5 Expectations Home Buyers and Home Sellers Should Have in a Market with Low Inventory
Tanya LaRose 0 comments 01.05.2023
Saskatoon has been experiencing a lack of inventory since the pandemic. While these market conditions vary from residential, acreage, farm, land, and commercial properties, they vary even further within residential. Successful navigation of such market conditions also requires different considerations between condos, townhouses, and houses, reflecting even further variations within those different price ranges. Additional factors that impact these expected conditions include the selling and buying strategy utilized by each respective party. Therefore, the following are general indicators for the public in most cases.
Home Sellers
- You may not have to get into extensive negotiations.
- You may have to make little to no concessions.
- It may sell within the first day or so of listing.
- You may get multiple offers.
- It may sell for over asking price.
Home Buyers
- You will be competing with other buyers for many of the same homes.
- It may take weeks or months before you get an accepted offer on a home you like.
- You may lose out on submitted offers to other buyers.
- You likely will not get much of a reduction on price.
- You may have to be flexible with possession, conditions, and other terms.
For further clarity into what you can expect with your unique situation, please reach out, via text or phone to Tanya LaRose at 306-380-7325(REAL), detailing your overall objective.
7 Reasons Why You Should Take Advantage of Spring Selling Season
Tanya LaRose 0 comments 01.04.2023
The spring selling season is often the busiest and most frantic period of real estate activity in the calendar year. There are many reasons for this. If you are hesitant about selling your home soon, check out why this is the perfect to take the plunge and do it!
1. The Weather Is Ideal
One of the biggest advantages to selling during the spring is the beautiful weather. The sun shines brighter, and the temperatures are warmer, creating the ideal environment for potential buyers to spend time out and about looking at homes. During the spring, people come out of hibernation due to longer days and improved moods. Plus, once they find the perfect home, the conditions are ideal for moving and getting settled into their new space. When you list a home in the winter, you risk having to postpone open houses or individual showings if harsh weather strikes.
2. You Maximize Curb Appeal
Speaking of ideal weather, if you have stunning landscaping, it's hard to show it off when there's snow on the ground and flowers aren't in bloom. Listing a home in the spring means you can wow buyers with curb appeal and perhaps command a higher asking price. The springtime allows you to show your home at its best.
3. Home Renovating Is Easier
The nicer weather is perfect for making those repairs or renovations that will increase your home’s value. Contractors, tradesman, and other businesses are in full swing, meaning there is options for you to use. Use this time and invest to make your home standout!
4. Higher Demand From Buyers
In the spring demand is much higher due to many factors. Most notably, many families are eager to get into their new space before the start of the school year in September. For many families, the ideal time to move is the summer; therefore, to make that happen, they begin looking for a property in the spring. Most homes are larger family homes, and families with kids are the largest demographic in real estate.
5. Houses Sell Faster
With more active buyers, spring also means homes are likely to sell faster, especially if they are priced correctly the first time listed. According to market trends, most people who sell their home in May or June can expect to sell it 18 days faster than the other months of the year. The faster you can get your house off your hands, the less mortgage payments you’ll be responsible for and the sooner you can move into your next space.
6. Competitive Pricing Possibilities
The increase in demand and how fast properties are moving means prices can be a bit higher. The possibility of multiple offers and bidding wars is greater in the spring due to the number of buyers in the market. This is not a guarantee though and is dependent on many factors.
7. More Inventory for You
Lastly, the springtime is great to go house hunting. You’re selling your home, and probably need another one. Many people are listing homes due to the reasons above, meaning there is plenty of options for you to look at. Your dream home could be right around the corner!
If you are ready to list your home during the Spring selling rush, check out my “Sell Your Home” series on Instagram (@saskatoonrealty). It will give you quick and easy tips to prepare yourself, and your home, for the selling journey!
7 Value Adding Renovations to Do Before the Spring Selling Season
Tanya LaRose 0 comments 01.03.2023
With Spring selling season right around the corner, you are probably wondering how to make your home standout amongst all the competition. Home renovations can be costly, so it is important to understand which home improvements will yield a return on your investment. Here are some ideas that will both increase your home’s attractiveness and overall value.
1. Install a Kitchen Backsplash
The kitchen is full of possible big-ticket item improvements, but backsplash isn’t one that breaks the bank. You can comfortably install a backsplash in just one weekend by yourself, instantly bringing new life to any kitchen.
