Source: Calgary Herald

Homeowners in Alberta who live in floodplains can now insure their losses from overland waters with one of the province’s largest property insurers.

Using new software that maps the risk of inundation down to the individual property level, the Co-operators said this week it is now able to price a comprehensive water damage product for those who live near a river as well as homeowners on a hill.

The additional coverage will add about another $100 a year to the annual premium for a policy that covers a two-storey structure with a finished basement and a replacement cost of about $400,000 and contents in the lowest risk areas.

For clients at extreme risk in a floodplain where the probability of flooding is greater than 5 per cent in any given year, an additional annual premium of $5,000 will buy them combined contents and building coverage of up to $150,000 in the event of high waters.

“This is about providing a product to people who need and want to buy protection, but it’s also about pricing the risk of living next to a river,” said Rob Wessling, company vice-president for product development.

“About 99 per cent of homeowners will be eligible to purchase this coverage.”

In the wake of the 2013 floods in southern Alberta, there was widespread confusion and anger amongst many homeowners when they realized the water endorsements on their policies covered them for damage from sewer backup but not overland flooding.

In the four days since the product has become available, Wessling said about 80 existing or new clients have purchased coverage.

Co-operators is not the first, nor it is likely to be the last insurer to begin offering protection from flooding to residential policyholders.

Aviva Canada also began offering an overland water endorsement this month that covers losses from the accumulation or runoff of surface waters to customers in Alberta and Ontario who already have sewer backup coverage.

Company spokeswoman Alison Steele said in a statement that flood mapping technology allows brokers to place homeowners in one of 15 zones and price their coverage based on how likely they are to be inundated.

“We do not offer coverage to customers in the very high risk zones between 13 and 15, which generally means they live in an area that is highly prone to flooding,” Steele said.

RSA Canada said in a statement Friday that it will also launch a similar product soon.

“We are developing a more comprehensive water damage solution for home insurance customers than the current market offerings,” said Kellee Irwin, the company’s western regional vice president.

“We have been closely analyzing the costs, exposures of such an offering and the related customer need for an affordable, more easily understood product.”

Canada is the only G8 nation where flood insurance is not available to homeowners. Instead, federal and provincial taxpayers have covered much of the mounting bill from weather events in recent decades through disaster assistance payments.

“There are limitations because it’s not a replacement cost program,” said Chris Ross, Alberta region vice-president with Co-operators.

“It’s meant to put you back on your feet, not make you whole.”

A 2010 study by the Institute for Catastrophic Loss Reduction identified the need for flood insurance in Canada, but said inadequate and outdated mapping plus inconsistent rules on development in vulnerable areas of some provinces were an obstacle.

“Flood insurance has many advantages over government relief programs,” the study said.

“Risk-based premiums and deductibles can provide incentives to encourage actions to reduce flood risk.”

While Alberta has passed new legislation to restrict development in flood-prone areas, the government has yet to finalize regulations.

The law also exempts communities like Drumheller and Fort McMurray where maps show much of the downtown would become part of a flowing river in a flood with a one per cent probability.

In the wake of the 2013 floods, Alberta restricted affected homeowners in floodplains from making disaster assistance claims in future disasters.

But the province balked at putting that information on land titles so purchasers of properties would be aware they would not be eligible for another government bailout if they were inundated again.

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Source: Edmonton Journal, Friday May 15, 2015, Business Section
Garry Marr, Financial Post

Potential buyers should consider pre-approval

An increase in mortgage rates is likely just around the corner, so it may be time to get off that fence.

Five-year Government of Canada bond yields have climbed about 40 basis points in the last month. Since mortgage rates track bonds, it makes sense to try to get a rate guarantee if you are shopping for a house, Rob McLister, the founder of ratespy.com, points out.

“There is an inclination to recapture some of the spread (between bond yields and mortgage rates),” said McLister, who expects an increase on the five-year, fixed-rate mortgage of up to 15 basis points.

Consumers looking to buy a home, then, might consider getting pre-approved for a mortgage – an option that offers a guaranteed rate for as much as 180 days.

“I got an email from one lender suggesting we may see something in the coming days,” said Vince Gaetano, a principal at monstermortgage.ca. “I think it would be very prudent (to get pre-approved). The only reason people don’t is they are just lazy or don’t know when their mortgage is up for renewal.”

A rate guarantee nets you a higher rate most of the time and it rises based on how long you want a financial institution to guarantee the rate. Gaetano said 2.64 per cent can be guaranteed for 120 days on a give-year fixed-rate mortgage, which compares with today’s going rate of 2.59 per cent for the same term.

Rate hikes would be coming just as sales are dropping in Calgary and Edmonton. Meanwhile, prices have peaked in every market in the country with the exception of Vancouver and Toronto. And industry watchers say any upward movement will probably not be enough to slow those two white-hot markets or lift Alberta sales.

