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The Saskatoon real estate market saw a 19% decline in MLS® home sales in September compared to a year ago. Total MLS® sales for September of 2016 totaled 324 compared to just 262 in 2017. The year-to-date total of 2,745 MLS® sales in Saskatoon, is a 6% reduction compared to 2,935 MLS® sales for 2016. Overall, the entire number of sale transactions recorded by the association in Saskatoon and region at the end of September was 3,701 units compared to 3,957 in 2016. This translates to a 10% decline in dollar volume or roughly $140 Million dollars. The number of available properties for sale declined by around 100 units from August to September with a total of 2,082 available properties on the market. The five year average for active listings on the market is 1,797 units.

“Ideally it would be nice to see the number of active listings around that five year average or lower” comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®, “that level of inventory would bring us closer to balanced market conditions.” By comparison, in 2007 when the market was a strong sellers’ market with escalating home prices, there was an average of just over 400 active listings through the year. Ten years later that average is just under 2000 active listings.

The average length of time for a home to sit on the market is 55 days, just slightly above the five year average for days to sell in September which is 46. The sales to listing ratio is a comparison of the number of sales for the month relative to the number of new listings taken. It is considered to be a balanced market when this ratio falls between 40-60%. A percentage above this range is considered sellers’ market while a percentage below is considered a buyers’ market. The sales to listing ratio for September was 34%, well below the five year average of 42%. “In a buyers’ market with elevated inventory levels it is critical to understand pricing and to properly prepare your home to compete against other homes in your price range.” cautions Yochim. 

The average selling price for a home in Saskatoon for the year decreased by 1.4% to $347,043. The median price also declined slightly by 2.1% to $327,900. In July of this year the Saskatoon Region Association of REALTORS® elected to remove lot sales from the aggregate number of home sales to give a more accurate picture of pricing. This change has helped to support the average price to some degree in comparison to last year. The MLS® Composite Home Price Index (HPI) Benchmark Price increased by 3.6% to $326,700, up 3.6% from a year ago. This increase is also impacted by the removal of lot sales from the total sales volume. The Composite HPI measures the rate of change in a benchmark price for a typical home and is the most accurate indicator of pricing direction in a market.

- Source: October 2017 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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According to a recent study, the average homeowner pays more attention to kitchen stove safety than they do BBQ safety. But, the fact is, a BBQ mishap can be just as devastating. So, it pays to know the latest safety tips.

 

• Keep BBQs at least 8 feet away from your house.

 

• Check for venture tube blockages regularly. (Spiders are notorious for spinning webs in there.)

 

• Clean the grill frequently to prevent flare ups. A grease fire on the grill can continue burning even after you’ve turned the BBQ off.

 

• Don’t position your BBQ close to foliage, such as under a tree or next to shrubs.

 

• Never BBQ in an enclosed area, such as a garage, even if the space is well ventilated.

 

• Avoid leaving the grill unattended, especially when cooking greasy foods such as sausages, beef burgers or steaks. 

• Do not let children BBQ.

 

Finally, make sure your BBQ is turned completely off after use. It’s a good idea to double-check this when making the rounds and locking up your home for the night.

 

Experts say you should treat a BBQ as you would a camp fire — with care

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You might naturally assume that it is most important to talk to a Realtor when you’re selling or buying a home. But there are many other circumstances in which it makes sense to give me a call. Here are a few examples.

 

1. When you’re at the “thinking about it” stage

 

If you’re just thinking about selling your home, and haven’t made a firm decision yet, you might feel uncomfortable calling a Realtor. Don’t be. In fact, I welcome your call. We can discuss what your current property will likely sell for on today’s market, and determine the type of home you qualify to buy. That way, you’ll have some clarity and be able to make a more informed decision.

 

2. If you’re nervous about the selling process

 

If you haven’t sold a home before, you might be concerned about what’s involved in the process. You might even worry that putting your home on the market is going to be a lot of work and create a lot of turbulence for you and your family.

 

Fortunately, selling your home doesn’t need to be scary. In fact, a big part of my job as a Realtor is to make the process as smooth and trouble-free as possible.

 

So if you have concerns about selling your home, you should give me a call.

 

 

3. If you have questions

 

You likely have questions about the local real estate scene from time to time. You might have questions like: “How much did that home around the corner sell for?”; “Is now a good time to make a move, or should I wait until the market changes?”; and, “How much is my current home worth?”