2. Garage Door Replacement
Replacing a garage door is big for curb appeal, and it’s also a great investment that will recoup the cost (or more) during resell.
3. Siding Replacement
Appraisers typically look at the structural elements of a home and siding usually plays a part in that. Replacing siding increases value instantly due to the high visibility of the upgrade.
4. Finishing the Basement
A finished basement instantly adds value to the home. The amount of added useable square footage comes at a lower cost compared to an addition. Plus, the space can be used for anything a potential buyer can imagine, making it an extremely attractive option.
5. Replace Carpet with Laminate or Hardwood
Hardwood and laminate flooring are comparable in price to luxury carpets but comes without the hassle of continual vacuuming. This type of flooring is also more durable and less prone to damage or staining, making it a very attractive feature to buyers.
6. Manufactured Stone Veneer
A manufactured stone veneer project remains high on the list of valuable home updates. It provides a modern look to any space at an acceptable price whether you’re hiring out the work or going DIY.
7. Expand Outdoor Space
During the summer here in Saskatchewan, people want to enjoy as much of the outdoors as possible. Adding a deck, patio, hot tub, garden, fire pit, or any other addition that gets people outside is a very attractive feature.
Keeping pace with what buyers like and what can increase your resale value can help you decide where to focus your efforts. Talk with a local real estate agent about which renovations increase home value in your area. From there, you can invest in improvements that you will enjoy until you are ready to sell.
8 Home Improvement Projects Perfect for Winter
Tanya LaRose 0 comments 01.02.2023
Do not let the shorter and colder winter days stop your home improvement journey. Here are some easy and budget friendly home renovation ideas that you can do before springtime arrives.
1. Regrout Your Bathroom
If you’ve been ignoring your bathroom, you can make it up and give it the visual refresh that it needs by regrouting your bathroom tiles. The warmer temperatures and increased humidity of the other seasons could take a toll on your bathroom’s squeaky clean image due to increased hard water stains and mildew, but winter is the perfect time to restore your bathroom tile to squeaky clean.
2. Upgrade Your Living Room Lighting
Soft white lighting and warm lighting tend to work best in living room spaces and can work wonders to transform this gathering space into one that is inviting and welcoming. You get to decide how much or how little you want to do, and ultimately how big or how small of a project you want to make of this endeavor. Make sure to do this it at night when you can see how different placements of light fixtures illuminates your home.
3. Add Energy-Efficient Insulation
The winter season can become costly if you haven’t taken time to ensure that your home is properly insulated. With the high cost of fuel and energy at present, you would be wise to take the necessary steps to upgrade and resolve any insulation issues for your home now, so you could start saving. The winter season gives you the upper hand in terms of identifying problem areas because you can detect gaps, cracks, and open spaces a bit easier thanks to the presence of the cold air. Find the holes and gaps around your walls and floors, then fill them in with an energy-efficient material like spray foam, which expands upon application to take up space and create the desired barrier and block air.
4. Paint
Applying a coat of paint to your walls, cabinets, tiles, etc. can bring new life to your home. Manufacturers offer the best deals on paint during the late fall and winter. Winter also is when professional painters have fewer clients, which translates to lower prices. There’s also less moisture and humidity in the air during the winter, which means paint bonds to surfaces better and dries faster. There’s also no need to open all the windows either with low-VOC paints as it doesn’t need outside air; it just needs circulation.
5. Remove dying trees
If you have a troublesome tree on your property, you could save money by removing it in the winter, particularly in February and March. That’s because tree companies become busy in the late spring and summer when winds and stormy weather requires emergency tree removal.
The colder ground also makes tree removal advantageous during the winter. Frozen ground can keep nearby vegetation in place, making the removal less disruptive to the surroundings (though you may need to wait until the ground thaws to complete the stump removal).
6. Deep Clean Carpets and Upholstery
Hosting family and friends for the holidays can take a serious toll on carpets and upholstery. If you’re dealing with a bunch of new stains and spot cleaners just aren’t cutting it, it’s time to get out the heavy machinery. You can rent a professional-grade cleaner from just about any hardware store, or hire a pro to do an even better job.