Doug porter, chief economist with Bank of Montreal, doesn’t think a small change will have much of an impact. “Every basis point matters, but can it single-handedly cool markets? It will take something much more serious than that,” he said. “There is very much ‘the little boy who cried wolf’ story going on here.” Porter expects bond yields to rise over the next year, and said if there is sustained pressure on rates over the long term that will change some psychology in the marketplace.

Phil Soper, chief executive of Royal LePage of Brookfield Real Estate Services Inc., said there are early signs of seasonal slowing in home sale volumes, even in Toronto and Vancouver. “The battle for mortgage market share typically eases when that happens. Bond yields have been rising without a clear improvement in the economy, so the upward pressure on mortgage rates would normally be minimal. However, the timing may be right for our trendsetting banks to ease retail rates upwards as they look to manage profit margins,” said Soper.

Ultimately, a 15-basis-point increase only means about an extra $8 per month in mortgage payments and $700 in interest per $100,000 of debt based on a five-year term and 25-year amortization. But it might spook consumers.

There is no risk to getting a pre-approval from a lender, McLister said, because the consumer can always go back to the bank and demand a lower rate or switch to another financial institution, if rates drop by the time of purchase. Only 15 per cent of pre-approvals actually close but he said banks agree to the process to generate customers. A pre-approval usually involves some sort of credit check, which an affect your credit score, but the impact is likely negligible for anyone with good credit.

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Source: Global News

What do Machu Picchu, Singapore and Edmonton have in common? They all made National Geographic’s list of the best summer trips to take in 2015.

The magazine made a list of its top 10 best summer trips – plus one reader’s choice. In its online article, National Geographic encourages its readers to “meet the world in Edmonton.”

“I think Edmonton has a really unique authenticity and a unique originality,” says Renee Williams, communications manager with Edmonton Tourism.

“I think the city has great artistic feel to it, but I think there’s also a lot of urban culture, as well.”
The magazine touts Edmonton as “Festival City” which anyone who calls the city home can attest to. It highlights Old Strathcona – including the popular Saturday farmers market – the 104 Street City Market and of course, mentions the Edmonton International Fringe Festival, one of the city’s biggest summer festivals.

“Edmonton is welcoming the world this summer. The Festival City is hosting a series of international events, including the FIFA Women’s World Cup Canada 2015 and the Edmonton Folk Music Festival. Multicultural artworks, crafts, performances, and foods representing more than 85 nations will be featured at the Edmonton Heritage Festival,” the article reads.

National Geographic also outlines where to stay, what to eat and what to buy. It also leaves readers with this fun fact about Alberta’s capital city:

“Year-round, Edmonton is one of Canada’s sunniest cities, with about 2,300 total hours of sunshine annually. The lightest and brightest days typically are in June when the sun rises at 5:30 a.m. and doesn’t set until around 10 p.m.”

The following areas round out National Geographic’s top 10:

Singapore
Bermuda
Philadelphia, Pennsylvania
Victoria, Australia
Machu Picchu, Peru
Arizona
Konstanz, Germany
Athens, Greece
England

The readers’ choice best summer trip of 2015 is Jeju Island, South Korea.

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Source: www.albertandp.ca

Hopefully Notley keeps her promise of cancelling the PC’s Mortgage Tax hike!

“Families are worried about their jobs and paying for their mortgage,” said Notley. “But Jim Prentice is barging ahead with his plan to hike the Mortgage Tax by 600 percent, putting a new hurdle in the path to homeownership. Jim Prentice’s Mortgage Tax hike is the worst kind of housewarming gift for homebuyers.”

The PC budget increases the variable Mortgage Tax and Land Transfer fees from $1 to $6 for every $5,000 of property value, as of July 1, 2015. It also increases the fixed fees for mortgages, land transfers, and land title registry searches.

Today, Notley announced that the NDP will cancel the PCs’ tax hikes on mortgages and land titles, allowing new homebuyers to keep hundreds of dollars in their own pockets.

“Jim Prentice is protecting corporate tax giveaways for the PCs’ wealthy friends while making it more expensive for families to buy a home. Clearly, the PCs have the wrong priorities,” said Notley. “The NDP will stop Jim Prentice’s tax hike on mortgages and land titles. Unlike the PCs, the NDP plan will make life more affordable for families and focus on protecting what matters most to Albertans.”
MORTGAGE TAX
Rachel Notley’s NDP will make homes more affordable for families by cancelling the PC plan to increase Mortgage and Land Title taxes.

Our Plan:

• The NDP will cancel Jim Prentice’s plan to increase Alberta’s variable taxes for mortgages and land titles by 600 percent, and reverse increases to fixed fees.
• At a time when families are worried about their jobs and paying their mortgage, the government should not be forcing families to pay more to buy a new home.

