Geoff Antrum &    Matt Antrum Welcome to Search Calgary Homes

Detached sales activity boosts February housing market Feb. 2017

Thu, 02 Mar by Geoff Antrum & Matt Antrum (Father & Son Team)

DetachCIR_newLogo_finaled sales activity boosts February housing market Feb. 2017

Calgary Housing Market Report , March 1, 2017 – After the first two months of the year, Calgary’s detached sector continues to drive a slow transition in the housing market. February sales totaled 1,342 units, which is still 19 per cent below long-term averages, but an improvement over the past two years. As sales kept trending upward, detached inventory levels continued to ease in February. These conditions caused months of supply to fall to 2.4 months, putting less downward pressure on pricing. Unadjusted detached benchmark prices totaled $501,900 in February, which is one per cent lower than prices recorded last year, but slightly higher than January figures. “There seems to be a new sense of optimism these days,” said CREB® president David P. Brown. “Some sellers are feeling upbeat about the changing landscape and the improved chances of selling their home. Other people are looking at the spring market with caution and wondering if we’re going to see a higher than expected surge of listings. While there’s less product on the market right now, sellers still need to be realistic with their pricing.” The amount of excess inventory eased in the overall market in February, setting the stage for a transition to a more stable market this year. Months of supply totaled 3.4 months, down from five months over last February. At the same time, the sales-to-new-listings ratio trended from a near record February low of 39 per cent last year to 55 per cent this February. With sales improving and new listings and inventories contracting—two key measures of market balance, there’s good evidence to show that the housing market has started a trend toward more balanced conditions. “The transition in the housing market appears to be underway,” said CREB® chief economist Ann-Marie Lure. “However, it is important to note that this change is primarily being driven by improvements in the detached market and stability in the labour market.” “It will take some time for these conditions to translate into all housing segments and achieve price recovery,” said Lurie. “But all indicators continue to point toward a slow transition from a contracting market toward one that is stabilizing at lower levels.”

Thinking of Selling Your Calgary Home

Wed, 18 Jan by Geoff Antrum & Matt Antrum (Father & Son Team)

ThinCIR_newLogo_finalking of Selling Your Calgary Home?
Do I Buy first then sell? Or Sell then Buy?
There are three options to look at and choose.
Sellers need to think very carefull about the option they choose.

Option 1: Low Risk: Sell Your Home First then Buy Your Next Home
This option is the safe financial approach for most clients. Put your property on the market and wait for a firm sale, i.e. when all conditions have been removed. Ensure you have a 2 to 3 month possession date so you have time to find a new property.

This ensures you know what funds are coming from the sale of your home.
The sold price is fixed and you can make an offer on a home with confidence.

You only need to have two basic conditions when buying with Option 1:
1) Homes Inspection
2) Finance Condition
Sellers do not like a Sale of Buyers Home Condition and Option 1 does not require this condition.

Option 1 allows you to make an Offer that is more aggressive and the seller will more likely negotiate with you.

Option 2: High Risk: Buy Your Next Home and List your Home

If you have funds beyond your present home this option works.
However if the funds for the home you are buying come from your present home then this is high risk.

Option 3: High Risk: Make an Offer on your next home that is conditional upon sale of your home. Can cost you money and frustration! No Deal!

This can be costly since the seller will not generally drop price of home a significant amount. The deal does not usually go through due to sale of your home not completing on time. The seller may not even look at your offer due to this condition, especially in competing bids.

Need a Home Evaluation please click on this link:
http://www.searchcalgaryhomes.ca/free_market_evaluation.php

Calgary Housing Forecast: A slow transition for 2017

Thu, 12 Jan by Geoff Antrum & Matt Antrum (Father & Son Team)

Calgary Housing Forecast: A slow transition for 2017

After calgary_skyline_bow2_0 updatea long period of economic downturn, Calgary’s housing market is expected to see some price stability in 2017, but not across all market segments and property types. Both detached and attached prices remain unchanged over 2016 levels, while apartment is forecasted to contract by another two per cent.

“The transition in the housing market will be a slow process,” said CREB®chief economist Ann-Marie Lurie. “We are entering the year with high unemployment rates and the possibility that job growth will not occur until the latter portion of 2017. These conditions will continue to weigh on housing demand, but supply is adjusting to weaker sales activity, which will eventually translate into price stability.”

City-wide sales are forecasted to total 18,335 units in 2017, a three per cent gain over 2016, but 12 per cent below long-term averages. This modest demand change will merge with declining listings and easing inventory in the new home market to support more balanced conditions and prevent further downward pressure on prices.

