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 

Decorative moulding is one of the most eye-catching ways to upgrade a room. You’re probably accustomed to seeing standard baseboard moulding installed where your floor meets the wall. But, there are many other types. For example:

• Crown moulding for ceilings.

• Panel moulding for a southern colonial look.

• Chair rail moulding, which is very distinctive on walls.

• Apron moulding for window sills.

• Entablature moulding for above doorways.

Decorative moulding comes in a dizzying array of styles. Interior designers recommend taking home samples, just as you would take paint swatches, to test out ideas.

In addition to style choices, you also need to select the material you prefer. Moulding can be made of wood, plaster, laminate, composite, fiberboard, vinyl and other materials. There are pros and cons to each. Generally, the higher-priced options are more attractive and durable. (If you select wood, you typically have the additional option of “finished or unfinished”. If you choose unfinished, you of course, will be painting it yourself.)

Choosing the right moulding for the look you want is the toughest part of the job. Installation is a lot easier and most people with DIY experience have no problems.

So if you want to add some magic to your walls, consider decorative moulding. It can turn a room from standard to stunning.

When you list your home for sale, you want as many buyers as possible to find out about it. So consider how many friends, neighbors and work colleagues you have. Then think about how many people they know.

The number is likely in the hundreds. One of those people could be looking for a property just like yours.

That’s why getting your friends to spread the word about your listing is so effective. How do you do that?

One strategy is to have a moving party. This gives you an opportunity to ask your friends, as a group, to tell others about your listing.

You can also encourage your friends to bring a guest who is currently in the market for a new home.

Another good idea is to put a profile of your listing on Facebook. This is the fastest and most convenient way for your Facebook friends to point others to your listing.

Do you have friends who work at larger organizations like banks and factories? They probably have access to an employee lunch room with a bulletin board. You can spread the word by asking them to put up an information sheet on your listing.

Try one or more of these ideas. Combined with my marketing plan for you, they can help get more qualified buyers to your doorstep.

Want more tips on promoting your listing? Call today.

At the end of the first quarter, the number of MLS home sales was 723 units or a 1% increase over last year. The number of properties listed for sale year to date was 2,193, just 2% lower than the first three months of 2016. “Although the first quarter unit sales are comparable to 2016, pricing seems to be slipping slightly,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®. “The median price of $320,000 is down 4.3% from a year ago, and the average price of $342,100 is down 1.5%,” he adds.

The Home Price Index (HPI) published by the Canadian Real Estate Association indicates a downward trend in pricing as well. The composite price, an aggregate of all home types, for Saskatoon, has been trending downward since August of 2016 when the benchmark value was $309,500 compared to $297,900. This composite value reached its peak of $313,800 in July of 2015. The HPI is based on a benchmark value of $133,400 established in January of 2005. This value is indexed every month thereafter representing the changes to that base value. The downward pressure on pricing is likely to remain until there is a decrease in the current inventory of just over 1,850 active listings or an increase in demand.

Multi-family sales of 220 units were up year to date by 18% compared to 187 unit sales last year. The number of single-family sales of 510 units was a slight decline of just over 4% year over year. The federal changes to mortgage qualification introduced in October of 2017 no doubt have had an impact on some who found it harder to qualify for a single family home. These changes increased the number of multi-family transactions due to buyers qualifying at a substantially lower purchase price. This is reflected in a 5% increase in sales between $200,000 and $350,000 in the first quarter. During this same period, homes priced from $350,000 to $600,000 saw a 13% decline in unit sales.

There is currently enough existing inventory to last almost six months based on current sales activity. This is slightly higher than the five-year average of 4.84 months. For the homes that do sell, currently, on average, it takes 47 days. This is two days more than the five-year average. These homes are selling at just under 98% of the asking price. This is a reflection of the “intelligent buyer” that we see in today’s market place. “Today’s consumer has access to detailed information at their fingertips and know very well what the true market price of a home should be.

Sellers are equally informed, and when they can think objectively, they price to market, and the result is a quicker sale with the sale price tight to list.” according to Yochim. The problem lies in most of us unable to be objective even in the face of raw data. The mindset of many home sellers is that their home is worth more than the one down the street because they used ‘heavy duty’ nails in the construction or similar rationale. “This is one of the most critical reasons for enlisting the advice of a professional REALTOR® in pricing your home.” Activity in the area surrounding Saskatoon has experienced a decline of almost 17% in the number of sales for the first quarter of the year with 167 total sales. A positive here though is the average price is up 9.2% and the days on the market is 64 days compared to 70 for last year.

