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Saskatoon Real Estate Update – January 2008

Tuesday, February 5th, 2008

Our current Saskatoon Real Estate market has picked up once again. After a small lull in the fall, the Saskatoon market has started out strong so far in 2008.

The 2007 overall average sales price in Saskatoon was $232,362 with January starting at $190,037 and ending in December with $255,271.

It seems that any homes that were listed in the fall and still on the market at the beginning of the year are now getting snapped up. Most people don’t want to wait for the spring boom this year which is actually propelling our market early. The Saskatoon market is once again in a sellers market with multiple offers already occurring.

So if you are thinking of buying a home in Saskatoon, don’t wait until Spring! Be prepared to be involved in a bidding competition though, even if a house is listed first come first serve as they may still get multiple offers. If you see a house in Saskatoon that looks like it may be ‘the one’ do not wait as you may miss out.

Contact me today if you are looking to either buy or sell a home in Saskatoon and the surrounding area!

Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd.
www.karicalder.com

Posted in Buyers, Current Market, News, Saskatchewan Real Estate, Saskatoon Real Estate, Sellers | No Comments »

Vehicle or House?

Saturday, January 26th, 2008

I recently got a call from a company out of Manitoba that was soliciting people over the phone to get them approval for financing for a new car. While this sounds great to young people, it is harmful if they plan to buy a home in the near future…or the next few years.

I ask myself about priorities when I meet potential Saskatoon home buyers only to find that some of them are up to their eyeballs in debt, but after this phone call I understand why people get themselves into this debt. Car companies can arrange for financing for almost anyone so it seems like a good idea at the time, but when you want to buy a home or a condo in Saskatoon and you have a new vehicle, your chances are much lower due to your GDS/TDS (gross debt service ratio and total debt service ratio). They don’t speak to you about how it affects your capacity to buy a house in Saskatoon. They don’t warn you that you may, for however long your car loan/lease is, have to rent a house or apartment in Saskatoon. And we are all aware in the Saskatoon real estate market that rental properties in Saskatoon are dwindling due to the condo conversion projects in the city over the past few years.

So, what is your priority? Somewhere to live in Saskatoon or a nice car to drive? A home to call your own in Saskatoon or a car to drive around in? If you are looking on my website or shopping for a house in Saskatoon, I guess I know your answer and good for you! Hopefully you didn’t fall prey to one of these easy financing traps that dealerships get you into and you can afford to buy a house in Saskatoon now!

If you are looking to buy a house or condo in Saskatoon or call your Saskatoon Realtor® or Kari Calder today.

Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd.
www.karicalder.com

Posted in Buyers, Saskatchewan Real Estate, Saskatoon Real Estate | No Comments »

First Time Buyers – You Won’t Buy Your Dream Home the First Try

Wednesday, January 23rd, 2008

I work a lot with first time home buyers in Saskatoon and the hardest thing for buyer to realize is that they have to step on ‘stepping stones’ to get to their perfect house. When you are getting into the Saskatoon real estate market a buyer must consider several things; this is your first home, this is not going to be your dream home, this is a way to start in the market therefore you should buy something that is appealing enough (especially in things that cannot be changed such as LOCATION) and that you need to start somewhere.

You can change the colour of the walls and you can change kitchens, bathroom, flooring, light fixtures, etc. You cannot change the location of where you live. If you have $200,000 to spend and you can choose between a nice condo in a safe neighbourhood in Saskatoon or a house in a less desirable area in Saskatoon, your situation will determine which one you will choose.

First time home buyers in Saskatoon have to start somewhere. Due to our market increases in 2007 it is much harder to get started, but there are options. Whether you start in a ‘fixer upper’ or you start in a condo, you best start out sooner than later. Unfortunately, there are many people looking for a fixer upper in the city of Saskatoon right now so this market is a bit lacking.

One of the mistakes first time home buyers in Saskatoon make is ‘saving for a down payment’. I have seen too many people wait themselves out of homes because of the misconception that they should save. If you have resources, line of credit, friends, family, anyone willing to give you some money or really good credit so that you can apply for the “zero down” option, get into the market in Saskatoon as soon as you can.

Another mistake people make when attempting to buy a home in Saskatoon is not wanting to settle. You are always going to have to settle on some things until you are in a financial situation where you can build a home in Saskatoon…even at which time it takes at least 3 tries to get it right!

So, recognize the limitations of buying your first home in Saskatoon but don’t let it get you down. Look at all options when purchasing a home in Saskatoon and weigh the pros and cons. Get on that first stepping stone and buy a home in Saskatoon soon! Don’t forget that there are also several small towns around Saskatoon such as Warman, Martensville, Osler, Rosthern, Asquith, etc where you can generally purchase homes for a bit less than the city.

For more real estate questions or to contact a realtor in Saskatoon, call or email me today.

Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd.
www.karicalder.com

Posted in Buyers, Saskatchewan Real Estate, Saskatoon Real Estate | 1 Comment »

Saskatoon Condos

Wednesday, January 23rd, 2008

If you are just starting out in the real estate market in Saskatoon, buying a condo in Saskatoon might be the best start. Buying a house in Saskatoon as a First Time Home Buyer is a lot more challenging than it was a year ago. When you are looking at buying a house now and it is your first time and you cannot spend more than $250,000 and you want to be in a safe area, most buyers are finding that they have no choice but to purchase a condo instead of a house. There is nothing wrong with starting out in a condo in Saskatoon as this is a great way to get into the market.  As many of you know the Saskatoon Real Estate market has seen huge growth and buyers must take that into consideration when looking to get into the market.

Condos in Saskatoon have many positives such as not having to worry about exterior maintenance, some units include water, heat, etc. But you have to do your due diligence and make calls to the appropriate parties (Sask Power/City of Saskatoon/Sask Energy, etc) to confirm what is and is not covered under your monthly condo fees.

Condo living is easy in general and with the growing number of people living in Saskatoon but working out of town for days and weeks at a time, buying a condo in Saskatoon would seem like the best thing to do.

Young condo owners are also growing in leaps and bounds due to the affordability and many people don’t want to worry about a yard, shoveling snow in the winter, exterior maintenance, etc. With our hard working society and many people juggling jobs, school, kids, etc it is nice to live in a condo as it is easier and saves you time.

Older people are also buying condos in Saskatoon as they recognize their limitations in home ownership once they get to a certain age. Instead of fighting it, many people are getting out of their houses and into condos at an earlier age so that they can enjoy life a bit more.

It seems that many people are now buying condos in Saskatoon as both investments and as residences. Unfortunately, many first time buyers want it all but are realizing that they may have to settle for something smaller, just to get their foot in the home owners market of Saskatoon. I am a big advocate of purchasing condos in Saskatoon as that was my first purchase. It got me started in the market and I have since been able to move up to buying a house in Saskatoon.

If an investor is buying in Saskatoon and his or her purpose is to utilize the condo as a rental unit, they are generally helping our community out as our vacancy rate is so low. So, if you are sitting on the fence about whether to buy a house in Saskatoon or buy a condo in Saskatoon, ask yourself what your lifestyle suits best as well as what your bank account can afford.

Contact me for more information on buying a condo in Saskatoon.

Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd.
www.karicalder.com

Posted in Buyers, Current Market, Saskatchewan Real Estate, Saskatoon Real Estate | No Comments »

Saskatoon Vacancy Rates at an All Time Recorded Low

Tuesday, December 18th, 2007

I think we all have heard about the condo conversions taking hold of our city, but the annual survey by the CMHC (Canada Housing and Mortgage Corp) has proven that our Saskatoon vacancy rate has fallen to an all time low with a 1.2% apartment vacancy rate. But, despite all that you hear about the rental increases, the average monthly rent for a 2 bedroom apartment in Saskatoon is just under $700; up only $85 per month since last year. The north end of Saskatoon as well as Nutana are both almost at 0% vacancy.

One of the reasons behind this is the booming housing market in Saskatoon we have been experiencing. Unfortunately it is harder for first time home buyers to get started in the Saskatoon Real Estate market now that prices have gone up, but there are still many options to get people started in the market. Just talk to a Saskatoon Realtor ® about how you can get started (and feel free to contact me!). Real estate in Saskatoon is still attainable for many people if you talk to the right professionals about how.

One of the ways of combating this low vacancy rate and increased housing costs in Saskatoon has been to build suites in homes to help pay the mortgage. This benefits both the home owners as well as the thousands affected by the rental shortage.

We hope that the new government will address the issue as if they do not, we will see a huge problem in Saskatchewan very quickly.

Any opinions out there? Please give me your points of view on this topic and how it can be addressed. As a real estate agent in Saskatoon I see every side of the topic and it is nice to get opinions from real people out there. Thanks!

Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd.
www.karicalder.com

Posted in Buyers, Current Market, News, Saskatoon, Saskatoon Real Estate, Sellers | 1 Comment »

Steps in Buying a House

Thursday, November 15th, 2007

#1 Decide who is going on title of the house (important when you are purchasing a house with anyone other than your spouse or common law partner)

#2 Be pre-approved by a bank or a mobile mortgage specialist-online mortgage calculators can only do so much and a bank or other mortgage professional will be able to determine EXACTLY what you can afford to pay, so utilize their expertise…it is free after all!

#3 After you have met with a bank and have your limit, meet with me and I will go through the process and show you what is available in your range. We will discuss things such as what features you want in a property (what you can and can not live without), which area you would like to live in the city, importance of schools, and what price range you are comfortable with.

#4 Now that you know what you want and what you can spend, that is when it is time to start previewing properties and not until then. It is disheartening for people who think their credit is better than it actually is and they start looking at upper ranges of properties just to find out that they cannot afford this property. It is not a good use of time or energy, so don’t get ahead of yourself! Once you have your price limit I will start sending you listings and you can weed through those online or verbally and we can narrow it down from there and THEN get out and start looking.

