Top 5 Highlights Of The Saskatoon Real Estate Market From 2020

Tanya LaRose 0 comments 01.01.2021

1. The 2nd Busiest Year Ever – Strictly speaking in terms of market
   data, 2020 has been the second most active year for Saskatoon residential real
   estate in the history of Saskatchewan MLS®.
2. June Explosion – While the pandemic caused an
   audible pause at the end of the first quarter in the 2019 real estate industry,
   much like most other industries, the market activity had a huge explosion
   starting at the beginning of June. The activity far exceeded that from the
   following year, and each following month after June in 2020 continued with the
   same acceleration.
3. Sharp Market Shift – Over the past several years in
   residential real estate, Saskatoon has been in an extreme Buyer’s Market
   with seemingly no end in sight. Of course, no one saw the pandemic coming which
   resulted in a sharp shift to an extreme Seller’s Market. Typically, this
   kind of Market Shift happens very slowly over numerous years, so the industry
   is doing its best to keep up but over the past few months demand has exceeded
   supply.
4. Golden Houses – It should be noted that the conditions
   of this Seller’s Market are most applicable to houses, also known as Single
   Family Dwellings. The condominium inventory is not moving quite as quickly
   as a house under 500k. Theoretically speaking, if these trends continue into
   2021, it would be the ideal time to downsize. A homeowner could capitalize on
   selling for top dollar for their home (if advised properly in sale preparations
   by their REALTOR®) and possibly get a great deal on a
   condo. It would also be an opportune time for parents to invest in a condo for
   their children who are going to post-secondary school.
5. Cabin Fever – Fascinatingly enough, the Market
   Shift is a result of two primary factors: low mortgage rates and, for lack of a
   better term, cabin fever. Homeowners who are confined to their own home for
   months on end have proven to get restless enough to either renovate their
   current home (i.e. lumber and other home products shortage) or move into a
   different home simply for the sake of a change in setting.    

If you
are thinking about selling your home in 2021, contact Tanya LaRose at 306-380-7325
for assistance in the most successful sale possible.

10 Things To Do In The First Year After Buying Your Home

Tanya LaRose 0 comments 01.09.2020

1. Walk-Through – First and foremost, you will complete the walk-through on the very first day of owning your home. It is during this time that you will ensure that the home has everything you were promised during negotiation and no new damage is found on the property. You can also take this time to ask your REALTOR® any last-minute questions.
2. Change All Locks – Most homebuyers will change the locks as soon as they take possession of a home because there is no guarantee that more original keys are not in circulation. While you are at it, you can install a keyless entry for added convenience. Or you can call a security company to review other home security options such as alarms and video surveillance.
3. Update Your Information – You should have already updated the appropriate entities for heat, water, and power by the time you take possession of the home. Swing by a local insurance company and update the address on your Driver’s License, among your other major ID suppliers. Do not forget to redirect your mail too! Canada Post offers some impromptu options for that at https://www.canadapost.ca/cpc/en/personal/receiving/manage-mail/mail-forwarding.page
4. Check Electrical Outlets – Most home inspectors will check this, but if you did not get a home inspection you will want to make sure all electrical outlets are grounded. Grounded electrical outlets will prevent painful electrocution or even death if you were to somehow drop a hairdryer into your bathtub. You can either call an electrician to check this for you or you can go to your local hardware store for an Electrical Test Kit. The big box stores sell them for around $30 as shown here https://www.homedepot.ca/product/klein-tools-electrical-test-kit/1001411954.
5. Verify Air Quality – Make sure you have smoke detectors on every floor of your home and that the batteries are all functioning. You will also want to verify the presence of carbon monoxide detectors throughout and test their functionality as well. Lastly, and often overlooked, take the time to pick up a radon test. It is estimated that radon kills around 3,000 Canadians a year. Radon test kits are typically user friendly and about $50 to purchase at https://radonkit.ca/.
6. Furnace Health – If a major season change just took place, you will want to book a duct cleaning. The furnace can be serviced at this time as well. It typically costs a few hundred dollars but will substantially add to the lifespan of your furnace. Look at the furnace filter too and pick up a few of those as you will want to replace them every three months, give or take, depending on the amount of people and pets in your home.
7. Emergency Contacts – You are now in charge of an entire house so that means you need to know who to call in case of an emergency. Local plumbers, electricians, emergency restoration services, the fire department, etc. should all be in an easy-to-find location.
8. Emergency Kit – In case of natural disasters, or even just a power outage, you will want to ensure your family is safe and comfortable. Create your own emergency kit with items like the following: flashlights, fire distinguisher, portable heater, cash, water and non-perishable food. https://www.businessinsider.com/home-emergency-kit-products#:~:text=15%20items%20everyone%20should%20have%20in%20their%20at-home,roll%20of%20heavy-duty%20duct%20tape.%20More%20items...%20
9. Inspect Your Homes Exterior – Especially with the extreme seasons Canada has, the inspection could potentially save money and problems in the future. Look at the condition of the shingles, the cleanliness of the gutters, the quality of the windows, and any abnormal holes in the house. A proper inspection can save you money on heating in the winter, while proper shingles and clean gutters will prevent water damage in the spring. Take care of those pesky holes too which allow for pesky pests in the house!
10. Create A Tradition – Many people create “New Home Traditions” and it adds to the special experience of really making the house your own. Whether it is hosting a housewarming party or everyone in the family choosing a paint color for their room, the comfort level in the home increases. Often if the property is extremely old, the homeowners will also take the time to burn sage in the home, have a pastor visit to pray over the home, or have an energy clearing of the home. The first year in your new home can be overwhelming so your new home tradition something meaningful and ceremonial. For example: http://www.housewarmingblessing.com/celebrities-smudge-with-sage/

