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Overview
Buying and selling in todays rapidly changing Calgary Real Estate Market can be risky, stressful and when done right, it can be rewarding and memorable.
Jesse Davies Team has over a decade of experience in helping Buyers and Sellers in Calgary. This page is meant to help answer questions we have encountered over the years of helping our clients. Let us help navigate you through the experience as well. We are here and happy to help!
BUY QUESTIONS
This is good to know and understand because Titled Parking you own the stall, whereas Assigned Parking you do not own the stall. With Titled Parking, the parking stall is yours, you will have a separate title for that stall, aside from the residential unit title. This parking stall is also mapped out on the condominium plan and sometimes the stall square footage is included in the square footage of your residential unit. Also, you will get a property tax bill for this titled parking stall, separate from the unit property tax bill. Assigned Parking, you do not pay any property tax which is a benefit but the board of directors can assign or reassign any stall to you this normally doesn’t happen and it usually has to be agreed upon by all residents. An example of a re-assignment would be if one owner has a truck and one has a car and one stall has an overhang that the truck cannot park in, the board may re-assign the stall to the truck owner so they can park in an assigned stall. I have also seen re-assignment when a resident might have a disability and needs to be close to their unit or underground door as possible. The condo will usually have rules and regulations to set up assignment rules for parking stalls.
In addition to comparing the home to your minimum requirements and wish lists, consider the following:
- Is there enough room for both the present and the future?
- Are there enough bedrooms and bathrooms?
- Is the yard large enough?
- Do you like the floor plan?
- Will your furniture fit in the space?
- Is there enough storage space?
- Imagine the house in good weather and bad, and in each season. Will you be happy living there year-round?
- Protecting against title defects or encumbrances that were unknown and undiscovered at the time of closing
- Reducing the risk of title fraud
- Protection against identity theft and mortgage fraud
Title Insurance is available when purchasing a new home, a resale home or at any time during the ownership of a property to safeguard your home. The effects of title fraud are serious and long-lasting. The cost to correct or reclaim your title can amount to thousands of dollars in legal fees and can cause significant financial and emotional strain for many years.
Jesse Davies Team are here anytime should you have any questions regarding Title Insurance and all other real estate matters.
Here is an example of a situation that would warrant title insurance:
After moving into an existing home, Max receives a notice from the municipality requiring him to obtain a building permit for a family room addition the previous owner built without a permit. Max hires a contractor to inspect the addition. The inspection report recommends the demolition of the addition. Title insurance may cover the cost of demolition and the loss of property value or the cost of reconstruction
Yes, getting pre-approved for a mortgage is always the first step in the home buying process. This keeps you clear from searching for homes that you cannot afford or falling in love with a home that isn’t in your budget. It takes a mortgage specialist one to three days to let you know the estimated payment amount, so you can run your budget numbers to see what price you would be comfortable with. Mortgage brokers will also go over different types of payment plans, such as 25-year amortization versus 30-year along with the differences between a fixed rate and variable rate, so you can decide what works best for your particular situation. Jesse Davies & his team have a number of amazing mortgage brokers that they have been working with for years and would be happy to refer you one to help in your pre approval process.
The Jesse Davies Team are big believers in keeping our clients informed on the Calgary market as specific community markets. We’ll inform you of comparable properties that have sold in the area of interest, so you are aware of selling prices in the same community. Based on this data, and any other specifications of the home, we’ll let you know if a property seems overpriced or if it’s listed competitively. Jesse Davies Team has a licensed appraiser who helps with valuations when we look at comparable properties and all adjustments are as per the appraisal institute of Canada. Knowing the value of different upgrades, lot size and costs of upgrading all factor into a list price or our staring offer price, so we will make sure you're informed every step of the way.
There are over 4,500 agents in the city of Calgary. Each has their own set of skills and experience that are different that make them unique. Choosing the right one for you depends on a number of important factors. Once you interview several, are you connecting with them, one more so than the others? Do you feel comfortable, open and encouraged to ask questions? Do you ‘click’, so to speak? Choosing your agent also depends on values: what is important to you and how is this person presenting themselves? Trust is earned, not given, so do they have testimonials that attest to their quality? Knowing background, interests, years in the business, etc. can help you decide which REALTOR®️ will work best for you.
A property defect is a shortcoming or issue with a property that might otherwise affect a buyer’s decision to purchase a property. This is one of the major reasons we always recommend that the people we work with get a property inspection, so they are informed of all information that may pertain to completing a transaction as smoothly as possible.