7. Upgrade your Bathroom’s Fixtures
There’s nothing like a hot bath or a scalding shower on a cold winter night, and upgrading your bath fixtures is a relatively easy way to make self-care even more enjoyable. Invest in a luxurious high-pressure shower head, swap your old faucets for nicer models, install a bidet, and/or invest in more efficient toilets. Not only will your bathroom feel better but will also improve your overall quality of life.
8. Painting Your Garage Floors This Winter
The benefits of coating your garage floors in paint are numerous. The paint will help keep the floors intact which will benefit the homes resale value. Painting the garage floor will make cleaning your garage feel less like a chore and more seamless. This can also double as an opportunity to clean out any junk you have sitting in your garage. Before painting make sure all dirt is swept off the floor so the paint sticks better. The cold air will help the paint dry faster.
7 Home Resolution Ideas for 2023
Tanya LaRose 0 comments 01.01.2023
With it being the start of the New Year, it is the perfect time to tackle those household items you’ve been putting off. Use this list to create a plan and improve your home throughout 2023! These often small and/or overlooked items will not only improve your family’s quality of life but will also increase your home’s overall value.
1. Get Rid of Clutter and Organize
The first step toward the house of your dreams involves organization and decluttering. Whether we realize it or not, being locked in our homes these past few years means we have a buildup of odds and ends. There are many ways to organize your home, so choose the method that best works for you.
Start the year with a decluttering session and go through every room in your home, or if you feel the need, bring in a professional organizer. Analyze your current stock of shoes, books, pantry, supplies, equipment and more. Once you say goodbye to the items that no longer serve you, take time to sort and organize what’s left.
2. Invest in Upgrades
Your home is an investment. You’ve put a lot of thought and resources into making it the comfortable and beautiful home that you’ve dreamed of. However, we tend to postpone certain upgrades, like appliances, until our current ones give up. In 2023, consider upgrading to smart home appliances.
More than just looking sleek, having a smart home means you can focus more on your well-being. These appliances connect with your phone, track your daily habits and work seamlessly with your home to operate as a synchronized orchestra.
3. Cut Down Energy Use
Get an energy audit to learn more about your energy use if you haven’t. An energy audit can show you the overall efficiency of your home. You can start making low-cost improvements to save energy and decide on significant upgrades that will save you money for years to come. With so many energy-efficient appliances and solutions, not going greener in 2023 seems like a missed opportunity.
4. Focus on Indoor Air Quality
Indoor air quality is one of the most important indicators of the environment you’re living in. Make it a resolution to maintain your HVAC systems and change furnace filters regularly. Using localized ventilation in bathrooms and kitchens can help you get rid of smoke, cooking fumes and humidity. Invest in air filters around the house to improve overall air quality and breathe clean air.
5. Create a plan for cleaning
Sure, you can declutter and organize all you want. But, without a cleaning plan, your home will never be as organized as you want it. Create a schedule or a routine to clean the house regularly. Every day, do your best to do the dishes, pick up and put away items scattered across the floors, and start with routines as simple as making the bed.
Weekly, you can clean the house divided by segments. For example, you can make Saturdays the bathroom cleaning day and Wednesdays the day you vacuum. Having this written down and even scheduled in your calendar will help tremendously.
6. Design a home gym to help you reach your fitness goals
If you’ve made a New Year’s resolution to get fit in 2023, improve the odds of following through by creating a home gym. According to HomeAdvisor, a home gym costs around $2,000 on average and up to $15,000 on the high end. A home gym practically pays for itself. Working out from home can save you hundreds to thousands of dollars a year, considering the average fitness membership costs $800 annually. Beyond these savings, research reveals that home gyms recoup 51% of project costs in added value at resale.
7. Pay Attention to Neglected Areas
Lastly, make it a resolution to pay attention to neglected areas. Think about the last time you cleaned your refrigerator coils, the dryer vents, or organized the attic. Cleaning and maintenance jobs like these aren’t usually top of mind. But, doing them will keep your home running more efficiently for longer.
Other chores that fall through the cracks involve your dishwasher, showerheads and air conditioner. Sit down and write down the areas of your home that you often neglect and make it your new year’s resolution to get them done before the end of 2023. Check out this link for 37 ideas on small home improvements/fixes New Year's Resolutions for Your Home | Family Handyman