“This year is about moving away from extremely challenging conditions,” said 2017 CREB® president David P. Brown. “The transition is going to take some time, which means sellers need to stick with the fundamentals of pricing their homes correctly against other comparable product in the market. There’s still lots of choice out there for buyers, but major price declines are unlikely in most segments.”

http://www.creblink.com/News_and_Events/News/2017/January/CREB_forecasts_a_slow_transition_for_housing_in_2017/

What Are The New Canadian Mortgage Rules?

Wed, 02 Nov by Geoff Antrum & Matt Antrum (Father & Son Team)

What Are The New Mortgage Rules?  As of 17th October 2016.

  1. The government will restrict insurance on mortgages to loans on owner-occupied dwellings with amortization periods less than or equal to 25 years, purchase prices (not loan amounts) of less than $1 million, and for borrowers who meet a minimum credit score standard of 600.
  2. All insured mortgages in Canada (i.e. any mortgage where the borrower puts less than 20% down OR portfolio insured mortgages – i.e bulk insured loans with MORE than 20% down) will be underwritten using posted rates to qualify borrowers based on their income. For perspective, based on today’s rates, that means a borrower that could qualify for a mortgage at a 5-year fixed rate of 2.29% now will have to qualify – as of the 17th of October – at the qualifying rate of 4.64%.
  3. Foreign buyers will need to prove that a home they sell is their primary residence to avoid capital gains tax exemption abuse.

For example, if you have an annual household income of $60,000 and all other variables remain the same, the difference between the old rules and the new rules are a $338,000 home vs. a $272,000 home. Your purchasing power just went down by $66,000.

Another example, a home buyer currently qualified to purchase with 10% down for a mortgage of $527,000. After October 17th, this home buyer would qualify for a $420,000 mortgage. This equates to a 20% drop in buying power. (All things being equal in terms of property taxes, income, debts, etc).

Useful Tip: If you’re a homebuyer and you have a pre-approval, then talk to your mortgage broker because the numbers you qualify for probably just changed. It maybe more difficult for Sellers to find a quailifed Buyer, and it may affect property prices in Alberta, we will have to wait and see.

Some of this information was provided by First Foundation, please check out this link for more information.
http://www.firstfoundation.ca/blog/canadian-mortgage-rule-changes-august-2016-winners-and-losers/

Calgary Move-Up Buyers! Why it May be a Good Time to Buy and Sell in Calgary in 2016

Sat, 03 Oct by Geoff Antrum & Matt Antrum (Father & Son Team)

CIR_newLogo_final As media outlets are currently busy focusing on Canada’s downturned market, technical recession, and the hit to our economy  due to low oil prices, many Calgarians are receiving the message that “the sky is falling”. However, while we all need  to  sympathize with Albertans who are having difficult times, families also need to look at their own situation and if you need to  “Move-Up” due to an expanding family then you should not be in a “hold mode” due to the negative news.

In reality, this is a very good time to move up in the Calgary housing market. For example, let’s take a young couple living in a townhouse or starter home that want to expand into the larger family home market. The townhouse may not have moved up in price over the past 12 months, however the family home you plan to buy has not moved in price, either. The “price differential” has not change from this time last year, i.e. the family home price minus the townhouse price is essentially the same. Even if home prices have dropped 2% or 3 % in past 12 months, the “price differential” is steady.

The other good news is mortgage rates have come down over the past 12 months. Right now Buyers have the best opportunity for very low mortgage rates. For example, a five year fixed rate has dropped down to 2.50% (today’s rate) from approx. 3.00% (12 months ago). These low mortgage rates can translate into large savings on your overall monthly payments. Are you curious just how much you may save? Please contact us for your pre-approval needs.

Obviously, as a seller you have to be realistic when you list your home and price is key to selling, as this also applies to the home you will be buying.

REALTOR© Tip for Calgary Move Up Buyers: It is optimal to have your home listed with a firm Offer in place before you buy your next home. This reduces stress and allows you to be in financial control. Speak to your REALTOR© about planning the sale of your home and purchase. The timing & planning of your “Move Up” is essential.

Breaking into Calgary Housing Market in 2014

Sat, 18 Jan by Geoff Antrum & Matt Antrum (Father & Son Team)

Breaking into Calgary Housing Market in 2014. What Do Buyers Need to Know

Calgary Homes & Condos are selling more rapidly than 2009 to 2012.

It’s a Calgary Seller’s market in 2014, similar story as 2013.

Housing Inventory is down: less number of homes for Buyers to choose from.

