When you’re house hunting, it’s a great idea to know the amount of mortgage you qualify for, your monthly payments, and that your interest rate will be held for a specified period of time i.e. 120 days. This way you can shop within your price range, you don’t have to worry about rates rising, and both realtors and sellers will know you’re serious. Be realistic though and make sure you can afford that pre-approved amount.

Keep in mind that not all pre-approvals are the same, and that a pre-approval is not a mortgage approval. Some are just a simple rate guarantee subject to lots of conditions and a later approval. For a full pre-approval you need to submit your application and documentation so the lender can qualify you, and even then it’s a good idea to have a financing condition in your purchase offer because your property will need to be assessed by your lender. Be sure to not make significant changes after getting the pre-approval i.e. changing jobs, adding debt or missing payments, co-signing another loan, or using your down payment money.

Article courtesy of:

Cam Brown
Accredited Mortgage Professional
(403) 650-5509
INVIS “Canada’s Mortgage Experts”
www.mortgagealberta.ca
cambrown@invis.ca

What an exciting time to be involved in Real Estate in Calgary! As mentioned in our Calgary Real Estate Stats for April 2014 article earlier this week, there are homes in certain price points that are literally “flying off the shelves!”. Multiple offers are quite common and in fact, just this week, we had one situation where 9 offers were being considered for the same property!

As the buyer, one of the most exciting, yet stressful parts of the entire home buying process is negotiating an offer. Many of us have spent a fretful few hours, or even a sleepless night, while an endless series of questions filled our minds: Will the price be appealing? Will the offer be accepted? Can we come to terms about conditions? Will the deal go through?

While price is most certainly a major – if not the major – factor in whether or not an offer gets accepted, there are still a number of other considerations that all play a part in the decision-making process. This is particularly true in cases where multiple bids are being considered. Offers aren’t just about the price and how savvy a buyer is when putting one together can make all the difference.

Of course, having the right real estate professional to negotiate on your behalf is another major factor that could mean a difference of thousands of dollars in your pocket, or even whether the offer is accepted at all. Here are a few points that may help to improve your negotiating position:

•Choose a sales professional with a proven track record of success. You’ll benefit from the experience of a representative who has already negotiated the sale of similar homes in the same area.

•Be open, direct and completely frank with your sales representative . After all, they’re representing your best interests! To do it well, they’ll need to clearly understand your needs, your goals and your limitations.

•Make your offer as free of conditions as possible. There are many conditions that can be eliminated with a little advance planning. For example, if you pre-qualify for a mortgage, you won’t have to include a condition that allows you time to set up financing. Your Coldwell Banker professional can counsel you about the many options available to you.

•Keep the terms of your offer as close to the listing as possible. Remember, all things in an offer have value. The closing date or certain exclusions may have tremendous importance to the seller, but not to you. The closer your offer ‘mirrors’ the listing, the more appealing it will be.

Hope this helps,

Susanita de Diego

Calgary is full of great communities and selecting which one to live in is not an easy task for Calgary home buyers!

When you are picking a community to live in, it largely depends on work and family. Where do you work? Downtown? Do you have a home office? If not, is a short commute important to you? Do you have children? What activities do you like to do in your spare time?

Living in a community which matches your lifestyle can make all the difference in how happy you are in your new home. If you are new to Calgary, the first tip you need to know is that Calgary is divided into four quadrants: NW, SW, SE, or NE. Here’s a quick look at the various areas and some of their characteristics:

The NW quadrant might be best for:
•Families with university-aged children since it includes the University of Calgary.
•Families that want access to Kensington which offers a great mix of cafes, pubs, bistros, and craft shops.
•People who love to escape to the foothills or the Rocky Mountains.
•People who want to live in a lake community and a family-oriented community.
•People who want lots of green space.

The SW quadrant might be best for:
•If families with university-aged children since it contains the Mount Royal University.
•If you are able and want to pay a higher price, which means dwellings that are worth more and are considered upscale.
•Singles and couples since it is close to the downtown core with bars, restaurants, and shops.
•People who want easy access to the Rockies.

The SE quadrant might be best for:
•Lower priced housing and newer suburbs.
•People who work in the industrial sector so they have easy access.
•Families who want to be near some of the best recreational parks and natural reserves.
•People who want to live in a lake community and a family-oriented community.