Martensville and Warman have not been affected the same way in the past three years. The city of Martensville experiences 38 sales and 153 listings so far in 2017. By comparison, in the first quarter of 2017 Warman recorded 57 sales and 144 new listings. In the first three months of 2015, Warman had 81 sales compared with 26 in Martensville. -Source: April 2017 SRAR News Release 

If you’re paying a lot of money for a new washing machine, wouldn’t it be nice to know how long you should expect it to last? There is, of course, no exact formula for figuring that out. Every brand and unit is different. There are however, some broad estimates.

According to an article in Consumer Reports, a washer and dryer will hum along just fine for about 10 years, with a likelihood of needing a repair during the last two to three. Leading brands offer a parts and labour guarantee for at least a year. So, if something goes wrong during that period, be sure to contact the manufacturer right away.

The National Association of Home Builders released a report a few years ago on the longevity of kitchen appliances. They found that refrigerators can last up to 13 years under normal use. Dishwashers and ovens will start to show their age after nine years. The worst record is for trash compactors, with a life expectancy of only six years before repairs or replacement is required.

Microwave ovens last an average of nine years. However, the door seal should be checked often. Otherwise, the unit will quickly lose efficiency. (You’ll notice this when your food doesn’t heat up as quickly and evenly.)

All experts agree that the best way to keep home appliances functioning properly is to follow manufacturer’s instructions for use and maintenance. If you’ve lost your user’s manual, you can download a new one (which may contain important updates) from the manufacturer’s website.

When you’re preparing your home for sale, it’s not unusual to need to fix up a few things around the property. After all, you want your home to look its best to buyers, so that you get good offers, quickly.

What do you need to fix? Here are three categories that will help you create and prioritize your list.

1. Anything that squeaks or creaks. Is there something in your home that makes a noise it shouldn’t be making? Perhaps it’s a rattling closet door or a creaking floor board? You may be so used to it you no longer notice the sound. But buyers will. Be sure to get those items fixed.

2. Anything that’s unsightly. You don’t have to make your home look perfect. However, things that are unsightly will likely get buyers’ attention. You want them to focus on the terrific features of your property, not the scuff on the wall.

Take a walk through your property, including the yard. Pretend you’re the buyer. Do you notice anything that doesn’t look good? If so, tidy it up, fix it up or replace it.

3. Anything that’s broken. If there’s anything that needs repair — an outside tap that’s not working, or a sliding door that regularly careens off its runner — call the contractor or fix it yourself.

Getting these items fixed will go a long way toward making your home appealing to buyers.

Want more tips on preparing your home for sale? Call today.

You don’t have to freeze in the winter or start reading by candlelight to reduce your electricity bill. There are many simple ways to use less power with little, if any, impact on your lifestyle.

A good place to start is with your electronics.

According to the David Suzuki Foundation, “Any gizmo that has a clock, digital timer, remote control or standby mode is sucking energy when it's not being used (it's called 'phantom electricity' — and it's scary how much of it there is).” So keep them unplugged as much as possible. Also, unplug charger cords for phone and computers when not in use. Even when not connected to the device, they still suck power.

Another easy change to make involves your lights. Switching to compact fluorescent (CFL) or LED light bulbs can save you a lot of energy. They’re 75% more efficient.

Finally, the old-fashioned method of insulating doors and windows can work wonders for lowering your electricity bill. In fact, some particularly drafty homes can lose up to 40% of their heat. Check for drafts regularly and repair or replace insulation as needed.

None of these ideas will impact your day-to-day living. Yet, they could potentially save you a bundle.

Imagine finding a home you love, making an offer, and then finding out there are other competing offers on the table. Ouch.

If you’re looking for a property in a competitive market, it is likely that there will be multiple offers. Even just one can create the risk that you’ll lose the home. So how do you make sure your offer is enticing enough to win over the seller? Here are some ideas:

• Don’t make a low-ball offer. If you do, it might be dismissed and you probably won’t get another chance to bid — especially if the other competing offers are near the listing price.

• Have a pre-arranged mortgage and include that with your offer. This reassures the seller there won’t be any money issues. (Most lenders will provide you with a pre-arranged mortgage certificate for this purpose.)

• Go in with a price high enough that the seller will be interested, but not so high as to be leaving money on the table. This is tricky and requires a savvy knowledge of the current market.

• Have a REALTOR® present the offer on your behalf. A REALTOR® will know how to do so professionally, and in a manner that gives you the best chance of getting the home.

In a competitive situation, working with a REALTOR® who is an expert on the local market — and a skilled negotiator — is crucial.

Looking for a REALTOR® like that? Call today.