Committed to going the extra mile and ensuring that all of your needs are successfully met in a professional and honest manner. For Service and Commitment, let me help guide you with your next purchase or sale.
Let's work together to make it a smooth and successful process. From pricing strategy to marketing expertise, I'm committed to getting you the best results!
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(250) 262-7496
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Living in an “information age,” the answers to nearly every question are just a click away. Problems find solutions, mysteries are solved, and the world seems to spin faster, but how do we verify that the information is correct?
With 90% of consumers beginning their home search online, virtually anyone can make a reasonably educated guess on what the value of their home is. Sellers can explore similar houses with similar features and cross-reference those with listings in their neighbourhood to see what buyers are looking for and how much they are willing to pay. As a buyer, this leaves you wondering whether you are paying a fair price for your dream home. Fortunately, some professionals conduct Home Appraisals, giving everyone involved in the transaction peace of mind.
Home Appraisal
A home appraisal is an objective assessment of a property’s value conducted by a licensed or certified appraiser. The home appraisal provides buyers with a market value of the home based on several factors, including the property’s location, age, and current condition. A home appraisal generally costs between $300-$400, and along with providing security to all parties involved, it is also used to satisfy mortgage requirements.
During the appraisal process, the appraiser visits the property and conducts a thorough inspection, taking note of its physical characteristics, features, and any improvements or renovations. The appraiser also considers factors such as the neighbourhood, proximity to amenities, and recent sales of comparable properties in the area.
After gathering all the necessary information, the appraiser uses a combination of valuation methods, including the sales comparison approach, income approach (for rental properties), and cost approach, to arrive at an estimated value for the property. The final appraisal report provides a detailed analysis and justification for the determined value.
Mortgage financing companies want to know the value of the property they are providing a loan for, should the buyer not be able to pay their mortgage. By getting a home appraisal, all parties can feel secure in the sale, knowing they are making a good investment and receiving a fair arrangement.
Current Market Assessment
A current market assessment (CMA), also known as a market analysis or market evaluation, is an evaluation of a specific market’s current state and conditions. It involves gathering and analyzing data to understand the dynamics, trends, and factors influencing supply, demand, and pricing within a particular market segment or industry. There are several elements considered:
Market Size and Growth – The market is assessed regarding sales volume, revenue, or other relevant metrics. Additionally, historical data and trends are analyzed to determine the market’s growth rate over a specific period.
Market Segmentation – A CMA identifies and categorizes the market into segments based on various factors such as demographics, customer preferences, product types, or geographic locations.
Competitive Landscape – A CMA evaluates the competitive environment within the market, including the number and strength of competitors, their market share, key players, and their strategies.
Supply and Demand Analysis – The market’s balance between supply and demand is examined. This includes analyzing inventory levels, production capacity, consumer preferences, and pricing dynamics.
Market Trends and Influencing Factors – Key trends, drivers, and external factors that impact the market are identified and analyzed. This includes technological advancements, regulatory changes, economic conditions, consumer behaviour, and social trends.
A home appraisal is not to be confused with a current market assessment. Typically, a CMA is provided by your local real estate agent during the listing process and is complimentary. This report assists with determining the home’s asking price, using current housing market information such as supply and demand, seasonality and home information like location, age, square footage and more.
Although both reports are similar and use relatively the same set of criteria, a CMA is ultimately determined by what current buyers are willing to pay for the home in a range acceptable to the seller. A Home Appraisal is based strictly on the physical attributes of the house.
Ensure you are prepared and ready for anything in your home-buying journey. Are you interested in getting a Current Market Assessment on your home? Connect with me today!
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If you are interested in purchasing a residential property in 2023, the competition will be fierce as housing supply remains tight and demand begins to be renewed. Mortgage rates have likely peaked, the consumer remains in decent shape, the Canadian government’s immigration program anticipates seeing hundreds of thousands of newcomers in the next couple of years, and the national economy is holding steady.
While housing affordability is not at the forefront of the federal government as it was in the last election campaign, many local governments are taking action to ensure that more Canadians can achieve the dream of homeownership. But will this be enough to increase housing opportunities and ownership rates? Many industry observers argue that federal policy proposals, such as home renovation tax credits and co-housing CMHC-backed mortgages, might not be enough to curb sky-high prices. Instead, policymakers need to facilitate more supply initiatives, like streamlining new developments and speeding up the application process.
Indeed, despite the housing correction over the last 18 months, prices are still above their pre-pandemic levels, be it a detached residential property in Atlantic Canada or a condominium in downtown Toronto. This has left many Canadian households to continue renting, which has also become an exorbitant expense in plenty of markets.
So, are these trends weighing on homeownership rates across the country?
Home Ownership Rates Drop Across Canadian Real Estate Market
Since the beginning of the century, the homeownership rate in the Canadian real estate market has steadily risen, climbing from 63.9 per cent in 2000 to an all-time high of 68.55 per cent in 2019. However, according to Statistics Canada, the national homeownership rate slipped to a four-year low of 66.5 per cent in 2022. In all provinces, homeownership rates have been on the decline.