The NE quadrant might be best for:
•People who want to be centrally located in the city and have easy access to downtown.
•Lower prices for people just starting with their first home purchase.
•People who need access to the airport on a consistent basis for frequent trips out of town.
•People who want newer homes and many of the older homes are being replaced.
•People who have small children and want easy access to the zoo.

If you have questions about which community in Calgary might be the best fit for your family, please contact Coldwell Banker Complete Real Estate and let us help you find the perfect combination of home and community!

For many first-time homebuyers, saving the 5 per cent downpayment is one of the big obstacles to home ownership, especially if you’re paying rent, paying down student loans, and trying to live a life. Here are some programs and tips that can give your downpayment a boost – to get you into your home faster:

1.The federal Home Buyers’ Program (HBP) lets first-time homebuyers withdraw up to $25,000 each (or $50,000 for a couple) tax-free from their RRSPs. You’ll need to pay those funds back, of course, on repayment plan.

2.A financial gift from a parent or blood relative can be used as a downpayment. You’ll need to document in writing that the funds are a gift and that you are not required to pay the money back at any time.

3.A parent or grandparent could also provide a loan with a modest interest rate and reasonable expectations for loan repayment. Or you could look at borrowing the downpayment through a loan or unsecured line of credit.

If your dream home is out of reach, look for a starter home. Use today’s low interest rates to start hammering down your mortgage, then watch for the opportunity to get the home of your dreams – using the equity and credit rating you’ve been building!

Article courtesy of:

Cam Brown
Accredited Mortgage Professional
(403) 650-5509
INVIS “Canada’s Mortgage Experts”
www.mortgagealberta.ca
cambrown@invis.ca

Have you given full thought to everything you should consider when picking a Community in Calgary to live in? It can be so easy to get caught up in the heady whirlwind of excitement that takes place when you buy a home that you forget that you are purchasing not just a house, but a community. And even the greatest house in the world is no bargain if the community isn’t attuned to your lifestyle.

•For Sale Signs
Drive around the neighborhood and notice how many houses are up for sale. If there seems to be an inordinate number of people trying to sell their house within a fairly tight radius of the house you are interested in, you might want to hold off making an offer. An unusually robust number “For Sale” signs could signal that the surrounding community is not a place you want to be.

•Safety
Not only should you check the safety precautions of the house, but make inquiries as to how safe the neighborhood is. How far away is the nearest police station? The nearest fire department? How long will it take emergency medical services to arrive? Are there any dangerous places nearby where kids have gotten injured? Have homes or businesses in the neighborhood consistently been burglarized?

•Noise
Take a drive past the house you have in mind at night and on the weekends. If you work nights and need to sleep during some daylight hours, check the noise level then. How close are nightclubs, athletic stadiums or fields? Is a nearby house occupied by a rock band that practices in their garage at odd hours?

•Transportation
Just how easy will it be for you to get the places you need to be on a regular basis? Don’t just measure the mileage between that house and things like work, schools, grocery stores, church, cinemas and all the other places you need to be. Make the drive from the house to the location during the times of day you would normally be making that drive. How long does it take? Are there any alternate routes to get you home should those main routes become obstructed?

•Convenience
Make a list of every single place outside your current home that you go to this week. Keep a general record of why you went including any services that were provided and any products you bought. Now go to that house you are thinking of buying and find out how convenient it would be to replicate that schedule. How convenient will it be to fill up your vehicle? Does the neighborhood have restaurants offering the type of food you enjoy? Can you get to your favorite stores without having to drive halfway across the city? Picking a community to live in isn’t just about whether the things you are need are conveniently located, but whether there is adequate parking. Can you get into and out of those places easily and when you do get out, can you get back home without having to engage a GPS system?

Picking a community to live in that is right for your specific needs is about more than finding a nice house with a big yard. You need to take the time to see how easily you can transport not just your belongings to a new home, but your lifestyle.

If you would like to discuss selecting a Calgary Community to live in, our team would love to help! Feel free to Contact Us to discuss how to select the perfect community to match your lifestyle!

Is 2014 the year you are planning to buy your first home? It’s always exciting when you’re ready to look at buying a home as opposed to renting. When you decide to take the plunge and purchase a new, or “new-to-you” home, you’re thrilled knowing that it is going to be completely yours; you’ll be able to do exactly what you want with it. You can renovate it completely or paint it in the colors you like. You can get it fitted with the latest appliances or install a custom closet for all those clothes. Still, there are a few things you should keep in mind before you begin to search for your perfect home:

1.Is it within your budget?  Be realistic with what you can afford and think about your long term income. If you get a mortgage based on the incomes of two people and then, one person leaves their job, the other person might have to struggle to make ends meet. Give consideration to what your future employment plans are before buying a home.