Background:

• Fees for mortgages and land titles are based on a combined flat and variable fee. These fees are paid when acquiring a new property and new mortgage.
• Under the PC budget, the flat fee for mortgages and land titles will increase by $25. The variable fee for mortgages and land titles will increase from $1 to $6 for every $5,000 of property value.
• The following fees will be effective July 1, 2015:
  • Mortgages – Flat fee: Increasing from $50 to $75
  • Mortgages – Variable fee: Increasing from $1 per $5,000 property value increments to $6 per increment. This is a 600 percent increase.
  • Land Title Transfer / Title creation – Flat Fee: Increasing from $50 to $75
  • Land Title Transfer / Title creation – Variable fee: Increasing from $1 per $5,000 property value increments to $6 per increment. This is a 600 percent increase.
• Increases to these fees will only hurt Albertans who are purchasing property and make life less affordable for homebuyers. The impact will be as follows:
  • On a house value of $450,000, total land transfer and mortgage fees will increase from $262 to $1,122.
  • On a house value of $650,000, total land transfer and mortgage fees will increase from $334 to $1,554.
• The PCs are also increasing the cost of searching the land titles registry from $10 to $15.

Details:

• The NDP will cancel the PCs’ increases to variable and fixed mortgage and land transfer taxes. The NDP will retain the 2014/15 rates.
• We will also cancel the increase to the fee for searching the land titles registry.
• The total cost of reversing these tax increases will be $160 million this year.

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Source: Above RE/MAX Magazine

Moving can be stressful for every family member – including the four-legged ones. The tough part is you can’t explain to your dogs and cats what’s happening. Every animal reacts differently to new living quarters, and temperament has a lot to do with it. Some pets take a move in stride, while others exhibit anxiety or insecurity for days or weeks.

Here are some things to consider as the big move approaches and after you’re in your new home:

1. A little help from the vet
Ask your veterinarian for recommendations on easing the transition. If your pet is generally anxious or high-strung, perhaps it’s worth asking whether a mild calming medication might be right for your pet for the first few days after the move. It’s not uncommon for vets to prescribe gentle stress relief for travel. Your veterinarian may also suggest additional vaccinations depending on the area and climate you’re moving to.

2. A pre-move home tour
If possible, take your pet to the new home for a visit before the official moving day. That way, it will be familiar with the house, yard and even new smells when you actually move in.

3. Time to explore
After you move in, give your pet time to explore the house gradually, rather than letting it loose immediately to roam at will. Limit it to one area – perhaps the kitchen – for a few hours until it calms down. Show the pet where you’ve placed its familiar items like the food dish, water bowl and bed. You might want to keep a dog on a leash when first allowing it to tour the greater part of the house. If you have a fenced yard, avoid letting pets out unsupervised for several days until you’re sure they can’t climb or dig out from under the fence.

4. The benefit of pet walks
Take your dog for walks and good sniffing around the entire neighborhood. While you acclimate to your new location primarily by visual cues, dogs depend on their olfactory sense. Leave and enter the new home by different doors during the early walks, so your dog develops a good sense of direction and knows exactly where home is.

5. How cats handle moves
Territorial by nature, cats often experience more issues with moving than their canine counterparts. Keep your cat safe in its carrier upon arrival, placing it in a quiet area. When the hubbub dies down, let it out in an enclosed room away from main traffic areas. Provide your cat with familiar objects, such as a bed, litter box and toys. Spend lots of time with it and encourage it to explore the room, perhaps by strategically placing cat treats. Outgoing, friendly cats might be ready for further exploration within a day or two after arrival, while shy cats might take much longer.

6. Additional supervision
While you have a million things to do after moving into a new house, try to have at least one family member home at all times during the first week or so. Have meals at home and establish a routine for your furry friends as soon as possible. Feed pets and take the dog for walks at the same time as you did at your old home.

7. Update pet IDs
Because accidents happen, update your pet’s identification information before you move. Your new municipality might require licensing within a certain time frame, but you need updated tags from day one of your move. If your pets are microchipped, contact the registration company and give them the new information. This way, if Fluffy or Fido slip out the door, anyone who finds them can easily return them to their new home.

Source: April 15, 2015 edition of Real Estate Weekly

Conducting an open house is a good way to show your property to many people in a short amount of time. While your REALTOR® will advertise and manage the event, it is up to you to make sure that your home is in showing condition. Here are some things you can do to make it a great first impression.

Start with the outside:
– Do a visual check of the front of the house from across the street. Does it have curb appeal? It should look inviting with a trimmed lawn and flower bed and a freshly painted front door.
– Polish door handles and knockers and replace worn items such as a rusty doorbell.
– Consider adding a new doormat and flowering plants at the entrance.
– Do the windows need cleaning?
– Are there oil stains on the driveway that need removing?
– While outside, don’t forget to check the side and back yards.
– Add some flowering plants to the back as well.
– Rearrange the outdoor furniture to look inviting.
– Put away gardening tools.
– Tidy around the grill area.