So good quality homes that are priced right will not be on the market for very long. A matter of days in a few key areas of Calgary. There can be multiple Offers and homes can sell at List price. Buyers who keep waiting for a home to drop in price can be disappointed since it could easily sell if it’s close to market value. This is where Buyers need a  REALTOR® to guide them on price and market value. Buyers can get caught up in the hype and over pay. So speak to your REALTOR® about market value for community you are buying in.  Ask your REALTOR® what is the Average Drop Price for Calgary community you are planning to buy in.

Calgary Buyers who procrastinate & are indecisive will miss out!  If you see a home or condo that stands out from the crowd and looks like great value, don’t wait. The 2014 market is fast and many buyers will be looking at the same property, for the same reasons. A REALTOR®  can help Buyers make an informed decision in a fast market that is in the interest of the Buyer.

Calgary Market Conditions                    2013                 2014 (Forecast)

  • Seller’s Market                        Yes                  Yes
  • Single Family Home Price Gain         7.8%                 3.8%
  • Net Migration to Calgary              19,000              15,000
  • Rental Vacancy Rate                    1.0%                 1.2%
  • Calgary  GDP                           3.4%                 3.7%
  • USA GDP                                1.6%                 2.5%

(Data taken from CREB 2014 Economic Outlook & Regional Housing Forecast)

Please check out our website at  www.searchcalgaryhomes.ca
Geoff Antrum  REALTOR® at CIR REALTY 403 608 5682
Matt Antrum REALTOR® at CIR REALTY 403 608 5684

Check out our Monthly New Letter at:
http://www.realestateword.com/agent/newsletter.php?id=440

The trademarks REALTOR®, REALTORS®, MLS®,  are controlled by The Canadian Real Estate Association (CREA). Used under license.

Calgary Home Buyers: Conditions have been removed what is next?

Sat, 11 Jan by Geoff Antrum & Matt Antrum (Father & Son Team)

Conditions Have Been Removed! Congratulations. What is Next for Buyer?

Once Conditions have been removed the purchase is a firm sale and the property is sold.

Please make sure you stay in contact with the three most important professionals to assist you through your next phase to Possession day:

REALTOR®: will ensure the document conveyancing is done and the two lawyers involved are informed. Your REALTOR®  will complete the Walk Through, usually day before the Possession day with the Buyer to ensure the property is in a similar condition as the Showing Day.  REALTOR® will also hand over the keys to the Buyer on Possession Day. Your REALTOR®  will ensure a smooth purchase and ensure any details with lawyers, mortgage agent, and seller are completed.

Lawyer: will complete necessary documents for Land Title transfer, Title Insurance if required, RPR compliance, mortgage document signing, etc. The Buyers will meet your lawyer to sign all documents the week before possession.

Mortgage Agent: will assist you with the mortgage documents and ensure you have house insurance in place. Payment schedule will be set up with frequency of payments, etc. Life insurance will usually be discussed. The Buyer usually has the option to choose their life insurance company.

Other activities to be completed by Buyer are:

House Insurance: this is mandatory especially if you have a mortgage. Shop around for best rates. It’s often a good idea to check out the Insurance Broker/Company where you have car insurance. They may give you discount for house insurance if you have car insurance at same place.

Moving Contractor: make sure you plan ahead and book a Contractor.
Important: don’t book Contractor for the Possession day in the morning. You don’t get the keys until approx. 1 pm.

Life Insurance: is not mandatory but needs thinking about if you have a family to support. Can be purchased through Mortgage Lender you have chosen, or you can go to an independent life insurance Broker.

Utility companies need to be notified that you are moving in on possession day.
Such as gas, electricity, water, telephone, internet. Don’t forget to cancel your utilities at your present residence.

Property Taxes: speak to City of Calgary (if you are in the city) or municipality and set up
your tax payments. Can be done on a monthly basis with TIPP program in Calgary.

The trademarks REALTOR®, REALTORS®, MLS®,  are controlled by The Canadian Real Estate Association (CREA). Used under license.

How To Negotiate a Successful Offer – Calgary Buyers and Sellers Need Balance!

Thu, 12 Dec by Geoff Antrum & Matt Antrum (Father & Son Team)

How To Negotiate a Successful Offer – Calgary Buyers & Sellers Need Balance!

