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Old 10-14-2018, 01:04 AM   #3261
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This will suck for a lot of people, but IMO it's a net benefit for Calgary to have cheaper real estate. It was one of the main drivers of poaching major head offices from Toronto in the 90s.
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Old 10-14-2018, 07:18 AM   #3262
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It's a buyer's market, but only if you're interested in buying crap. I've been looking for a new house for nearly 6 months now, and have been keeping an eye on things. Essentially, the market is full of garbage. The end of every month is marked by a flurry of expired listings in my inbox, but nothing replaces them. New listings have all but evaporated. It's only the crap houses being relisted over and over. They update the outside pictures, but you can still see the snow out the windows on the inside pictures.
You might be burned out. There's actually been an all time record for listings in calgary. I guess they could all be junkers though...

A summary from a report I get...

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Alberta Real Estate & Economic Report - September 2018


The Gift of Knowledge:#Economic Pulse of Alberta

In the Calgary real estate market the home sales in the region were down 13% year over year, while active number of homes listed were up 21%. Traditionally, when there is an increase in the amount of inventory in the market and sales are declining we see a reduction in the real estate values. Year to date there has been less than a 1% decline in values. In the month of June Calgary had a record number of homes available for sale ever. While in Edmonton, the total home sales were up 4% while active new listings were up 5%, and real estate values were down 1%
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Old 10-14-2018, 10:42 AM   #3263
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Also keep in mind interest rates are going to continue to rise, further reducing the amount of money available to prospective buyers
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Old 10-14-2018, 12:25 PM   #3264
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We just sold our starter home. We've had renters in it for the last 7 years. House was built in the late 70's

Our renters took better care of the place than we did so we were happy to keep them there until they had to move. They gave their notice on Sept 1st. Since we didn't want to deal with "normal" renters we decided now was a good time to get out of the market.

Highlights:
- We had over 600 views on our listing but only 3 people wanted a viewing
- 3rd viewing produced an offer, we negotiated 10k off of list and conditionally sold
- From listing to C/S was about a week.

Lowlights
- Possession date is 6 weeks after sale, this sucks as we have to eat the carrying costs
- After the home inspection they came back with "There is a lot normal day to day house maintenance that needs to be done. Please knock $500 off the price and we'll hire a handy man to do the work" In a normal market we would have told them to pound sand but my Realtor counseled to accept the condition (after he cooled off). Who knows when we will get another offer if we reject this one.

Buyers hold all the cards right now. We came away with about what we wanted for the property so we just need to put up with keeping an eye on the old place until the end of November then we can move on with our lives.
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Old 10-14-2018, 12:32 PM   #3265
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^ home inspections are so lame. I mean of course no one wants to buy a house with something like a foundation issue, or fire/water damage unknowingly. But $500 of just “things” is ridiculous. It just lets people have another crack at negotiating, or let’s them off the hook if they get cold feet.
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Old 10-14-2018, 01:34 PM   #3266
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Yeah had something similar selling a rental, refusing to knock off a small amount runs the risk of them backing out of the deal, and when its a buyers market that's a higher risk because they could find something else they like easier.

In the end compared to the actual price of the house $500 is nothing. One person I've done real estate with would agonize over that as they feel like they're losing. I didn't even think twice about accepting it, it gets me to get the deal done and the additional costs due to the deal not going through are probably more, so it's a no-brainer to me.
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Old 10-14-2018, 01:44 PM   #3267
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I don't think you can cancel a deal for $500 in deficiencies from an inspection. I thought at one point it had to be a substantial deficiency. But I'm not sure. I suppose it would be a drag trying to force someone to honor a contract when they really don't want to.
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Old 10-14-2018, 01:55 PM   #3268
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It's usually a percentage of the purchase price, ~1%.

As for home inspectors, that's a funny industry. They legit find stuff sometimes, but when there's nothing to report, they seem to look for stuff to validate or justify their $500 charge. There should be no shame in a home inspector telling a buyer that the house is fine. No need to start pulling out things like tripping hazards in sidewalk blocks, as though they're defects instead of a couple hours of homeowner elbow grease.
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Old 10-14-2018, 02:11 PM   #3269
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Quote:
Originally Posted by 4X4 View Post
It's usually a percentage of the purchase price, ~1%.

As for home inspectors, that's a funny industry. They legit find stuff sometimes, but when there's nothing to report, they seem to look for stuff to validate or justify their $500 charge. There should be no shame in a home inspector telling a buyer that the house is fine. No need to start pulling out things like tripping hazards in sidewalk blocks, as though they're defects instead of a couple hours of homeowner elbow grease.
The percentage thing changed years ago. It really was useless given the ability to take an identical issue and have the repair cost different by thousands of dollars depending who you speak with.

Given the extreme buyer's market right now, I make it clear when accepting an offer that we do not expect to be penny pinched post inspection and to advise that Realtors buyer that general maintenance or things which were clearly seen during the viewing are not going to to be negotiated post inspection. It helps when the inevitable post inspection renegotiation comes up.
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Old 10-14-2018, 02:53 PM   #3270
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One other thing: with the recent TREB loss in the supreme court, we should see sites like Zillow pop up across the country giving everyone access to all of the info on the property, instead of having that hidden behind a realtor wall.
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Old 10-14-2018, 03:12 PM   #3271
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Originally Posted by Travis Munroe View Post
The percentage thing changed years ago. It really was useless given the ability to take an identical issue and have the repair cost different by thousands of dollars depending who you speak with.