Now the inside:
– Cleanliness, space, smell and lighting are key.
– Get your house in tip top condition by cleaning and clearing away clutter.
– Vacuum the carpet, maybe even steam clean.
– Make sure your floors are clean and shiny.
– Touch up nicks on walls and make sure the porcelain sinks and tubs shine.
– All metallic fixtures and surfaces should shine.
– Your kitchen and bathrooms should pass the white glove test.
– Be conscious of any lingering odors such as smoke, pets, or strong-smelling foods. You may need to air out your home prior to the open house.
– Consider grinding fresh lemons in the garbage disposal.
– And don’t forget to empty out all trash.
– Look at your countertops in the kitchen, bathrooms and the tops of your bureaus. Do they seem cluttered? Clear away and store as much as possible. You want your home to seem spacious.
– Make any small repairs that you can.
– Next, set the mood. You want buyers to be able to picture your home as their own.
– You may want to rearrange the furniture so that rooms look more spacious.
– Add accessories from rooms with too many furnishings to those that are bare.
– Lighting is also important to creating an atmosphere.
– Bright lights provide a cheerful environment and make a small space appear larger.
– Pull back all drapes and open the blinds.
– Turn on all the lights.
– Make sure all the light sockets have working bulbs and install the maximum wattage bulb that is safe for that fixture.
– For rooms that you want to have a warm, cozy feeling, use softer lights.
– Don’t forget little touches such as fresh flowers, lit candles in the bathrooms, new logs in the fireplace, or a bowl of fresh fruit on the kitchen counter.
– You may even want to set your dining room table with color coordinated table settings.

Reminders:
– Some of the people coming to view your home may be thieves. Make sure that all valuables are put away.
– You may want to be out of the house for the open house so that the viewers will be free to discuss the home without worrying about hurting any feelings.
– Consider taking your pets with you or ask someone to watch them so that they are not a distraction to the open house. This is also courteous to those who may have any allergies.

First impressions are lasting impressions!

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Source: Pillar to Post e-Newsletter

Now is a great time for homeowners to take steps toward saving energy and reducing their environmental impact. While replacing those old leaky windows and installing ceiling fans are great ideas, there are also small things that can be done around the house to lower energy consumption and reduce one’s carbon footprint. Here are some simple, sustainable adjustments that can make a real difference in energy savings,

• Use “smart” power strips for household appliances such as computers, printers, game consoles, televisions and microwaves. Smart power strips save energy by keeping the connected devices from drawing power when they’re not in use or turned off. The standby consumption of these devices can equal that of a 75 or 100 watt light bulb running continuously – even when the device’s power switch is turned off.
• Use the dishwasher! Newer dishwashers typically use just 4 to 6 gallons of water on a normal cycle, while washing a sink full of dishes by hand can require up to 15 gallons of water. Up to 60% of the energy used by dishwashers is for heating the water, so washing full loads is best. A full dishwasher will also clean more effectively than one that’s only partially filled.
• Adjusting the home’s thermostat by just two degrees could reduce a typical household’s carbon dioxide emission by 2,000 pounds. It also could provide significant savings on the utilities bill. Programmable thermostats are another great way to stay comfortable and save energy at the same time, by heating and cooling only as they’re programmed to do so.
• Keeping household appliances clean and up to date is another way to lower a household’s energy consumption. Schedule heating and cooling system for a checkup every 2 years. Air conditioner and refrigerator filters and coils should be cleaned monthly so they’ll operate more efficiently.
• Insulating the water heater and weather-stripping or caulking gaps around the home could save up to 420 lbs of carbon dioxide emissions per month in addition to lowering energy costs.

Switch to CFL or LED bulbs. These can be huge energy savers; they burn significantly less energy and can last up to ten times longer than incandescent types so they’re more convenient, too. Users of CFL and/or LED bulbs enjoy reductions in heat production, energy use, and electric bills.

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Source: Alberta Real Estate Association

As you are no doubt aware, yesterday’s release of Budget 2015 contains increases to fees for real estate transfers as of July 1, 2015. In statements related to the Budget, Service Alberta identified real estate associations among the stakeholders who were consulted on increases to fees related to the transfer of real estate. To that effect, AREA CEO Ian Burns has released the following statement to clarify that AREA was not consulted on these increases and to state the association’s position:

“Budget 2015 includes significant hikes to fees paid by real estate consumers beginning July 1, 2015, including registering new land titles and mortgage documents.

The Alberta Real Estate Association (AREA), the provincial, professional association for Alberta’s 10,000 REALTORS®, was not one of the real estate association stakeholders consulted on these increases.

AREA appreciates the fiscal challenges faced by government and recognizes that, after this increase, fees related to real estate transfers remain lower in Alberta than other provinces. We have asked Service Alberta to confirm what sources they are quoting when expressing that real estate associations were among the stakeholders who identified that there was ‘room for these fees to grow’.”

Increases to fees are certainly never welcomed and the table below details the impact of these increases on the fees for a $500,000 home with a $400,000 mortgage:

Though the increase as of July 1^st represents a hike of more than 400% for the real estate consumer, the cost of real estate transfers in Alberta remains lower than other provinces. This can be attributed to the continued avoidance of a Land Transfer Tax in Alberta at either the provincial or local levels.

