When you’re selling your home, you want it to look its best. You want buyers who view it to say, “Wow, I love this place!” However, what if you have a stubborn stain in the carpet, or a cracked floor tile? An unsightly issue like that can be distracting in your otherwise beautiful property.

You have a few options.

First, try to get the issue fixed. There are specialty cleaners on the market designed to lift even the most stubborn carpet stains.

The same goes for hardwood and tile. A flooring contractor might be able to find a matching piece and then replace the damaged section. Contractors also know other tricks-of-the-trade to repair damaged flooring or, at least, minimize the damage. For example, there are fillers and stains available that can make a crack or chip in a hardwood plank look almost invisible.

Home staging can also make damaged flooring less of a focal point in the room. An effective arrangement of furniture, area rugs, and other items puts more of the focus on the overall decor and less on that carpet stain.

In addition, making other more affordable improvements, such as painting, can have a compensatory effect. A buyer may notice the chipped hardwood, but will also notice the walls, which look like new.

Although the August real estate market appears to be slowing down compared with June and July, we still see signs of strength. Across the province, year-over-year sales were up over 46% from August of last year (and up over 14% year-to-date), new listings were up nearly 5% year-over-year (but down just over 9% year-to-date), and the median sale price was up over 7% (up 0.2% year-to-date). Inventories were also down in 18 of the 19 markets that the SRA tracks. This suggests that people are still quite eager to buy and are continuing to find value in real estate.

“While there have been some COVID outbreaks across the province, the number of cases has been pretty small” said SRA CEO Jason Yochim, “and this doesn’t seem to have turned people off from buying and selling real estate.” The fact that we had two months of slow activity and that “we’ve almost made up all of that lost ground is simply amazing,” said Yochim.

Median sales prices were up in 14 of the 19 markets that the SRA tracks (with Yorkton and the broader region seeing the strongest declines), while the number of sales in all markets jumped anywhere from just under 4% to close to 226% (except for in Melfort, which saw sales fall 10%). Again, this strong performance suggests that the sector has recovered from the devastation of the pandemic and that real estate is quite resilient.

June’s and July’s strong performance suggested that August would also be a strong month. As children start returning to school in September and the weather starts to get colder, however, we expect activity to slow down and fall off into Q4.

“August tends to be when things start to slow down a little,” said Yochim, “but we’re still hearing reports of multiple offers and of houses being sold almost as soon as they’re listed.”

Although things are starting to “slow down” compared with earlier in the year, the market is in line with historical trends—and we still see generally strong performance.

Sales in Saskatoon were up 41.8%, going from 325 in August 2019 to 461 in August 2020, and up 47.7% in the overall region, going from 449 to 663. In Saskatoon, sales were 26.8% above the 5-year average (and 25.1% above the 10-year average), while in the larger region, sales were 29.8% above the 5-year average (and 27.3% above the 10-year average). Year-to-Date (YTD) sales in Saskatoon rose 8.9% over last year, increasing from 2,557 to 2,785, while YTD sales in the larger region rose 13.4%, going from 3,424 to 3,882.

Sales volume was up 55.5% in the city, going from $105.0M to $163.3M in 2020 (31.4% above the 5-year average, and 28.3% above the 10-year average). YTD sales volume in the city was $957.2M, an increase of 13.3% from last year. In the region, sales volume was up 18.0%, going from $1,076.9M to $1,271.2M (35.9% above the 5-year average and 35.5% above the 10-year average). YTD sales volume increased 18.0% in the region, rising from $1,076.9M in 2019 to $1,271.2M in 2020.

In Saskatoon, the number of new listings in August 2020 rose 7.7%, going from 724 to 780 (0.3% above the 5-year average and 4.0% above the 10-year average), while in the region, new listings rose 6.9% from 1,029 last year to 1,100 this year (2.6% below the 5-year average and 0.5% above the 10-year average). YTD new listings in the city fell 6.4%, going from 5,676 to 5,310, while in the larger region, the number of new listings to date fell 8.1%, going from 8,388 to 7,709. Active listings fell 19.5% in Saskatoon (down from 1,911 to 1,538) and fell 20.3% in the region (down from 3,473 to 2,768).