  • Seller & Buyer need to be motivated and willing to negotiate an Offer that is fair to both parties.
    If a balance is reached the Buyer and Seller are more likely be successful.
  • Seller & Buyer must be aware of Calgary Housing Market. Is it a Buyer’s market?
    Is it a Seller’s market? Or is it a balanced market? Talk to your REALTOR®.
  • Both parties need to know what comparable homes are selling for in community.
    And how does the property being negotiated “fit in” to the local community sold data?
  • If one party feels as though the other party is not acting in good faith and is not
    negotiating in an equitable manner no successful Offer will be agreed.
  • Buyers & Sellers need to be objective and put themselves in the other person’s position before they act.
    For agreement both parties have to be prepared to compromise.
  • Finally, listen to your REALTORS® recommendations, who will give you guidance on
    the negotiations and lead you to a successful accepted Offer. Please check out our website at  www.searchcalgaryhomes.ca
    REALTOR® Matt Antrum at CIR REALTY 403 608 5684
    REALTOR®: Geoff Antrum at CIR REALTY 403 608 5682

    The trademarks REALTOR®, REALTORS®, MLS®,  are controlled by The Canadian Real Estate Association (CREA). Used under license.

Buying a Home with CIR REALTY in Calgary in 2013 and 2014

Tue, 10 Dec by Geoff Antrum & Matt Antrum (Father & Son Team)

Calgary 2013 Housing Market. What Buyers need to Know?
Homes & Condos under $500,000 are selling faster than past few years. Its a Sellers market. So good quality homes that are priced right will not be on the market for very long. A matter of days in a few key areas of Calgary. There can be multiple Offers and homes can sell at List price. Buyers who keep waiting for a home to drop in price can be disappointed since it could easily sell if its close to market value. This is where Buyers need a REALTOR®  to guide them on price and market value. Buyers can get caught up in the hype and over pay. So speak to your REALTOR® about market value for community you are buying in. Ask your REALTOR® what is the Average Drop Price for community you are planning to buy in.

What do we anticipate for the 2014 Calgary Real Estate Market?  The following extract from a BMO News Article sums up the forecast for Calgary in 2014……

” Calgary has reclaimed its title as the strongest major housing market in the country after correcting several years ago, says a new report released by BMO Economics. The report, Canadian Housing Update: Tale of Four Cities, examined the state of the housing markets in Canada’s four largest cities: Vancouver, Calgary, Toronto and Montreal. Sal Guatieri, senior economist with BMO Capital Markets, said listings are lean in the city, giving sellers the upper hand right now on prices.“Three main factors. Strong economy. Strong population growth. And good affordability. Those are all driving Calgary’s housing market now and likely in the future,” said Guatieri.

“We don’t see bad things happening to Calgary’s economy any time soon, barring a big drop in oil prices for example. And we think Alberta for one will definitely lead economic growth perhaps for the next couple of years riding the energy boom. As a result, Canadians from across the country will likely continue to migrate to Alberta and Calgary looking for work. That can always support the housing market.”

Calgary is an exciting city to live in. Geoff Antrum and Matt Antrum are here to assist Buyers and Sellers make real estate investment choices that are based on the clients
best interests. Please call us and check out our website at  www.SearchCalgaryHomes.ca

CIR REALTY is Alberta’s largest independent real estate brokerage that offers residential, commercial and investment real estate services. Geoff Antrum (403 608 5682) & Matt Antrum (403 608 5684) are REALTORS® at CIR REALTY and we specialize in residential sale in Calgary and area.

The trademarks REALTOR®, REALTORS®, MLS®,  are controlled by The Canadian Real Estate Association (CREA). Used under license.

 

Coventry Hills Real Estate – Where is Coventry Hills in Calgary?

Thu, 30 May by Geoff Antrum & Matt Antrum (Father & Son Team)

Many buyers say they want to view homes for sale in Coventry Hills, but they are not sure where it is? Is it in NE Calgary or NW Calgary?
Coventry Hills as far as the CREB City of Calgary Map goes, shows Coventry Hills in the NW Calgary zone, known as Zone A.
However from a postal point of view this community is in NE Calgary, since it is east of Center Street.
REALTORS®show Coventry Hills as though it in NW Calgary, since its proximity to the other north west communities is very close.
Geographically it is also west of Deer Foot Trail which puts it in Zone A  “NW Area”.

Coventry Hills boarders with the communities of Country Hills Village (NE Calgary), Panorama Hills (NW Calgary) and Harvest Hills (NE Calgary).
If you are looking to buy or sell real estate in Coventry Hills please call Matt Antrum, REALTOR® at CIR REALTY, 403 608 5684 or Geoff Antrum, REALTOR®, at CIR REALTY, 403 608 5682.

 Please check out this link for homes for sale in Coventry Hills in Calgary.

Or if you are looking for Calgary Real Estate in other communities please check out this link.

Planning to Sell Your Home in Coventry Hills? Please check this link out.

The trademarks REALTOR®, REALTORS®, MLS®,  are controlled by The Canadian Real Estate Association (CREA). Used under license.