#5 Start looking! But give yourself limits and guidelines and take notes as, after a couple of houses you will forget which one had which feature or special thing that stands out. Trust your gut and if it feels right, go for it! Remember, it may not have exactly everything that you like, even if you built your own home it could take you 3 or more times to get it completely right, but some things are quick cosmetic fixes and you have to decide what you can do and what you will not do.

#6 Now is the time to put in the offer. Your agent will help you determine if the asking price is fair or, if negotiating, how much is fair to negotiate and your agent should let you know that offering too low may offend the vendor and you don’t want to risk that as they will continue to think you are trying to take from them. Don’t wait a few days or a week, or even one day if you think it is the right property. Act fast as someone may beat you to the punch and you may be very disappointed and not find something you like again for a long time. The market generally goes up as well so you may even end up paying MORE than what the first one was listed for due to the market changes and having to wait to find something else.

As always if you have any questions please feel free to contact me at karicalder@sasktel.net or visit my Saskatoon real estate website.

Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd.
www.karicalder.com

Posted in Buyers, Saskatchewan Real Estate, Saskatoon Real Estate | No Comments »

Waiting Until Spring to Buy?

Wednesday, November 14th, 2007

I know most people don’t want to move in the winter, however your best chance of getting a house without going into a bidding war is to buy in the next few months. Sellers are more motivated as the market is a bit slower and they may be able to work with your possession date…or at least meet you half way. You are currently seeing houses selling for list price or marginally above or below and only small competitions if any (sometimes 2 offers will come in on the same property at a close enough time that gives the sellers the ability to counter offer one of them and to have a fall back option if possible). Some houses are over priced still therefore you do see a larger variation from list price to sale price, but this is generally not the case. Most people predict the Saskatoon real estate market will take off again in the spring, but most also doubt it will rise to the extent it did last year as our wages cannot sustain that big of a jump again. If you want to avoid multiple offers and try to get a good house before the competition, get started now! It may take awhile to find the right house, but you don’t want to wait yourself out of a great house so get going sooner than later. Many people had regrets due to last winter/early spring as they thought they would wait and now they can’t afford to buy a house at all.

If you have any questions about the Saskatoon real estate market please feel free to contact me at anytime!

Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd.
www.karicalder.com

Posted in Buyers, Saskatoon, Saskatoon Real Estate | No Comments »

First Time Buyers

Tuesday, October 30th, 2007

I love working with first time buyers as I was also a first time buyer just a couple of years ago and I remember the excitement, trepidation, questions upon questions, and the end result of the greatest sense of pride of ownership as it is so new! Not the house usually, but the sense of pride of finally having your own home and something that is entirely yours. To know that you are not paying someone else’s mortgage is very empowering.

I remember when I first bought, I don’t think I slept from the time the house was bought until I got possession…3 months later!!! I would lie in bed and picture where I would put my furniture, I was out buying furniture and storing it at my friends places until I got my house, and I had my paint picked out 2 months before I even moved in. Was I excited?? Lol, just a wee bit! Luckily everything I bought and picked out fit just fine and when I finally moved in I was able to sleep again.

It is completely normal to get buyer’s remorse though, don’t worry if you do. You almost get ‘cold feet’ but that is okay, just don’t get so scared you decide not to do it as it is normal. I know I did, I was worried I had made a mistake, however I found out that while I was waiting for possession I was building equity as prices were going up, and this was well before our big boom here. Normally this is what should occur. I think with my excitement and not sleeping was also partially worry, but my first night there I knew it was right.

I think one of the biggest reasons I am in real estate is for the highs; and new home buyers’ excitement is contagious and definitely constitutes the highs of the job. There are always lows, even with new home buyers, but it is a big learning curve for them and as agents we have to remember how it feels and to have patience.

It is great to see people as young as 18 getting their foot on that first rung of the real estate ladder.

There are so many options now for people with good credit that it makes it easier and it just makes sense. In general it seems to be much easier for people to get mortgages and with all the options out there with all the different banks, I always advise my clients to shop around to get the best rate and the best option. Just like anything, it is always smart to get a second opinion so ask me if I have someone that might be able to help.

With young first time buyers usually come their parents, which I think is great. They are also usually proud to see their kids getting started in one of the safest investments out there. Some parents are a little over protective and I do have clients who feel the need to apologize, but I also have over protective but very well meaning parents, so I say bring them on! Don’t be afraid to bring them along once we find ‘the one’ for a second look. Be glad if they are there to help you spread your wings, it is a big step for them too and also emotional for them.

Just remember that all of the feelings are normal and not to hesitate to ask me or talk to me about what you are going through as I can help you out. And invite me to your housewarming so I can see how happy you are and the pride you feel!

As always please contact me if you have any questions!

Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd.
www.karicalder.com

Posted in Buyers, Saskatoon, Saskatoon Real Estate | No Comments »

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