A down payment is an essential part of your home purchase. Nevertheless you can find private lenders who offer mortgages with zero payment down, but the interest rate will be much higher and the cost to you will eventually be greater. We generally do not recommended this. It wouldn’t be the best move to try to save money that way, as there are more risks involved. Preferably you will have saved at least 5% of the purchase price, and also maybe try to reduce your home-buying budget to make it more affordable. You can also take advantage of the first-time Home Buyer’s Plan to borrow from your RRSPs – tax free.
SELL QUESTIONS
CMA is a document prepared by your REALTOR® to help determine the selling price of a home by comparing it to recently sold homes in the same area. In a CMA, Real estate professionals analyze the price of recently sold, actives, and expired listings that are similar (comparable) to the home they’re trying to sell. At Jesse Davies Team we try to use the most recent sales as comparables and make adjustments to our client's homes based on (but not limited to) square footage, basement development, lot size, number of bathrooms, upgrades, garage and lot location. Jesse Davies Team has a licensed Real Estate Appraiser on the team who helps the team with adjustment amounts and collaborates with us to confirm our valuations. It is important to note that active listings do not factor in the end value but all active properties are reviewed with our clients as it is important to know who your competition is when listing ensuring a buyer chooses your home over another. All of our standards, guidelines, and adjustments are in accordance with the Appraisal Institute of Canada. This is a distinct competitive advantage we have over any other real estate agent in the city and our clients love the idea that they are getting more than just a Realtors opinion of the value of their home.
Most of the time the answer is yes. It is more beneficial to list your home for sale before you commit to purchase another home. Why we recommend this procedure is because you don’t want to get caught carrying two mortgages, should your first home not sell before you take possession of your second. Also if you purchase your new home, you may want to have a sale of home condition which may decrease your chances of getting a better deal on your new home because of this limiting condition which most home sellers are not excited to have to accept. Once we start marketing your property to the public, it’s also a great time to start researching what kind of home you want to purchase down the road. Once a final sale is agreed upon and your current home becomes under contract, that’s a great time to start viewing properties to buy! We pride ourselves on helping our clients make a smooth transition.
Great question! An open house benefits both the Sellers and the Buyers. In general, an open house is a critical part of marketing to drive activity and increase competition among potential buyers. Also, the level and degree of interest will tell the Seller if the price and promotions are reasonable. Lastly, an open house provides face-to-face feedback on the property which the Realtor can make suggestions on tune-ups back to the Sellers and address any questions arise by the Buyers on the spot.
A common question we get asked leading up to the holidays is should I wait to list my house until after the New Year. At Jesse Davies Team, we are of the mindset that December can be a great time to get your home on the market. There is certainly a pool of buyers who love to do their home shopping while they have some free time over the holidays. Historically, active listings in December compared to other months in the year will be lower so you will have less competition on the market to compete with. For example, November 2018, we had 6,501 active listings and as of December 12, 2018, we have 6,165 listings, a result of 5% decrease in active listings. Therefore, don’t let the holidays hold you back from selling your home.
Looking to sell your home over the holidays or in the New Year, we would love to sit down and talk about our marketing strategies which have achieved some amazing results in 2018.
Dower rights arise out of an Alberta provincial statute called the Dower Act which defines the right of a spouse to continue to live in the matrimonial home during his or her lifetime. The purpose of dower rights is to prevent a spouse from selling or mortgaging the matrimonial home (or homestead in the case of a farming couple) without the consent of the spouse. Dower rights do not arise except with a spouse. When a married person disposes of a homestead, the Dower Act requires the consent of the spouse in writing or else the vendor must state on the transfer of land document that he or she is not married or that the spouses have not lived on the land since the date of the marriage. If a spouse wants to consent to the sale of the property, he or she must sign an acknowledgment to that effect before a Commissioner for Oaths (or Notary Public if sworn outside of Alberta) and must be given legal advice about dower rights separate and apart from the other spouse.
It’s all about reach- who is your target buyer and how do you reach them?
We believe that first impressions are everything. The way your home is presented on the MLS is crucial, especially in the first few weeks of being listed. Professional photography and detailed descriptions are just the start for a perfectly presented online listing. The Jesse Davies Team uses cutting edge technology and planning to ensure you get a custom marketing plan that fits your properties features and target market.
We have some tricks up our sleeves and would love to sit down and discuss with you over coffee.
The listing agreement lasts for as long as you'd like it to. Typically the duration of a listing agreement is in the 4-6-month range. As a reference the average detached home in Calgary took 64 days to sell, while the average condo took 71 in December 2019. We are very confident you will love our services, that if at any time you would like to cancel our agreement you can do so penalty free.
Ask your question for a chance to win!
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