Given the extreme buyer's market right now, I make it clear when accepting an offer that we do not expect to be penny pinched post inspection and to advise that Realtors buyer that general maintenance or things which were clearly seen during the viewing are not going to to be negotiated post inspection. It helps when the inevitable post inspection renegotiation comes up.
Yeah I can see that discussion, but the clause reads something like “home inspection to the purchasers satisfaction”. That can literally be anything, and that’s just bad news in a buyers market.
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Old 10-14-2018, 03:42 PM   #3272
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I think it's a bit of a two way street. People have to buy junk in a seller's market. Sellers get a way with some pretty egregious stuff when the market is in their favour. I wouldn't mind forcing people to clean up their messes now. It's different if it's stupid stuff like six inches of caulking. But legit deferred maintenance is costly and should be tidied up before you list.
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Old 10-14-2018, 03:43 PM   #3273
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One other thing: with the recent TREB loss in the supreme court, we should see sites like Zillow pop up across the country giving everyone access to all of the info on the property, instead of having that hidden behind a realtor wall.

Some huge disruption coming to the industry and it is about adapting vs fighting it. I personally believe that the MLS database created by Realtors should be the property of the Real Estate Boards. Sales information is available to the general public at a cost of $10 per title (through land titles and not something Realtors have special access to).

I would like to know what everyone pays for a car on a dealership yet this is property of the dealerships and not made public.

The direction of the industry (from a Realtors side of things) is more and more online leads. I personally run most of my business from repeat clients and referrals however each year the opportunity to pay for leads becomes more popular. Zillow and a few other players have massive financial backings and basically build a website which replaces realtor.ca. They then have you sign up to gain access to the website and sell those leads to Realtors for big money.

Again, I look forward to what 3 or 4 of these huge players are going to do in Canada and how it will change the industry. Although a less than popular idea, it would be nice to see a real estate license cost $20,000 + per year. I think this would help the general public see a Realtor as more of a professional and eliminate those who treat their business as a side hobby. It should also be mandatory to put in some time as an apprentice under someone with experience.
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Old 10-14-2018, 03:46 PM   #3274
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It's usually a percentage of the purchase price, ~1%.

As for home inspectors, that's a funny industry. They legit find stuff sometimes, but when there's nothing to report, they seem to look for stuff to validate or justify their $500 charge. There should be no shame in a home inspector telling a buyer that the house is fine. No need to start pulling out things like tripping hazards in sidewalk blocks, as though they're defects instead of a couple hours of homeowner elbow grease.
I was fortunate to have a good inspector. The first place I looked at he saved me from buying a wood foundation that was going to have numerous issues. The one I bought, he pointed out the electrical panel was undersized and double tapped, the HW heater was near death, the furnace was 50 years old, and that it would need a new roof. I may have noticed a couple of those things, but it meant more to have it in writing from a third party. We threw that back to the seller and we agreed to split the aprox cost of those things to reduce the sale price.



He also pointed out a whole bunch of little things and how to fix them that I did myself that I may not have noticed.


I'm well aware that a lot of inspections can be fairly useless though.
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Old 10-14-2018, 04:18 PM   #3275
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You might be burned out. There's actually been an all time record for listings in calgary. I guess they could all be junkers though...
Can't say I'm burnt out at all. We've only looked at 4 houses in person, that little has appealed to us. But I'm not exactly being overwhelmed by new listings either. I don't need to buy, I want to buy, I can afford to be choosy.

Could be a factor of the price range we're looking at. Also a lot of people are seriously overvaluing what they have for sale.
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Old 10-14-2018, 05:26 PM   #3276
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Can't say I'm burnt out at all. We've only looked at 4 houses in person, that little has appealed to us. But I'm not exactly being overwhelmed by new listings either. I don't need to buy, I want to buy, I can afford to be choosy.

Could be a factor of the price range we're looking at. Also a lot of people are seriously overvaluing what they have for sale.
There's a lot of people still listing properties on the assumption that property in Canada is going perpetually up.

A lot of the people listing right now, aren't in a position where they have to sell. That will change over time. The real estate market can be slow to respond to new realities.

This is especially insane in Vancouver, where virtually no properties over 1.2 million are moving, but new properties above that range are listed everyday.
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Old 10-15-2018, 12:29 AM   #3277
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You might be burned out. There's actually been an all time record for listings in calgary. I guess they could all be junkers though...

A summary from a report I get...
The September inventory for detached homes has declined roughly 10% from the peak in June, but it's still the highest inventory for the month of September since 2008.

I hear many anecdotes about sellers accepting offers well below list but the sale price to list price ratio seems to be a pretty stable statistic (always hovers in the range of 96 to 98%). Anyone know why that is?
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Old 10-15-2018, 12:46 AM   #3278
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The September inventory for detached homes has declined roughly 10% from the peak in June, but it's still the highest inventory for the month of September since 2008.

I hear many anecdotes about sellers accepting offers well below list but the sale price to list price ratio seems to be a pretty stable statistic (always hovers in the range of 96 to 98%). Anyone know why that is?
Been kinda paying attention for a few months, place that are coming off Realtor.ca seem to be giving me deje vu. I'd guess allot of places are having to re-list at a lower price to sell.
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Old 10-15-2018, 09:15 AM   #3279
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The September inventory for detached homes has declined roughly 10% from the peak in June, but it's still the highest inventory for the month of September since 2008.

I hear many anecdotes about sellers accepting offers well below list but the sale price to list price ratio seems to be a pretty stable statistic (always hovers in the range of 96 to 98%). Anyone know why that is?
People re-list at lower prices and then it sells.
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Old 10-15-2018, 09:21 AM   #3280
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I've noticed a lot of places will relist at a much lower price and sell the same day. I think in some cases the only offer they got was way below list so to save stats they relist just to sell closer to the listing price. Happened for sure on the listings I bought this year.
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