Rest assured that AREA continues to monitor discussions by government and advocate on behalf of members to avoid Land Transfer Tax ever becoming a reality in our province.

AREA also believes that preferable alternatives to increasing fees exist, and will continue to have discussions with Service Alberta to that effect. Enhancements to the Land Titles Registry could incorporate all existing property records under one, centralized system (e.g. property-related permits, condominium documents, grow-op history, environmental assessments and New Home Warranties). All of these records under one roof could allow the Government to increase revenues through the provision of these documents.

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Arizona setting ‘great getaway for Canadians’
Post courtesy of REM Online

If you have clients who are dreaming of a true western experience (down to horseback riding through the desert) who want the glamour of an authentic southwest-style home in a rugged and diverse landscape, yet want the option of being waited on hand and foot, you might want to tell them about a place you know in Arizona.

The Residences at The Ritz-Carlton, Dove Mountain is set high in the Sonoran Desert just northwest of Tucson at the foot of the Tortolita Mountains. The 800-acre resort community is on “high desert, with lots of vegetation and is tucked into the mountains,” says Dove Mountain’s community developer David Mehl, who bought 6,200 acres in the mountains in 1984. He says he chose “the best part of the mountain” for the Dove Mountain community. Work began in 1996 and is now about 40-per-cent complete.

The picture-postcard setting has thousands of majestic saguaro cacti and dramatic views in every direction. Some home sites are adjacent to a 27-hole Jack Nicklaus Signature Golf Course. Others are in open spaces showcasing the desert landscape and mountains.

Customizable and custom homes, which range from 1,900 to 5,400 square feet, are designed to bring the outdoors in. Highly customized plans are offered so buyers can make the home their own, Mehl says. Custom estate sites are available for those who don’t mind waiting 10 to 12 months for the home of their dreams. For those in a hurry to enjoy the serenity and beauty, there are some already-built spec homes for sale.

As you might expect with a property associated with the Ritz-Carlton, top-quality services and amenities are offered. Ownership in the Dove Mountain community includes access to The Ritz-Carlton Hotel and Spa, which opened in 2009, and golf memberships.

The community has a 45,000-square-foot clubhouse that includes a fitness centre, tennis courts and restaurants. Housekeeping, valet, concierge and gourmet delivery services are available. The Ritz-Carlton Dove Mountain Resort and Spa includes 225 guest rooms. Five restaurants within the community offer everything from causal pool-side grill and alfresco dining to gourmet.

Ritz-Carlton would not have come if this community wasn’t unique, Mehl says.

Buyers love the location, 25 miles northwest of Tucson and within 90 minutes of the Phoenix Sky Harbor Airport, but it is the serenity and spectacular setting they love most, he says. “It’s a great winter getaway for Canadians.”

Buyers range from 40 to 70 years of age and include professionals who are partially retired, retired or work remotely.

Canadians are allowed to live in the United States for six months of the year, and Dove Mountain residents stretch their stays to the max because they enjoy it so much, Mehl says.

The first person to buy a home in the mountain resort was from Calgary and other snowbirds have since followed suit, drawn by a combination of sophisticated homes, top-quality services, golf and other outdoor activities and a beautiful desert location.

It is adjacent to the 3,000-acre Tortolita Mountain Park and 2,400-acre Tortolita Preserve. Prices range from the high $600,000s to $2-million.

[Source: http://www.remonline.com/arizona-setting-great-getaway-canadians/?utm_source=REM+Inbox+Update&utm_campaign=3dcfb7d5e8-28_November_2014&utm_medium=email&utm_term=0_3f4c7c7b65-3dcfb7d5e8-60773729]

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5 Ways Bargain Hunting For Homes Can Backfire
Post courtesy of Realty Times

It’s natural to want to save money when you’re making a purchase as large as a home. You want to buy the best home in the best neighborhood at the best price, and to do that, you may think you have to shop in the bargain bin.

FSBOs (for sale by owner,) foreclosures, and short sales aren’t as plentiful as equity listed homes — homes listed with a real estate agent by the seller. You may even scour the MLS (multiple listing service) for signs of desperate sellers, such as homes priced AS-IS, or homes that have been on the market for months.

While some people are successful buying a bargain basement home, you may not be so fortunate, if you put price first. Here are five ways a low price can backfire on you:

The home doesn’t suit your needs. A home is a good buy only if it suits your family’s needs for space, features, comfort, and function. If you buy a home without enough bedrooms or baths, it’s not as comfortable or functional.

A bad fit costs you later. To get out of a home that’s too small, too old, or too far from where you need to be, you’ll likely to pay more in transaction costs to sell the home and buy another than if you’d chosen more wisely in the first place.

Bargains are rare. If a home is priced lower than others in the area, there’s a reason. Sometimes bank-owned home will appear to be a bargain compared to other similar nearby homes, but you may notice a real difference in the way it’s been maintained. It’s not much of a bargain if you find out that all the appliances have been stolen or all the copper wiring has been pulled out of the walls.

