanks to Hopewell Residential Edmonton for being our food sponsors of the event!