The 7 Most Common Items Needed For Your Mortgage Pre-Approval Appointment

Tanya LaRose 0 comments 02.03.2020

1. Government Issued Photo ID – Ensure it is not expired and has your current address.
2. Proof Of Address – You may need your address history, depending on your current living circumstances.
3. Proof Of Income – T4, pay stubs, child tax, etc.
4. Contact Information For Your Employer – A longstanding employer is always best but your employment history might be required.
5. Proof Of Down Payment – It should reflect the exact amount and where it came from (gifts are allowed as well).
6. Any Outstanding Current Debt – You will need to include all financial obligations and anything that may have damaged/ing your credit.
7. Proof Of Assets – Other real estate, savings, vehicles, investments, etc.

Disclaimer: Mortgage pre-approvals vary from person-to-person and financial institution-to-financial institution so other items may be needed. It is also important to note that you may get a rejection from one mortgage specialist and an approval from another. Call or text Tanya LaRose at 306-380-7325 for a highly-skilled mortgage specialist contact.

The First-Time Home Buyer Incentive Cheat Sheet

Tanya LaRose 0 comments 02.09.2019

All outlined details are accurate as of September 2^nd, 2019:

• Available across Canada starting September 2^nd, 2019 until March 31^st, 2024 -OR- when the 1.25 billion dollars allocated for this program has been depleted.
• “The Incentive” is a Shared Equity Mortgage Loan.
• The Government of Canada will share in the upside and downside of the property value upon repayment.
• Canadian citizens, permanent residents, and non-permanent residents may apply.
• The property must be in Canada, available for full-time occupancy, with 1-4 units.
• Applicants must have a total household income less than $120,000 to qualify.
• Your total borrowing limit is up to four times the qualifying limit ($480,000)
• Your down payment + incentive is less than 20% of the property value.
• At least one applicant must be a first-time homebuyer, defined as the following:
• Never purchased a home before
• You recently experienced a breakdown of marriage or common-law
• You have not occupied your “family home” in the last four years
• “The incentive” is a second mortgage on title. There is no principal payment, no interest, and it has a maximum term of 25 years.
• It may be switched to a different financial institution without having to repay “the incentive”.
• No prepayment penalties. Repayment can be made on the sale of the property, at the end of the 25 year term, or at any time through voluntary repayment of the full incentive amount (no partial payments).

If you have additional questions, please contact your trust mortgage expert. For assistance in procuring your home, please contact Tanya LaRose at 306-380-7325 to begin the home buying process.

The Homeowners Top 5 Priorities for Fall Home Maintenance

Tanya LaRose 0 comments 01.10.2018

1. Roof – The frequent changing temperatures combined with ice, rain, snow, and wind can wreak havoc on roofs. Prioritize replacing any missing and loose shingles. The roof is your first line of defense from any water damage internally extending to damage of electrical, plumbing, and HVAC systems.
2. Gutters – Ice dams are the product of clogged gutters. After leaves have fallen, clean out the gutters and downspouts followed by a good spray down of water to clear the passage way. After this, check for loose joints or brackets and replace, if necessary.
3. Foundation – Basement flooding rates high on insurance premiums. Walk around your house and take a close look at the foundation. Caulk around the area where masonry meets siding, where pipes or wires enter the house, and around windows and door frames to prevent heat from escaping. If the parging is falling apart, you may want to have this redone if your budget allows.
4. HVAC – Proper heating and cooling amounts to 47% of energy costs in your home. Move your hand around the edges of windows and doors on a windy day, if you feel a breeze you will want to replace the weather stripping or add caulking.
5. Yard – Yard functionality during the winter is best to prepare for rather than scramble about during the first 20” snow fall. Ensure you have all of the summer tools stored away and all winter tools readily available (snow blower, shovel, etc.). You will also want to shut off outdoor water values, drain hoses, and blow out the sprinklers to prevent water from freezing, expanding, and breaking the pipes.