Inventory in Saskatoon stood at 3.3 months (which is 43.3% below the level last year and 39.9% below the 5-year average), while the sales to listing ratio was 59.1%, suggesting balanced market conditions. Inventory in the larger region stood at 4.2 months (which is 46.0% below the level last year and 40.5% below the 5-year average), while the sales to listing ratio was 60.3%, suggesting that market conditions favour sellers.

Homes in Saskatoon stayed on the market an average of 42 days in August—down 25.0% from 56 days last year (but below the 5-year average of 51 days and below the 10-year average of 46 days). Homes in the region stayed on the market longer than homes in the city at 50 days on average in 2020, but also down from an average of 68 days last year (and 16.1% below the 5-year average).

Median home prices in Saskatoon went from $309,000 to $336,000 (an increase of 8.7%) and were approximately 3.3% above the 5-year and 2.7% above the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 1.4% from $314,900 to $319,400. Year-to-date, the median home price in Saskatoon was $329,456 which is 2.9% above the $320,075 price from the same time last year.

Median home prices in the region went from $293,000 to $327,900 (an increase of 11.9%) and were approximately 5.7% above the 5-year and 6.3% above the 10-year average median price. Year-to-date, the median home price in the region was $311,803 which is 3.8% above the $300,450 price from the same time last year.

~September 2020 SRA 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.

How do you find the home of your dreams within a price range you can afford?

Most buyers start by making a “wish list”. But, it’s easy to get frustrated when you have a long wish list and expect you’ll be able to find a home with every one of those features. You might, for example, have “mature backyard tree” as number 23 on your list, and become disappointed when an otherwise ideal property doesn’t have one.

But when you really think about it, your ideal home probably comes down to just three or four core characteristics. For example:

1. Nice, safe, family-oriented neighbourhood.  

2. Good-sized backyard.

3. Four bedrooms and two baths.

Sure, there might be other features you were hoping for, such as “move in ready”, or that big tree, but your “big three” are the ones you really can’t do without.

So, when you’re shopping for a new home, yes, definitely make a long list of features and characteristics you desire. After all, there might be properties available on the market that check off most, if not all, of those boxes.

But also circle those three or four characteristics that are at the core of what you want. That will help make your property search much more focused and you’ll be more likely to find your next dream home.

Another advantage of coming up with your big three (or four) is that you’ll be able to quickly discover how much homes with those characteristics are selling for on today’s market. Once you know that price range, you’ll be able to talk with a mortgage advisor to pre-arrange financing. That will make your offer on that dream home even stronger.

Whatever you choose for your “big three”, I can help you find and buy that home. Call me.

If you want to reduce your home energy costs, the easiest way is to turn the thermostat up or down. In fact, you probably won't notice a difference of 2 degrees either way — and the savings can be substantial.

However, if you want to lower your bill even further each month, here are some additional tips that are relatively easy to implement.

• Plug or fix the drafts. Even in newer homes, air filtration can occur at windows and doors. So, check around your home for drafts. Windy or cold days are the best days to check. Then, get any drafts you find repaired or, at least, temporarily plugged.

• Check the attic. Heat rises and can escape through the attic. So, once a year, check the attic insulation for thin or bare spots. The insulation should be even across the space.

• Get smart with your thermostat. Most thermostats these days are programmable. Program yours to reduce the heat at night and when you're away in the winter. In the summer, be easy on the A/C during the day and save the cooling for nighttime.

• Unused rooms? Close the vents to reduce heat or A/C. You might be surprised by how much that will lower your energy bill. (Think about rooms, such as a rec room, that you only use on weekends.)

• Harness the sun. It's free energy! Whenever possible, keep curtains open during cooler seasons to take advantage of this heat source, even on cloudy days. Do the opposite during hot summer days.

Try some of these ideas over the next couple of months. Then, look at the impact they’ve had on your energy costs.