Frequently Asked Questions
This, without a doubt, is the number one question people ask us.
And while sometimes it’s easy to wrap up the current market condition in a few cliché phrases…it’s hot, it’s slow, it’s a buyer’s market or a seller’s market, the fact remains that the market can demonstrate all these trends at once. A myriad of factors such as interest rates, inflation, immigration and migration, inventory, location, politics, unemployment and product type all play a role in influencing the current market climate. For example, a detached home in a Southeast area of the city may be experiencing a rapid increase in sales volume and sold prices, however it is possible that at the same time this is not the case for a condo apartment in a Northwest community. It’s important to remember that real estate is fluid, dynamic and specific. With all the variables to factor into a real estate equation, let’s discuss the right answer for you.
This is the $1,000,000 question. Even when we aren’t considering selling, most of us are curious about the value of our property. So much so, that lots of our clients happily confess to watching Realtor®.ca as a hobby. Afterall, for many of us, property is both our biggest investment and largest asset. Again, the value of a property is dependent upon several factors including location, product type, features and the condition of the property. And we can tell you with 100% certainty that our data-based method delivers a thorough comparative market analysis specific to the only property that matters to you – yours. Our detailed approach and analysis provide you with customized information so you can truly understand and be confident in the value of your property prior to listing.
The short answer is “yes.” Often, a property shows better with furniture. However, there are some instances, where we have determined that a property will show better after move-out and cleaned. Staging doesn’t necessarily mean hiring a staging company, it refers to properly presenting it in the best light not only for showings, but perhaps more critically for the all-important photos. We are lucky to have Kim’s design background and creative eye to help our clients prepare their home to look its very best and appeal to the most buyers searching for your product type. Let us know how we can help!
Assuming that you are not an investor considering starting or adding to a real estate portfolio, and you have the financial wherewithal and a high degree of risk tolerance, this practice should be carefully contemplated after discussing the considerations specific to your property, circumstances, and goals with us. Let’s discuss the possibilities and outcomes over coffee where we will help set you in the right direction!
Should you be interested in making an offer on a property that we have viewed together, we will guide you through the offer process. The first step is to determine how the property is priced. Is it too high, too low, or is the price just right? There are many strategies employed in pricing properties and while none are wrong some are undoubtedly better than others. Depending on the property and market conditions, certain pricing strategies are riskier and less effective. Nonetheless, in the same way we determine a realistic list price for sellers, we assess the subject property’s features and analyze the details against the comparable sold property data to determine a fair market purchase price. Still, this is not enough, market conditions such as a hot seller’s, buyer’s or balanced market will inevitably affect the final purchase price. To learn more how different pricing strategies and market trends affect the perception of value and the final purchase price, let’s talk. The bottom line is no two offers are exactly the same and as a buyer you need realtors who understand the market as well as your needs – creatively and effectively writing and negotiating your offer assuring you reach all of your real estate goals.
A deposit is a sum of money and is written as a transactional term in the Alberta Residential Purchase Agreement (contract). The Alberta Real Estate Association (AREA) explains the “deposit money is designed to signal to the seller that there is a seriousness to the offer that warrants putting up a sum of money for the seller’s security, showing the buyer intends to complete the transaction as they said.” The buyer’s deposit is typically delivered within 1-3 days after an accepted offer. Acceptable deposit methods are based on the Seller’s Brokerage’s (or Trust Account recipient’s) policies but generally include one or more of the following methods: bank draft, wire transfer and / or direct or third-party deposit. Deposits are deposited and cashed into a Trust Account. Usually, it is the Seller’s Trust Account, but there are circumstances when the deposit is placed in the Buyer’s Brokerage’s Trust Account or either the Seller’s or Buyer’s lawyer’s Trust Account. The deposit will form part of the buyer’s purchase price after the firm sale of the property.
There is no set percentage or required deposit amount. However, the sum of the deposit can be an indicator to the seller of the buyer’s financial strength. The higher the deposit increases the security to the seller. It also depends on the amount of liquid funds a buyer can quickly access to meet a short deposit deadline. If a buyer would like to, the purchase contract allows for the buyer to make an initial deposit and a second deposit – in other words splitting their total deposit sum into two payments. However, it is important to remember that the seller may not agree and request the deposit sum in one payment within 1-3 days after the offer is accepted. Ultimately, the deposit sum is only one term of the transaction helping to navigate the best strategy to an accepted offer. To learn more about deposits and offers including when a deposit will be returned or when it is in jeopardy, reach out to us to get all the facts.
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