The home needs updating. A home priced below market value usually requires expensive repairs or updates. Are you willing to perform the work or pay someone else to do the work? Any remodeling you do will be at today’s prices. Before you buy, get a home inspection and then talk to professionals who can help you bring the home up to today’s standards.

You lose ground trying to lowball the seller. Just as you want the home you buy to appreciate in value, sellers purchased their homes as investments, too. They want to net as much as possible, because they’ve already taken on the risks of buying and maintaining a home. That makes sellers less willing to negotiate on homes that are well priced and well maintained.

If a home has been on the market for a long time without a price reduction, there’s usually a good reason. You have an unmotivated, unrealistic, or upside-down seller, any of which could waste your time unmercifully.

An unmotivated or unrealistic seller simply won’t negotiate to your level. For example, for-sale-by-owner homes are typically priced the same as listed homes, even though the sellers aren’t paying real estate agent commissions, including for your agent, if you have one. Why would you pay the seller not to represent your interests?

Furthermore, a bank foreclosure or bank-approved short sale could take months to close. What if interest rates go up before you close? You may get the home at a bargain price, but the savings could evaporate in higher interest payments.

Right now, home prices are still below previous market highs. Mortgage interest rates are hovering near historic lows. And inventory levels are improving in most areas.

Under these circumstances, you’re buying a home at a bargain already. The best strategy for today is not to try to beat the seller down, but to offer a fair price for the home you think is best for your household.

 [Source: http://realtytimes.com/consumeradvice/sellersadvice1/item/31282-20141024-five-ways-bargain-hunting-for-homes-can-backfire]

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8 Ongoing Homeowner Expenses and How to Prepare For Them

Article courtesy of the Huffington Post

Interest rates remain historically low, and according to Trulia’s latest Trends Report, homes are affordable for the middle class in 80 out of the 100 largest metros. But let’s put it all on the table, just so there are no surprises: if you plan to purchase a home this summer, next summer – or ever, you’re committing to costs both upfront — and afteryou own. Home ownership is a major financial commitment, so you need know exactly what those costs are in order to be prepared.

When making the decision to buy, the most important component is determining what you can afford. So many first-time buyers make the critical mistake of assuming that if they can afford the mortgage payment each month, they can afford the house. But that’s only one piece of the puzzle.

Financial output does not stop the moment you walk away from the closing table, so make sure each of the following eight expenses are entered into your monthly housing budget.

1. Mortgage Payments
You’ll be able to figure out in advance what your monthly payments will be based on the price of the house, how much you’re putting down, and the interest rate you’re paying. Give Trulia’s Mortgage Calculator a try by clicking here.

2. Property Taxes
These are usually paid twice a year, but the property tax laws vary state by state and even by county. In Hunterdon County, New Jersey, for example, residents pay about 1.89 percent of their home’s value to property taxes, while in Westchester County, New York, homeowners pay about 1.45 percent. California residents, on the other hand, enjoy lower property taxes — typically around 1 percent of their original purchase price.

3. Homeowner‘s Insurance
This varies by state and region as well. Depending on where you live and what kind of coverage you buy, insurance can run you anywhere between $500 and $1,500 a year. It helps to bundle your homeowner’s insurance with other types of insurance, like auto and life, as many companies offer discounts for doing so.

4. Hazard Insurance
This entails coverage for earthquakes, floods, or hurricanes, depending on what area of the country you live in.

5. Condo, Co-op, or Homeowners Association Fees (HOAs)
If you own a condo, co-op, or town house, you’ll pay an annual or monthly fee to maintain the building and grounds. Single-family homes may also have dues if they’re located in a particular neighborhood or subdivision with common property. If you purchased in a gated community with security guards, a swimming pool, clubhouse, playground, tennis courts, and so on, you’re likely to incur regular expenses for those amenities.

6. Utilities
You’re probably paying them as a renter anyway, but chances are, you may have a few extra bills — including gas, water, sewer, and trash removal, in addition to electric — and they may be a bit more costly now that you’re running an entire home.

7. Routine Maintenance
Things break, things wear out, and unplanned expenditures pop up. It happens. You’ll want to keep some emergency money handy for a leaky roof, clogged kitchen sink, or dripping hot water heater. Budget a couple hundred bucks a month for these “unexpected” costs.

8. Pool And Yard Care
Depending on how much there is to maintain, you’ll need to earmark extra dollars to cover routine outdoor expenses. Even if you decide to take care of your pool or large back yard yourself, you’ll still need to hire professionals from time to time for heavy-duty tree trimming or the occasional repair of your pool’s filter system.

[Source: http://www.huffingtonpost.com/michael-corbett/8-ongoing-homeowner-expen_b_5456371.html]

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Alberta home to top income earners
Article courtesy of the Calgary Herald

Realtor Corinne Poffenroth stands in the front entranceway of the house in Aspen Ridge that Sotheby’s Realty sold for $10.35 million, the highest ever in Calgary, on Thursday February 2, 2013.