 

When you have questions like those, you don’t need to dig for answers on your own. You can give me a call. As an expert in the local market, I can give you the answers you need.

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A slight decline in home sales year over year, low interest rates and stable home prices coupled with elevated inventory levels, continues to make Saskatoon an ideal market for home buyers. At the end of August there were 2,183 active listings in Saskatoon, just slightly down from the record set last month. “In the coming months, home buyers will look back with hindsight and realize how opportune the market was with all of these elements in place.” According to Jason Yochim, CEO with the Saskatoon Region Association of REALTORS® “It is only a matter of time before the market shifts as it always does.” The concern is that buyers waiting for the bottom of the market in order to make a purchase, may end up paying more when buying on the upswing. 

The average home is taking approximately 55 days to sell which is the greatest number of days in the past several years. The five year average for days to sell in August is 46. Homes that have been priced relative to this market will see a sale in much less time. The sales to listing ratio compares the number of new listings against the number of sales for the month. In August, the sales to listing ratio was 41% which is consistent with the past three months. This means that for every five home listed there are two sales. The sales to listing ratio year to date was 37.7% which is down 3.5% compared to 2016. Furthermore, based on the current level of home sales, it would take between six and seven months to clear out the active listings, this is above the five year average of just over five months. 

Two thirds the way through the year, Saskatoon and area saw a total of 3,344 transactions, down 5% from last year. The total number of homes listed for sale, year to date, was 9,904 which is virtually unchanged from 2016. The total dollar volume for Saskatoon and region year to date was $1,139 billion, down 9% from the same period last year. Within the Saskatoon market, the number of transactions year to date was 2,484 representing a 5% decline from the same period last year. 

With lots to choose from ,the average and median price continue to show signs of slipping. The average price year to date declined by 1% to $347,414 while the median price declined by 1.5% to $329,950. Considering the challenging economy, high supply of housing and a softened demand, pricing has not been dramatically impacted so far. “Pricing of a home is one of the most important decisions in a successful sale.” comments Yochim.  -Source: September 2017 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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If you want to transform a room into something that’s functional, beautiful and perfectly matched to your taste, then you might want to hire an interior designer.

 

It’s an interior designer’s job to come up with imaginative ideas that will wow you.

 

It’s a myth that interior designers just deal with paint colors, décor and furnishings. In fact, according to the Interior Designers Institute, these professionals have the training needed to handle all aspects of a renovation or remodeling project, including selecting and managing contractors. They can direct a project from beginning to end.

 

If you want to renovate your basement into a stunning home theatre and gathering place, an interior designer can:

 

• Draw out several concepts for you to choose from,

 

• Purchase the best building materials,

 

• Hire the contractors, and

 

• Manage the project.

 

He or she can even pick out classic movie pictures for the walls!

 

There are many professional associations that have “Find an Interior Designer” links on their websites.  In Canada, it’s the Interior Designers of Canada (www.idcanada.org).  In the U.S. check out the Professional Association for Interior Designers (www.asid.org). 

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Imagine this scenario...

 

You purchase a new home and move in. A few weeks later, you hear a strange rumbling sound. It’s the furnace. It’s only a year old, yet it’s sputtering like it’s twenty. You realize you’ll have to call in an HVAC contractor to get it fixed.

 

You’re thinking, “Ouch! This is going to be expensive.”

 

Well, maybe not. You see, since that furnace is relatively new, it might be covered by its original warranty — even for you, the new owner.

 

But a warranty is useless if you don’t know it exists.

 

Recent studies suggest that upwards of 50% of people pay to get items fixed that were actually covered by a warranty. So, when purchasing a new home, be sure to ask this simple question: “What warranties do you have for items, materials or workmanship in this house?”  

 

Warranties are common on new stoves, fridges, washers, dryers and other big ticket appliances. Some such warranties are transferrable, which means they are still in force when the items pass from one owner to another.

 

Even less expensive items, such as electronic thermostats and automatic garage door openers, may be covered by a transferrable manufacturer’s warranty.

 

If the home you’re purchasing is relatively new (say, less than 10 years old), the builder’s warranty may also still be in force. That can be handy if a structural problem arises.

