5 Questions Young Edmonton Home Buyers Need to Ask
Believe it or not, even in these rough Alberta economic times, the average age of the first time home buyer has been gradually decreasing. In 2008 the average age was 35 years old, and in 2011 the average age dropped to age 30. Personally, I think of all the people I know that bought a home in the last few years and many of them are 27 years old or younger (our youngest Edmonton home buyer was 19 years old!), which has raised the question: are they different challenges to first-time home buyers because of their age?
It turns out, yes, different circumstances call for different situations, and if you’re a 30 something or younger individual thinking of buying a home, here are some things you need to consider:
1.) Do I have a substantial down payment?
An obvious challenge of buying a home at a younger age is clearly not having as much time to save money for a down payment as your older counterparts. A smaller down payment means a higher monthly mortgage payment, which is often why so many people choose to wait a few years more to save up enough money in order to have a monthly payment they can afford. Today you need minimum of 5% of purchase price to meet CMHC criteria. More is better as you will have a small CMHC premium.
2.) What will my mortgage rate be?
Part of the criteria in applying for a loan is job stability, meaning you need to show that you have been working at a particular job for a long amount of time. For many 20-30 year olds, the length of time they have been at a job is particularly small simply because they haven’t been a part of the workforce very long. It’s perfectly natural to skip from job to job to job during your college years, as you often have different requirements that need to be met (class schedule, moving, wage changes, seasonal work, etc.). However, this doesn’t particularly reflect well when applying for a home loan. Rates today are in the low 3% which is great as we have seen 6+% in the past. Yes, people still bought homes.
3.) Are my expectations realistic?
Many young home buyers simply have no idea just how much certain features cost. A “decent amount of space” might be a completely unreasonable requirement for a 25 year old looking for an affordable place to live in SW Edmonton. Let’s be honest, the words ‘SW Edmonton’ and ‘affordable’ don’t often appear in the same sentence.
4.) Am I ready?
Every first time Edmonton home buyer will need to ask themselves this question, but a young home buyer especially. A younger individual usually has more variables in their life. Are you in a stable job that you will most likely stay in (or even want to stay in) for the next 10 years? Are you sure you won’t have to move (career, relationships, family issues, corperate relocation) in the next 10 years? In addition, research has shown that the brain isn’t even fully mature until around age 25, so are you sure you will even want to still own a home in a few years?
5.) Am I able to put in the work?
For any first time home buyer, you have to be ready to put in a little bit of elbow grease, but for a younger home buyer, you really need to be ready to do some home renovation projects. A smaller down payment and a likely higher mortgage rate means you will probably have to limit your search to homes that need a little bit of work, and you’d better be ready (read: have the energy and skills to complete these renos) to fix it up a bit. Are you up to the task?
Can you add to these questions young Edmonton home buyers need to ask themselves? If so, please reach out thru our contact page or comment below.
There is no doubt about it! Even if the weather is relatively pleasant, your Edmonton home won’t show as well in the winter as it would in the summer, especially from the outside. Fortunately, there are many ways to make your home lookmore attractive and appealing to buyers during the winter season.
First, before showing your Edmonton home to a potential buyer, clear your front walkway including walkway to the garage if applicable. Make sure fence doors and gates open freely. Also, clear snow off the backyard deck or patio area. You want those picky buyers to be able to explore around your property without any obstructions. In short, do everything you can to make the experience of walking up to your front door and around your property as pleasant as possible.
Second, clear away any boots, shoes and other outerwear from the front foyer as you walk in. You want buyers to focus on your beautiful home, not a cluttered entranceway. Also, have mats on both the outside and inside of your main entranceway. This will give buyers – as well as you and your family – a chance to wipe their boots and shoes.
Third, adjust your thermostat. You want your home to feel warm, cozy and comfortable for potential buyers.If you have a gas fireplace, turn it on for that cozy feeling. Remember, being warm is a pleasant experience and that's what we are looking for.