Not only does oil flow in Alberta but money does as well.

That was clear Tuesday as Statistics Canada released new data on the nation’s top one per cent of tax filers.

In 2005, Alberta surpassed Quebec as the province with the second largest proportion of Canadians in the top one per cent, and has remained there since. Alberta was home to 12.7 per cent of the top one per cent of Canadian tax filers in 2000 and this share had increased to 22.8 per cent by 2012, said the federal agency.

“In Alberta, the income share of the top 10 per cent of Canadian tax filers living in that province went down after the recession, but, by 2012, it had recovered to reach 50.4 per cent, just shy of the 2008 peak of 50.8 per cent,” explained Statistics Canada.

But the federal agency said Canada’s top one per cent of tax filers saw their share of total income fall to a six-year low in 2012.

It said the top one per cent held 10.3 per cent of total income in 2012, down from 10.6 per cent in 2011, and well below the historical peak of 12.1 per cent reached in 2006.

Taxfilers needed to earn a total income of $215,700 to be among the top one per cent in 2012, a $3,000 increase from $212,700 in 2011, said the federal agency.

Statistics Canada said Ontario still had the largest proportion (41.5 per cent) of the country’s top one per cent tax filers in 2012, but this share has been declining since its peak of 51.7 per cent in 2000.

“Although Canadian men represent the vast majority of the top income groups, the number and share of women in top one per cent reached a 31-year high in 2012,” said the federal agency.

“Among the 261,365 top one per cent tax filers, more than one in five (21.3 per cent) in 2012 were women. That was almost twice their proportion in 1982.”

mtoneguzzi@calgaryherald.com

[Source: http://www.calgaryherald.com/news/alberta/Alberta+home+income+earners/10392103/story.html]

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Tuesday November 4, 2014 – RE/MAX Housing Blog

If you’re getting ready to sell your home, you want to get the most money for your investment, right? One of the key factors that will sell your home is price, and having a sound pricing strategy is a must if you want to find the right buyer.

Here are six common pricing mistakes all sellers should avoid.

1. Overpricing from the start – You might think your home is the best on the block and should command a price relative to the value you see. Wrong. You have to appeal to the value homebuyers see. Overpricing your home at the onset could leave out strong potential buyers, especially if recent sales and other factors in your neighborhood don’t justify your listing price. You also run the risk of needing multiple price reductions, which keep your home on the market that much longer.

2. Leaving out potential buyers in online searches – Entering a price range is the first search parameter most homebuyers use to narrow down their options. If a buyer’s price range is, say, $250,000 to $300,000, they won’t see your home if it’s listed at $305,000. It might make sense to list it right at $300,000 so that you capture potential buyers in the ranges above and below. Ultimately, this is up to you and your agent, but the range your home’s price falls into is certainly worth thinking about – especially if you’re teetering between price ranges anyway.

3. Not considering recently sold properties – To arrive at a listing price that will generate buyer interest, you can’t base your price solely on the prices of other homes in your area that are listed for sale. You also need to consider recent sales in your neighborhood and the final sale prices. An experienced agent can provide you with information on recent sales to help you see the bigger picture.

4. Getting too creative with your asking price – Make it easy for buyers and pick round numbers. Listing a home for $512,477, for example, will give potential buyers pause about your intentions and divert attention from your property to you, as the seller. Maybe it’s best to save the creative juices for the property description.

5. Not being open to negotiation – The quickest way to kill a sale is to dig in your heels on asking price before the for-sale sign even goes in the yard. Negotiation is a two-way street, and if you refuse to budge on pricing or other conditions, you might be in for very bumpy (and long) ride. Ask yourself: Is it more important to get full asking price, or can you make a few concessions to find common ground that will ensure a closed sale?

6. Ignoring your agent’s insights – The best route to the right price starts with picking a great agent and then listening to his or her advice. Your agent will look at your situation from all angles – your home’s features, the local market, recent sales and more – to help you make an informed decision about pricing.

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For parents:

• Do not use masks. Masks make it hard for children to see what’s around them, including cars. Try a hypoallergenic (less likely to cause an allergic reaction), non-toxic make-up kit instead.
• Make or buy costumes in light-coloured material.
• Place strips of reflective tape on the back and front of costumes, so that drivers can better see your child.
• Costumes should fit properly to prevent trips and falls. Avoid items such as oversized shoes, high heels, long dresses and long capes.
• Dress your child for the weather. Add layers if needed.
• Put your child’s name, address and phone number on his costume.
• Children under 10 should be accompanied by an adult for trick or treating. By the age of 10, some children are ready to go trick-or-treating with a group of friends.
• Keep in mind that gum and hard candy can pose a choking risk for young children.
• Remove make-up before bedtime to prevent possible skin and eye irritation.

