When you suffer damage to, (or the loss of), your home or its contents, you expect your insurance company to help you out. And, most do a good job of doing just that.
Still, it’s a good idea to review your policy with your insurance advisor and find out what’s covered and what isn’t. You don’t want to discover that your policy will not cover the cost of repairing the damage caused by a flood in your laundry room.
Pay particular attention to coverage in the case of water damage. Some insurance policies don’t cover floods and sewer backup unless an additional rider is purchased.
Also, check liability limits. Ask your advisor to recommend an appropriate level. Finally, make sure you know exactly how much your home is insured for. Are you covered for the full replacement cost? Are you comfortable with that coverage or the actual cash value?
Having the right insurance gives you peace-of-mind and is an important part of enjoying your home.
Keep in mind that experts advise you to review your insurance with your advisor. Ask lots of questions. Make sure you understand your coverage fully.
By the way, if you’re looking for an insurance advisor, I’m well-connected in the local “home” industry. I may be able to give you a couple of names of good, reputable professionals. Give me a call.
Imagine finding the perfect home, only to discover there is serious interest from at least a dozen other buyers. It’s like scrambling for the last piece of cake at a buffet!
Fortunately, there are things you can do to help get the home you want, even in a highly competitive market. Here are just a few ideas:
• Only view a few ideal properties at a time. If you see too many, and thus spread yourself too thin, you risk homes slipping through your fingers.
• Be realistic about price. Focus on finding a great home that you can afford, rather than trying to find a bargain.
• Consider homes that need some work. They get less interest than perfectly staged properties, yet can turn out to be a dream home.
• Be prepared to make an offer with as few conditions as possible. An offer conditional on passing inspection is usually fine, but in a competitive situation, offers with other conditions will likely be turned down flat.
• Make your decisions quickly. If there are likely to be other interested buyers, you want to get your offer in early.
• Make the right offer. To win the deal, you want your offer to be as enticing as possible to the seller — especially when it comes to price.
Yes, it can be tough finding an ideal home in a hot market, but I can help. Give me a call and I’ll show you how.
Total home sales in Saskatoon year to date saw a 5% decrease with a total of 1,037 units changing hands. The month of April was also notably quiet with a total of 315 sales, a 16% decrease from 2016. Listing activity is also down by 4% compared to last year with a total of 3,038 new listings introduced to the market so far this year. Listing activity for April was also lower by 10% compared to April of 2016. Inventory levels remain quite high with a total of 1,975 active listings at the end of April. This is considerably higher than the five-year average of 1,700 units. For the last three years, there has been in excess of 1,900 homes available for sale at the end of April. It would be ideal to have around 1,500 units available for sale at this time of year. “Higher inventory levels are a great opportunity for buyers for selection and a reasonable purchase price,” says Jason Yochim, CEO of the Saskatoon Region Association of REALTORS® “The market will eventually shift and those who waited will end up with less selection and more competition for the home they offer on” he adds.
Higher inventory levels typically mean lower prices, however, for homes priced over $600,000, there has been an increase in the number of sales which sustains the average price even with fewer sales. Even though the average price remains unchanged year over year, the median price has decreased by 1.9%. So far in 2017, there is a 65% increase in homes that sold over $600,000 with a total of 93 sales compared to 56 in 2016. In April alone there were 19 sales over $650,000 compared to just 9 last April, three of the sales were in excess of $1M. Comparatively, there is a notable decrease in homes selling below $500,000. By the end of April 2016 there was a total of 438 home sales, so far this year there are only 358. Year to date the sale of single-detached properties declined by 11% while the number of multi-family unit sales increased by 4%.
The sales to listing ratio of 37% also confirm that we are firmly in a buyer’s market. This is the lowest it has been for the month of April in over 5 years. At the current rate of sales, it would take over six months to liquidate the existing number of homes that are for sale, the five-year average for months of inventory is 4.5 months. Currently, it takes about 50 days for a home to sell in Saskatoon, just slightly longer than the 46 days of a year ago. Homes that are selling continue to realize sale prices in excess of 97% of the asking price. This underscores the importance of proper pricing in a buyers market. “A buyers market is not one for speculative selling” cautions Yochim. “Today's consumers are very well informed and with many homes to choose from are not afraid to move on if the seller is unwilling to respond to an offer at market value” he adds.
Activity in the markets surrounding Saskatoon continues to experience a decline in both sales and listing activity. A total of 249 sales at the end of April is a 14% decrease from 2016. The number of homes listed for sale for the first four months of 2017 is down by 13%. The sales to listing ratio for this market is 28% while the time it takes the average house to sell is two months. Homes are realizing sale prices of 94% of the asking price. The number of active listings for the area surrounding Saskatoon, which includes the cities of Warman and Martensville, was down 15% with 979 available properties. -Source: May 2017 SRAR News Release