Finally, in the winter, homes show much better during the day. In the evening, it may be too dark to fully appreciate your property especially yard. Working with us as your REALTORS® to schedule viewings during the day whenever possible. If you can, have pictures of your property available that showcase what it looks like in the spring/summer. A flower garden in bloom or that fully grown in hedge really gives the buyers a better idea of how your home looks in non-winter months. That takes planning. So if you're even just casually thinking of the possibility of selling your home, take some good "spring/summer" pictures. Just don't have a date time stamped on the picture.
Hope you got something from this short blog post. Want more advice on how to sell your home in the winter? You can get a hold of us thru our contact page. Thanks!
There are Advantages to Buying a Home in Edmonton's Winter
Here’s some advantages to buying a home during the off season in Edmonton, which means that you’ll be buying from November to February.
1.Less competition …. There is less competition from other buyers. Many buyers don’t want to brave the cold and icy roads by driving the neighbourhoods and looking for properties during this time of the year. This can translate into lower prices and better deals for the buyer.
2. Prices decline …. Prices are typically less this time of the year, proven by the statistics from the REALTORS® Association of Edmonton (RAE) and from Realtor.ca.
3. More time from your REALTOR®….. Your real estate agent isn’t as busy this time of the year, you may get more of their time and expertise (so true compared to the busy spring rush).
4. Not as many properties are receiving multiple offers …. We can remember during the summer season of 2012, many houses in Edmonton that were priced correctly had multiple offers on them, which translated into higher prices for the seller. All great news for sellers, not such great news for buyers. There is an emotional trigger than happens in multiple offers, and buyers can sometime offer more for the house than they had originally planned on.
5. Ugly Ducklings….. Some houses that are still on the market in December and January may have been on the market for a long, long time. This could be for a variety of reason, including the home has been overpriced. Or it could just be that the property doesn’t show well, it’s an ugly duckling. Maybe it’s too crowded with personal belongings, maybe the interior paint colour is horrible, maybe the lighting is bad, or maybe the home is dirty. All of these are easy things to fix once you own the property, and if you can look through these items, you may be able to get an ever better deal.
Now is a great time to buy. A few years ago, when Mike viewed the existing house he lives in a between Christmas & New Years & had it pending by first week of January. He knows he saved money as they "had to sell" & there wasn't many qualified buyers looking in the cold winter. Good for Mike, the buyer & bad for the sellers. There are many other great deals out there right now! If you are thinking about buying in the spring, why wait? Shop now & save. Contact Audrey and Mike thru our website or call Audrey direct 780-910-5179 or Mike 780-242-5229 & I'll show you some great Edmonton Real Estate deals.
Best priced unit in Lakeview Estates. The entrance of this two-storey home off of the front veranda is bright, inviting and offers a spacious living room with gorgeous, gleaming custom designed hardwood floor and a white kitchen with sandstone ceramic tiles on the main floor. Upstairs offer two nice sized bedrooms with a modernized bathroom. And if you need extra space for guests, the almost fully finished basement has a great den/rec room and plenty of storage space. Outside, in the large private back yard, offers low maintenance landscaping, BBQ hook ups, organic raspberries and white crushed rock - great for entertaining. Walking distance to schools, parks, amenities, public transportation and easy access to 97 Street. Other features of this home include low condo fees, upgraded windows, pet friendly and air conditioner. WELCOME HOME!
So after a good talk with your career manager, you been told that you are posted out of CFB Edmonton. What's next? You need to find a good REALTOR® on Brookfield's IRP list to help sell your home. Audrey Abuan and Mike Muranetz will get you moving. We have already been getting calls to do what we call "Pre-Listing" appointments. These are basically consultations to help you get a jump start for preparation of selling your Edmonton & area home. We will show you how to get your home ready (paint, minor repairs), provide a RE/MAX exclusive "Fit to Sell" DVD for staging, give a market snapshot of homes for sale & sold in your neighborhood, discuss options for your move & address any other concerns. No pressure & no paper work.
If you like, we also have a list of preferred REALTORS® which we have personally worked with in the past. These hand picked people to have the same work ethic and experience to help you on your eventual House Hunting Trip (HHT) with your new home. We are only half the journey and can hand you off to someone who will look after you and your family needs to the same calibre.