If your child is going out without an adult:

• Make sure your child is in a group of at least 3 people.
• Give them a flashlight. A cell phone is also a good idea if you have one.
• Discuss in advance the route they should follow. Ask them to call you if they plan to go on a street that isn’t on the route.
• Set a curfew (and make sure they have a watch with them).
• Tell your children not to eat anything until they get home.

For children and youth:

• Carry a white bag or pillowcase for your candy, and add some reflective tape.
• Dress for the weather. Cold weather or water absorbent materials in the rain can be very uncomfortable.
• Bring a cell phone, in case you need to make an emergency phone call.
• Always travel in groups. Be sure there are at least 3 of you at all times.
• Let your parents know where you’re going to be at all times.
• Don’t visit houses that are not well lit. Never go inside a stranger’s house.
• Use the sidewalk whenever possible. If there’s no sidewalk, walk on the side of the road facing traffic.
• Don’t criss-cross back and forth across the street. Work your way up one side of the street, and then start on the other.
• If you have any allergies, tell the person who is giving out the treats.
• Don’t eat any of your treats before you get home. Once home, ask your parents to look through your treats with you to make sure everything is okay.

For homeowners:

• Turn on outdoor lights, and replace burnt-out bulbs.
• Remove items from your yard or porch that might trip a child.
• Sweep wet leaves from your steps and driveway.
• Use alternative to candles in your pumpkins, such as a flashlight or a battery-operated candle.
• Remember that some children have food allergies. Consider giving treats other than candy, such as stickers, erasers or a yo-yo.

Alternatives to traditional trick-or-treating

• Local community centres sometimes offer Halloween night activities.
• Local shopping centres often have trick-or-treat nights for young children in a more controlled environment.
• Plan a Halloween night at home with themed games and movies. Invite friends.

Do you want to make your home more efficient and better looking without breaking the bank? Check out this article from Amazing Oasis with simple changes that can make a world of difference in your home!

1. Add outlets to drawers to keep clutter off of the table top.

2. Add a half-table to your bathroom for extra storage space.

3. Build a free library for your neighbors.

4. Put heat-sensitive tile in your shower… just because.

5. Make the space your fake drawers take up functional.

6. Fake drawers are also a great spot for extra outlets.

7. Add a shelf to a long hallway for extra storage space.

8. Save space with collapsable drying racks.

9. Install dutch doors so you can watch your kids/pets without baby gates.

10. Add a sun tunnel to rooms you wish had more natural sunlight.

11. Buy a toilet seat where everyone can have their own tab.

12. If your garage is adjacent to your kitchen, add a little door to make unloading groceries easier.

13. Use stainless steel contact paper to make your appliances look more expensive.

14. Decorate the foundation of your home to make it pretty and functional.

15. Use recessed outlets so you can put your furniture against the wall.

16. Install your outlets underneath your cabinets so you don’t ruin your backsplash.

17. Replace your current shower head with this unique one.

18. Use slide-out drawers in the home for spices and pantry items.

19. Open a small tunnel to connect two rooms.

20. Instead of bunk beds, install classy murphy beds for your kids.

21. Add a small cabinet to extra space in the kitchen for cleaning supply storage.

22. Replace your old house numbers with modern fonts.

23. Put a sign on your bathroom so guests know where it is.

24. Add a simple window seat to the landing of your staircase.

25. Make your porch lights fancy with a chandelier.

26. Hide away appliances behind sliding doors.

27. Use kitchen drawers as cutting boards you can hide.

28. Use a slide-away step in your bathroom instead of a stepstool.

29. Stools on hinges save room in the kitchen.

30. Build drawers in the wasted space between studs in the wall.

[Original Post: http://www.amazingoasis.org/2014/03/here-are-30-relatively-simple-things.html]

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Royal LePage Premier Real Estate in St. Albert, Alberta, recently hosted more than 100 golfers at their 2nd Annual Charity Golf Classic, raising $16,000 for the Royal LePage Shelter Foundation. All of the proceeds were directed to the Stop Abuse in Families (SAIF) Society, which provides services to clients experiencing family violence.

Enjoying the Royal LePage Premier tournament, from left: Louanne Dalgleish (St. Albert Gazette), Royal LePage Premier Real Estate broker/owner Shirley Williams, Kristin Pierce, Casey Kinsella, Royal LePage Premier Real Estate agent Don Cholak, Dana Dewer and Gillian Graham

Struggling to find peace and rest at home? Maybe it’s time to do a little organizing and de-cluttering. Laura Gaskill shares 10 tips to help create a more peaceful home!

1. Clear surfaces daily. Clutter is visual distraction. Every time your eyes land on a stack of papers, a tangle of jewelry or a pile of laundry, some small part of your mind is at work thinking about dealing with said items. If you want a calmer experience at home, a good way to begin is by making it routine to clear all the surfaces in your house daily. When your eye can skim across clean, clear surfaces throughout your home, it also becomes easier to stay focused on the present moment.

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