 

Even recent renovations, may have come with a labour and/or installation warranty of some kind.

 

As you can see, warranties are everywhere! The more you’re aware of them, the more you’ll save when something needs repair or replacement.

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The warm weather in July appears to have taken some of the purchasers out of the Saskatoon market with a monthly decline in unit home sales of 16% compared to July of 2016. The year to date unit sales are down nearly 4% for Saskatoon compared to the first seven months of last year. Sales in the region surrounding Saskatoon increased just over 17% for the month compared to last July, while the year to date numbers declined slightly by 2.6%. Year to date there have been a total of 2,155 unit sales within Saskatoon and another 596 in the region surrounding the city. The total dollar volume recorded for Saskatoon and region year to date is $989 Million off 5% from last year.

The number of active listings in Saskatoon has reached a new peak at 2,210 with an additional 1,125 properties available in the market outside Saskatoon. At the current rate of monthly sales it would take just over seven months to liquidate the current inventory completely. The average home is taking approximately 50 days to sell which is consistent with the past two July’s. The homes that are selling are seeing a sale price that is at 96.7% of the asking price. “These stats would indicate to me that those who are serious about selling are pricing to market and getting very close to their asking price and in much less time than the current 50 day average.” According to Jason Yochim CEO with the Saskatoon Region Association of REALTORS®. 


The number of listings taken year to date in the Saskatoon and region market is consistent with last year at 8,693. In Saskatoon there have been 5,795 properties listed since January 1st, very similar to numbers for the past two years.

Prices continue to show signs of slight decline as well. The average sale price in July of 2017 was 6.4% lower than July of 2016. Year to date, the average price has slipped from $351,855 to $348,960. The median price year to date also decreased slightly from $335,000 to $329,500. The Composite Home Price Index (HPI) benchmark price for July declined by 2.2% compared to last July. The HPI is considered to be the best indicator of the trend in home prices and measures the rate of change month over month. “Based on the theory of supply and demand it is reasonable to expect that prices are not likely to strengthen until the number of active listings declines.” comments Yochim. “It is important to remember that these changes in pricing are an aggregate of the entire market and will vary based on area, type of home and availability of similar properties to the subject. Access to this information is critical to accurate pricing and can be obtained through consultation with one of our members.”  -Source: August 2017 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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Some people don’t give hallways much thought when painting and decorating. Instead, they focus on rooms.

 

The fact is, a great looking hallway can have the same, if not more, impact than the most eye-catching family room or bedroom, especially when you need to go through the hallway to get there!

 

Here are some painting tips that can bring a dull hallway to life:

 

• Paint the hallway the reverse of the rooms around it. If the rooms are dark, use light colours in the hall. If the rooms feature simple colours, consider being more dramatic in your choice of hallway paint.

 

• In a longer hallway, using two shades of the same colour on perpendicular walls can make the space seem less tunnel-like. (The darker shade goes on the shorter walls.)

 

• Darker colours can work well if the space is well-lit and there are few, if any, shadows cast.

 

• If you decide to paint the halls white, select an off-white or eggshell white. Avoid stark white as it will reflect light in a way that’s unpleasant.

 

 

One more tip:

Pictures can go a long way in making a hallway look inviting, regardless of the wall colour.

 

Good luck with the painting!

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Imagine there’s a neighbourhood you’d love to live in someday, but, every time you drive through, you rarely, if ever, see a For Sale sign. It’s as if homes get gobbled up by buyers the moment they get listed.

 

It’s true, properties do tend to sell quickly in desirable, in-demand neighbourhoods. Does that mean you’re destined to either hope for a lucky break or miss out on ever living there?

 

Fortunately, no. There are practical things you can do to increase your chances of getting into that neighbourhood. Your first step is to find out the kind of new home you can afford. You want to get your financial ducks in a row so when a listing does come up in the area, you’re able to respond quickly. Find out the average price range of homes in the neighbourhood. Then, if necessary, talk to your lender or mortgage broker.

 

The second step is to get your current property ready for sale. You don’t necessarily need to list it now, but you want to be in a position to do so quickly, if necessary. You may need to clean up and declutter, get repairs done, and spruce up your home in other ways.

 

The third step is to talk to me.