If you been verbally told you are posted or if some stroke of luck, actually have a posting message in hand, don't hesitate to give us a call 780-242-5229 (Mike Muranetz, CD), or 780-910-5179 (Audrey Abuan)
Right after 1910, Edmonton's real estate growth started to boom and in West Ingle, many of the streets had be renamed in order to accommadate the growth on both sides of the saskatchewan river.
The following is a list of the historic names of streets and avenues in West-Ingle. With support and funding by residents streets names could be re-introduced in West-Ingle at mid block or engraved in the sidewalk at intersections. Adding street names in West-Ingle particularly in the Architectural Heritage Area bounded by 110 Avenue (Albany Avenue) on the north, 125 Street (St. Catherine Street) on the east, 107 Avenue (Short Avenue) on the south and 126 Street (Groat Street) on the west will contribute to preserving the older character of West-Ingle.
122 Street = Notre Dame Street 123 Street = Saint James Street 124 Street = Edward Street 125 Street = Saint Catherine Street 126 Street = Groat Street 127 Street = Park Street 128 Street = First Street 129 Street = Second Street 130 Street = Third Street 131 Street = Fourth Street 132 Street = Fifth Street 107 Avenue = Short Avenue 108 Avenue = Coot Avenue 109 Avenue = Green Avenue 109A Avenue = Saint Lawrence Avenue 110 Avenue = Albany Avenue 111 Avenue = Muskoka Avenue 112 Avenue = Nipigon Avenue 113 Avenue = Brazeau Avenue 114 Avenue = Stikeen Avenue 115 Avenue = Okanogan Avenue 116 Avenue = Yukon Avenue 117 Avenue = Pembina Avenue 118 Avenue = Alberta Avenue
Welcome to Railtown, a highly sought-after condominium complex with a fantastic downtown location! This bright, top floor one bedroom plus den unit includes a titled underground parking and a large storage cage. The well laid-out floor plan includes a spacious living-dining room and an open kitchen with tons of cupboards and a great functional kitchen island. The spacious master bedroom offers a walk through closet and cheater door to the 4 piece bathroom. The den is also a very good size, and easily serves as a home office or a guest room! This home also has a spacious in-suite laundry/storage area. The large west facing balcony features a perfectly retro downtown Edmonton view with a gas line hookup for summer BBQ's. Building amenities include fitness room, social room, guest suite and loads of visitor parking. Condo fee includes heat and water. Fantastic location! Walking distance to City Centre, Grandin LRT Station, restaurants, shopping, River Valley and MacEwan University is right across the street!
No matter how much we love our pets, they cost us money and real estate is no exception. Even if you have the best behaved animal, they still make an impact when it comes to selling your home. There are 2 main triggers which can reduce the value of your home.
First is pet odors. If you have ever owned a cat, you know how often they use that kitty box. But did you know the scent from plastic kitty boxes can linger for years. Using a litter which forms clumps when moistened with urine is great for odor control. As soon as you remove the clump, the odor is usually gone. Adding a layer of odor absorbing additive, such as baking soda will also help. For all you dog lovers, remember when buyers are viewing your home, they also look outside. Clean up the doggie bombs, replace those yellow grass stains, wash all pet bedding and put away the pet toys.
Second concern is all that pet hair. Many buyers have allergies to animals and even though your home smells good, the lingering pieces of hair can cause stuffiness and not attract that "Home Sweet Home" ambiance. It’s estimated that 20% to 30% of young adults will react to an airborne allergen, such as pet dander. It is impossible to completely eliminate all evidence of pets, but by having your carpets and furniture professionally cleaned, it will make an impact. Animal allergies are a common concern, and buyers who have them can be easily turned off if a house has pets.
Don't forget the basics. . - Please, please remove pets during showings - Keep your animals smelling fresh - Remove all pet owning evidence including pet beds, pet dishes, crates, treats, leashes, etc - Replace any torn carpets or furniture previously used as scratching posts, chewed baseboards, etc
- Air out your home an hour before showing
Our pets are part of our families and we love them, but when it comes to selling your Edmonton home, they will cost us both time and money. Clean, Vacuun, steam clean and vacuun again. Don't try to cover up pet smells with air fresheners or fabreeze - Buyers will notice.
