Christine Lelond Your Home Expert

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Have you ever considered renting out a room to a student or renovating your basement into a self-contained rental apartment?

 

It’s a big decision. There are many pros and cons to consider.

 

On the pro side, renting can provide you with additional income. An extra few hundred dollars a month can go a long way towards paying down your mortgage or splurging on an exotic summer vacation.

 

Creating rentable living space in your home — for example, an “in-law suite” featuring a kitchenette and bathroom — may also increase your property’s market value.  

 

On the con side, you’ll have more costs and responsibilities as a landlord. For example, you might need to purchase extra insurance because basic home insurance policies typically do not cover rental units, even if you’re just renting out a room. You’ll also be responsible for dealing with repairs sometimes in the middle of the night.

 

Also, if you’re not careful about the renter you choose, you might end up with a “problem tenant”. For example, you could have a tenant who is consistently late on rent payments or simply stops paying. That can be stressful.

 

If you’re deciding whether or not to rent, be sure to check local laws and regulations. Many jurisdictions have very strict rules regarding renting out space in a residential property, and those rules change frequently. Make sure you get the latest information.

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Your neighbourhood has a lot of features that can help sell your home faster. Unfortunately, buyers don’t usually notice those features just by driving around. So, you need to make sure they get all the information they need about your neighbourhood.

 

For example, say homes don’t go on the market often in your area. That’s an indication that the quality of life in the neighbourhood is so good that no one wants to leave! In real estate we measure the area’s “turnover rate”, and it’s handy data to have when listing your home.

 

Another bit of data that buyers can’t simply see is the local crime rate. But, most police departments keep those statistics. If your neighbourhood has a low crime rate, that’s an obvious plus to sellers.

 

Demographic data can also be helpful when selling your property. If your neighbourhood has a lot of families, for example, that’s going to be appealing to buyers with kids.

 

Even local development plans can play a role in making your home more attractive to buyers. If a new ramp to a major highway is in the works nearby, getting to work is going to be easier. That’s a big benefit to commuters. 

 

 

Other types of data that can help sell your home include:

 

• Planned local construction.

• Proposals for neighbourhood improvements. (For example, a new playground.)

• Rates at which local property values are increasing.

 

Any information that shows the advantages of living in your area is going to be useful when selling.

 

By the way, this is the kind of information I put together to provide to prospective buyers when selling your home. Contact me today.

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Home sales of 205 units in Saskatoon, was up 11% in December when compared to the same month in 2016. Sales activity in the area surrounding Saskatoon saw a 13% increase for December. This increase in activity could be partially attributed to the mortgage rule changes for conventional buyers that took effect January 1st 2018. Home buyers with 20% or more down payment now have to qualify at an interest rate that is 200 basis points higher than the posted rate, or the Bank of Canada’s five-year rate, whichever is higher. Listing activity on the other hand, declined dramatically with an 18% reduction in new listings for December year over year. 
 
“This decrease in listing activity could be the result of seller’s fatigue from having been on the market for an extended time period without securing an offer.” according to Jason Yochim, CEO with the Saskatoon Region Association of REALTORS® (SRAR) “The increase in December sales and decline in hew listings is a positive for decreasing high inventory levels” he adds. 

The year to date story for 2017 however is one that indicates a slower market overall when compared to 2016. The overall sales volume recorded by the SRAR was just short of $1.6 Billion for the year representing a 9% decrease from 2016. This is the third straight year of decline since the $2.1 Billion market peak realized in 2014. Home sales of 3,491 units in Saskatoon for 2017 represented a 5% decline from 2016. This is significantly lower than the five year average of 3,957 sales. In 2017 there was a total of 8,972 homes listed for sale in the Saskatoon market representing a 3% decline from the year previous. The sales-to-listing ratio for the year was 35%, which is a ratio of the number of sales for the year when compared to the number of new listings. In other words, roughly a third of the homes listed for sale ended up actually selling. The number of days on market for a home in Saskatoon in December was 61. This was a sharp increase from 51 in December of 2016 as well as the five year average of 52 days. 

Not surprisingly, with lower sales and still a large inventory of homes to choose from, home prices continued to see downward pressure. The median price for a home in Saskatoon declined by 3.3% in December to $324,000 while the average price showed a half point decline to $339,520 for the month. The Home Price Index (HPI) composite benchmark value declined by 3.7% in December to $295,100, its lowest point since March of 2012. The HPI composite value has been in an overall decline since August of 2016 when the value was $317,600. 

“Successfully selling a home in this current market requires more than information” comments Yochim “Sellers need the guidance to understand how historical sales data impacts their pricing decision.”   
- Source: January2018 SRAR News Release 
 
Looking for sound market advice?  As REALTOR® and Nationally Accredited Buyer Representative - ABR®, Seller Representative Specialist - SRS® and Real Estate Negotiation Expert - RENE, I can provide you with this advice. Call today.
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