2.Is the transportation reliable?  If you’re buying in an urban area, you don’t always need to have a car. In some places, in fact, it might be better if you rely on public transportation to avoid parking hassles and car payments. Make sure you find out what buses, trains etc. come to the neighborhood you’re considering.

3.Are there shops close by?  You might think that you’re ok with driving half an hour to the grocery store if you can have a lot of space in your home. However, you’ll probably regret this decision when you actually have to start getting groceries in your new home. Be practical about what shops, restaurants etc. you need to have close by to suit your lifestyle. It’s always nice to know that you can just pop out to get a few things instead of having to drive or walk a long distance.

4.Are there good schools in the neighborhood?  If you have children, this is obviously an important consideration for you and not something that you can compromise on. Make sure you research the schools, playgrounds and other activities for children in the vicinity before you buy.

5.How does it feel?  A home may seem perfect on paper. Maybe it has all the conveniences you desire but just lacks a certain something you can’t quite put your finger on…It could be a lack of light or maybe the basement is a bit damp. If you really think that there’s something about the house or apartment that could prevent you from being happy in the long run, make sure you don’t ignore your instincts.

Coldwell Banker Complete Real Estate Team members are always ready to help you brainstorm about what you need from your new home. Contact us for more tips on what to look out for before buying your home.

The cumulative statistics are coming in as the end of the year nears and the numbers don’t lie. Calgary Real Estate is booming. Of course, we are biased as Calgarians and professionals in the industry. So don’t just take our word for it. Read on to hear what authority figures have to say.

Calgary is the top-rated market in Canada for overall real estate prospects, keeping the highest ratings for prospects in three categories – investment, development and home building, according to the Emerging Trends in Real Estate report by PwC and the Urban Land Institute.

The figures are the result of a survey of more than 1,000 professionals with expertise in the Real Estate industry including developers, lenders, investors, brokers, property companies, and consultants.

Year-to-date, as of November 1, 2013, the average residential home was on the market for 37 days before selling, according to the president of Calgary Real Estate Board (CREB) Becky Walters. CREB reports that there were more than 2,500 new listings in Calgary last month, which is 9% higher than last year.

“Price growth and tighter market conditions have encouraged some of the recent rise in new listings,” said Ann-Marie Lurie, chief economist. “This is a trend worth noting as the rise is easing some of the tightness in the market. Despite some movement, seller’s market conditions persist.”

As mentioned in our Calgary Real Estate Market Report last month, “If you are planning to list your property this month, be sure to review your competition. A lack of competition could translate into a higher list and sale price!”

Prices in Calgary, for homes tracked by the MLS Home Price Index, increased by 8.17% from last year, a significant surge compared to the national average increase of 3.52%, according to The Canadian Real Estate Association.

Coldwell Banker Complete Real Estate Team members are available to answer your questions about selling your home. Please feel free to contact us. We are a team of professionals with years of experience in the Calgary Real Estate Market and we welcome your inquiries.

Across the country ordinary Canadians are building wealth with investment property. An investment property is being increasingly viewed as a pension plan for the future, particularly since so many Canadians are not covered by workplace plans.  Over the long term, an investment property that is fully paid for can be a great source of income for retirement. Rental income typically pays for most or all operating expenses (ie mortgage payment, property taxes, upkeep) while property appreciation has often out performed stocks and bonds over the long term.

A revenue property is not just an investment for well-established business people or experienced homebuyers. Savvy first-time buyers are often jumping in with both feet: purchasing a duplex or triplex, living in one of the units and renting the additional units to help offset the mortgage costs while they build equity which converts to wealth. Many parents who add up the cost of accommodation for their college-bound children are often deciding to be landlords themselves, seeing an opportunity to offset the cost of housing with a sound investment.

There are many reasons to consider investing in property. If you are thinking about building your wealth this way please consult with a professional who will help you determine your down payment options and run the financial calculations that you will want to see for cash flow and capital appreciation.

Cam Brown
Accredited Mortgage Professional
(403) 650-5509
INVIS “Canada’s Mortgage Experts”
www.mortgagealberta.ca
cambrown@invis.ca