 

You see, listings in popular neighbourhoods often move fast. By the time you see them advertised on the internet, they may be gone. I can closely monitor listings in that area for you, so the moment one comes up that meets your criteria, you can be alerted. This greatly increases your chances of getting that home. So if there is a dream neighbourhood you’d love to get into, give me a call.

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At the halfway point in the year, housing sales reflect that of the year to date total in 2016 with 1,850 unit sales in Saskatoon. The average sale price of $350,000 is virtually unchanged as well from a year ago. Also, the median price year to date at $330,000 is comparable to that of last year. Helping to sustain these price indicators is a notable increase (25%) in home sales over $600,000 which is offsetting a decline (3%) in sales below $600,000, as of June 30th

The total number of sales over $600,000 in Saskatoon was 101 units of which 90 were single family homes. Comparatively, there were 1,765 transactions at the end of June below $600,000. The number of condominium units sold so far this year was 533 units representing a 5% increase over last year. With the mortgage qualification changes implemented last October, some buyers had to shift their purchase decision from single family to condominium to fit a reduced purchase price. The total dollar volume for Saskatoon and area of $846M is the lowest year to date total since June of 2011. The highest dollar volume reached for the midpoint of the year was June of 2014 at $1.1B.

Much has been said about the number of homes available in Saskatoon. Currently, there are still over 2,100 active listings in Saskatoon. This amount of available homes would take just over five months to liquidate at the current rate of sales. This amount of active property also means that we are still firmly in a buyers’ market with a sales to listing ratio of 41%, comparable to last June but below the five year average of 50%. In the overheated market of 2007 there were only 375 active listings and a sales to listing ratio of an incredible 79%. This was at a time when Saskatoon’s population was around 210,000 residents for a per capita of one active listing for every 560 residents. In 2012 this increased to 1,254 active listings and a population of 239,420 for a per capita of one listing for every 190 residents. Saskatoon’s current population of 268,158 equates to one active listing for every 125 people.

On average it takes 45 days to sell a home in Saskatoon. This is the lowest days on market average for any month in 2017. “Average days on market can be misleading as well.” cautions Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®. “If homes are properly priced in any price range and in any market condition, they can easily see an offer in much less time.” The key is to get sound advice on the current market for each specific home. 

The market surrounding Saskatoon had a year to date decline in sales of 11% with a total of 456 transactions. Active listings in this market at the end of June were 1,112 which is a 4% decline over last year.   -Source: Junly2017 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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There has been a lot of emphasis lately on the importance of “going green”. That simply means being environmentally-responsible. You likely already recycle, use energy-efficient lights, and turn down your thermostat when no one is home.

 

Yet, most of us don’t think about the garden or flower bed when we “think green”.

 

 

We should. Here are a few practical things you can do to tend to outdoor plants — without negatively impacting the environment.

 

• Pull weeds instead of using a weed killer.

 

• Avoid strong pesticides. (Products that target only one or two types of insects tend to be less harsh.)

 

• Don’t use flower bed ornaments (i.e. gnomes) that might bleed color dye into the soil. (Ask your garden centre before you buy.)

 

• Be careful not to leave hand spades, trowels, and other garden tools lying around, especially over winter. They can rust, which contaminates the soil.

 

These tips may seem minor, but if you want to be environmentally conscious, every little bit helps!

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Imagine buying a product from a store, taking it home, and then discovering there’s a problem with it. Disappointing, yes, but not a catastrophe. You can simply take it back for repair or exchange.

 

But, what if it’s moving day, and you discover there’s a problem with your new home? Whoa. A house isn’t so easily returned!

 

What are the most common problems encountered on moving day?

 

• A delay in getting the keys.

 

• The seller not having completely moved out.

 

• An item expected to be included with the property is missing. (For example, the window blinds.)

 

• Something needs repair that was not disclosed by the seller, nor did it come up during inspection. (For example, the dishwasher not working.)

 

• Damage to the property caused by the seller. (For example, a heavy item dropped during the move and cracking a floor tile.)

 

Fortunately, these are rare events. In most cases, you can expect no serious issues when you move into your new home.

 

But, if something is wrong, you have options. So, call me immediately. In all likelihood, I will be able to quickly resolve the issue. If it’s a serious matter, such as missing items, I may get your real estate lawyer involved to arrange for the return of the item(s) or compensation.

 

So don’t worry. Let the professionals handle it. You can just enjoy your new home!

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