3. November 2009 by Kari Calder.

Homes sales in Saskatoon continued to rise last month with a total of 311 houses selling at an average of just under $275,000. In the same month in 2008 only 213 houses for sale in Saskatoon sold. The average house price in Saskatoon is down from 2008 with that average being $285,547. Keep in mind that the average house price in Saskatoon does not take into factor how many condos vs single family homes have sold, so there are a lot of variables each month. This year an increase in sales of homes between $250,000 and $275,000 has helped contribute to this ‘decline’.
Other good news for the market, but not for some home buyers in Saskatoon, is the listings have now dipped below 1000 for the first time in more than a year. There were 971 homes for sale in Saskatoon this year compared to last year when there were 1667 houses for sale in Saskatoon.
CMHC’s senior market analyst for Saskatchewan, Paul Caton, believes the slower pace of housing activity in 2009 has allowed for a reduction in inventories, setting the stage for an increase in activity in 2010.
CMHC also predicts an increase from 3700 units selling in 2009 to 3900 units in 2010.
For all of you buyer’s who are contemplating waiting to buy a house in Saskatoon, don’t wait too long! We are already experiencing multiple offers on re-sale homes and, while we hope it doesn’t come to ‘presentation of offers’ again where you may be up against as many as 20 other buyers for the same house, it is a possibility.
For all your Saskatoon residential real estate needs, contact your Saskatoon real estate agent, Kari Calder.

Kari Calder
Real Estate Specialist
Century 21 Conexus Realty Ltd. Saskatoon

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3. November 2009 by Kari Calder.

As a Saskatoon real estate agent, I enjoy working with first time home buyers in Saskatoon. I have a few documents for my first time home buyers in Saskatoon which helps answer questions before they arise and it is always a good thing to come back to when looking to buy a house for sale in Saskatoon and area.
The whole process can feel overwhelming, whether this is the first time you have bought a house for sale in Saskatoon or whether you have bought many homes for sale in Saskatoon.  That is why I am here!
One of the first things to consider and think about is your credit rating.
Most people don’t know their credit rating and a good credit rating will improve your ability to get a loan. If your credit rating needs improvement, you can do things like making sure you always make at least the minimum payments on your credit cards, loans or utilities and pay them in a timely fashion.

Second is being unrealistic about how much you can spend on your new home in Saskatoon and surrounding area. Most people over-estimate how much they can afford to spend. You can go to my website and check out my online mortgage calculator which will help you visualize payment amounts based on house price, how much you are putting down, and mortgage rate/amortization. Be careful with online mortgage pre-qualification as you may forget about something that has affected your credit or about loans.

Third is not considering mortgage pre-approval. You should always go in and meet with a mortgage professional to determine what you are pre-approved for. Knowing how much you can spend gives you confidence to begin looking at homes within your price range. This rate is guaranteed for 90 days, but if it goes down, which we are seeing, you can guarantee the lower rate for another 90 days.

Next is assuming you won’t qualify for a mortgage. Even if you have been bankrupt, been declined in the past, or had other problems, I can put you in touch with some really good mortgage brokers in Saskatoon whoc can shop around to help you get your dream home in Saskatoon by finding alternative mortgage solutions. It may cost you a bit more initially, but once your credit improves the mortgage broker will help you lower your mortgage cost in the future.

Fifth is not knowing all the down-payment options. There are so many different options depending on how much of a down payment you can afford. A conventional mortgage (25%) down, a high ratio mortgage (5% down minimum) or no down-payment (must have a minimum 1.5% value of the home set aside for closing costs as this has to be done in cash).

Sixth is if you are too focused on the interest rate rather than the overall solution. Your future plans will also determine the type of mortgage you go with, so it is important that your mortgage broker know what your plans are and they will help determine what will best suit you, your budget, and your future plans. This includes fixed rate mortgages, variable rate mortgages, and a combination of fixed and variable to benefit from both.

Next is not choosing your own mortgage payments schedule. If you make payments weekly vs monthly, you save a lot of interest in the long term. If you go with a longer amortization period you may have more room to manage your cash flow (ie: 35 years vs 25 years). If you increase your amortization period though you increase your interest costs. You do not have to stick with a 35 year amortization though after your first 5 years are up (if you lock in). Some companies also offer a ‘double up’ program and various other programs to let you put more cash onto your mortgage.

Finally, many first time home buyers in Saskatoon and area forget about closing costs and other non banking details. I work with a lot of first time home buyers so I ensure to coach them on the costs that will occur before possession can happen and those include the closing costs (lawyer fees, land title transfer fees, taxes, etc) There are also other costs such as paying for a professional home inspection, insurance, moving costs, etc.

Owning your own home is a milestone and it is very exciting to purchase your first home. Let me help you in that experience. I can help you find a qualified mortgage specialist who will get you the best rates and deals as well as help you with other professionals along the way.

For your first time home buying in Saskatoon needs, contact me!

Kari Calder
Century 21 Conexus Realty Ltd.
Saskatoon Real Estate Specialist

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