The easiest and cheapest way to improve your home's value whether you're getting ready to sell your home or want to give your home a fresh new look for your own enjoyment. We have several inexpensive tips which will make your home more attractive. If you have major renovations, there are several places in Edmonton to purchase materials, such as Habitat for Humanity Edmonton - ReStore North, for a fraction of the price the big retailers charge.
Pay attention to bathrooms - Make your bathrooms as inviting as possible. If a buyer happens to use your toilet, they are looking at every detail in your powder room and are contiplating whether or not your home has made thier house buying short list.
Give your walls a fresh coat of paint - Adding a fresh coat of paint, especially on an older home can make the inside of your home feel completely different. Choose your colors carefully.
Match your appliances! PLEASE! When a buyer is looking at your kitchen and there is one mis-matched appliance, they will be thinking all of the appliances will need to be replaced, thus bringing in lower offers.
We saw a shift with paint colors in 2017 towards more pigment choices. When ever you paint a wall in your home, it can change the whole feeling of the room. Paint connoisseurs are saying "move over greys and blues. Sage is taking over." Personally, I am not a fan of green walls, but am a fan of feng shui. Below is a list of colors to paint your home via feng shui to create a more inviting place to live.
Yellow is the color of sunlight, cheerful and uplifting yellow will always brighten any home or office. Yellow color also creates cozy, welcoming feng shui energy in your kitchen, living room or children's rooms. From hot sunflower yellow to pale buttery yellow color tones, the use of yellow colour is identical to the feng shui use of orange colour, as both are a gentle expression of the fire feng shui element.
Red is the color that carries the energy of the Fire feng shui element. Fire has always been a symbol of divine energy and can be both destructive and creative. Fire represents the energy of sun and life. A balanced feng shui fire element in your home will bring joy, excitement, and strong sexual desire. An imbalance of the same element will bring either fiery arguments, restlessness and even aggression (too much Fire) or a lack of energy and enthusiasm for life (too little Fire).
Green is the color of renewal, fresh energy, and new beginnings. Green is very nourishing to your health, as it calms your nerves and balances your whole body by bringing healing feng shui vibrations from Mother Nature. If you find a beautiful green color paint and decide on a green room in your Health & Family area, do not stop at just the wall color, but be sure to bring at least two more decor details in a green that is somewhat different from your wall color. These details can be pillows, vibrant art, a sofa throw in a fresh spring green, a side table, etc.
Light blue is considered the feng shui color of harmonious expansion and gentle growth, while darker blue evokes the feng shui energy of deep calm, wisdom, and serenity. Great for Bathrooms and childrens bedrooms.
Deep blue colors should be used sparingly in the feng shui areas of South, Northwest and West areas of your home or office, and freely in the North, East, and Southeast. One of the most calming feng shui combinations is the combination of the blue and white color. It brings the happy energy of clear skies and crisp fresh energy of new beginnings.
Purple should be used with moderation. It is a very strong, high vibration color, the color of connection to the spiritual realms. In terms of energy centers of the human body, the purple color is connected to the higher energy center. Great for bedrooms.
If once you have painted your walls and things don't quite seem right, Add a few home accessories with a darker shade than the walls.
Looking for a REALTOR® with an eye for staging, contact us!
Modern Upgrades! At 1225 sq ft, this beautiful 3+1 bed, 1.5 bath, 2 storey home has so much to offer. Impressive kitchen features newer cabinets, decorative back splash, pantry, includes all appliances w/microwave hoodfan & big dining area. Large sized living room offers plenty of natural light. Convenient 2 piece washroom finishes this level. Master bedroom offers ceiling fan & closet with built-in shelving. Other 2 bedrooms are also a good size. Fully finished downstairs w/4th bedroom & family room. Includes washer & dryer, newer HWT & high efficiency furnace. Other upgrades are newer windows, decor switches/plugs & baseboards. Out back is private deck, fenced yard & firepit. Oversized heated single car garage plus RV parking. Short walk to neighbourhood playground & splash park. With a super quick possession, short drive to Edmonton & Fort Saskatchewan but has small town charm, this Gibbons family home should be ranked number 1 on your must see list!
If you have a Gibbons home to sell, please go to our Seller Profile and we'll shortly get back to you.