Here is a breakdown of provincial homeownership levels:
Put simply, the homeownership rate is higher at the provincial level than nationally. However, the two most populous and expensive Canadian real estate markets – Ontario and British Columbia – are closer to what it is nationwide.
In addition, Canada ranked 23rd among Organisation for Economic Co-operation and Development (OECD) countries. This was also below the OECD’s average of 71.5 per cent.
Overall, everything that has transpired over the past year, from higher interest rates to slowing economic conditions, has discouraged young Canadians about owning a residential property.
Survey: Young Canadians Discouraged About Homeownership
According to the Bank of Montreal’s recent Real Financial Progress Index, 68 per cent of Canadians feel purchasing a home is out of reach. Seventy-one per cent of Generation Z Canadians (18 to 24) are most likely to share this view. This is followed by 69 per cent of younger millennials (25 to 34) and 65 per cent of older millennials (35 to 44).
The June 2023 survey from the financial institution revealed that 67 per cent of Generation Z Canadians plan to defer their home-buying efforts, while 73 per cent of younger millennials postpone their home-buying plans.
“While the challenging market and economic conditions may pose hurdles and uncertainty, we encourage Canadians to work with a professional advisor or planner to explore the many paths to homeownership,” said Gayle Ramsay, the head of everyday Banking, segment and Customer Growth at BMO, in a statement.
Finally, 71 per cent of Canadians consider housing costs the third largest source of financial anxiety, following unknown expenses and concerns about their personal finances.
Another Stark Revelation: Falling Housing Investment
Housing investment is falling across the country.
Statistics Canada recently reported that investment in building construction slumped 1.3 per cent in March to $20.3 billion. Within this category, residential sector investment construction tumbled 2.1 per cent to $14.6 billion, while non-residential sector spending rose 0.9 per cent to $5.7 billion.
The statistics agency discovered that investment in single-family homes dropped 1.8 per cent to $7.9 billion, with seven provinces recording declines. Moreover, multi-unit construction slipped 2.4 per cent to $6.7 billion, led by Ontario (-4.7 per cent).
This trend is seen in new housing construction activity data Canada Mortgage and Housing Corporation (CMHC) data show that housing starts declined 23 per cent month-over-month in May, totalling 202,494 units. Despite an immense jump in April, it was down considerably in March at 213,800 units.
Rishi Sondhi, an economist at TD Bank, says this has been expected due to declines in home sales feeding “into falling construction activity.”
“This is also consistent with permit issuance, which has dropped to 2019 levels, before the pandemic-induced runup in demand and construction,” Sondhi wrote in a research note.
“That said, starts are volatile and not every data point will move in a straight line downwards. Even with today’s decline, starts are tracking 4% higher than their first-quarter average, thanks to an April pop. This, alongside what will likely be a super-sized gain in home sales should generate a positive second-quarter growth print for residential investment, supporting the overall economy.”
Heading Into 2024 – and Beyond!
The Canadian real estate market has many storylines to follow, from high borrowing costs to tight inventories. The coming year should be an exciting time in Canada, with many components that could weigh on or support the direction of the overall housing activity, be it interest rates or local reforms. Whether prices will rebound in the second half of 2023 and heading into 2024 remains to be seen.
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If you're considering selling your Fort St. John home, we're here to help you smoothly transition to the next chapter.
We're experienced and know the market inside out and are ready to showcase your property's unique charm.
Let's maximize your home's potential!
Closing the deal on a real estate transaction can be an exhilarating yet complex process. As you approach the finish line, it's crucial to ensure that all the necessary steps are taken to facilitate a seamless transition from buyer to owner. In this guide, we'll walk you through the essential elements of preparing for a successful closing, ensuring that every detail is accounted for.
1. Completing Repairs and Inspections: Before closing, it's essential to address any repair issues that were identified during inspections. Work closely with your real estate agent and contractors to ensure that all repairs are completed to the satisfaction of both parties. A well-maintained property builds trust and ensures a smoother closing process.
2. Submitting Disclosures: Transparency is key in real estate transactions. Ensure that you've provided all required disclosures about the property's condition, potential issues, and any historical data. This information helps buyers make informed decisions and can prevent future legal complications.
3. Reviewing Closing Costs: Closing costs can be a significant financial aspect of a real estate transaction. Review the estimated closing costs with your agent and lender well in advance. Understanding these costs will help you prepare financially and avoid any last-minute surprises.
4. Signing Documents: The closing process involves a substantial amount of paperwork. From loan documents to the property deed, ensure that you thoroughly review and understand each document before signing. If needed, consult a real estate attorney to clarify any legal aspects.
5. Handing Over the Keys: The symbolic moment of handing over the keys marks the official transfer of ownership. Coordinate with your agent and the buyer's representative to ensure a smooth exchange. Prepare any necessary instructions, such as alarm codes or appliance manuals, to make the transition as seamless as possible.
6. Closing the Transaction: Closing day is the culmination of weeks or even months of work. Ensure that you have a clear schedule for the day, allowing ample time for the final walkthrough, signing documents, and any last-minute clarifications. Be patient and prepared for potential delays.
In conclusion, preparing for closing involves a series of meticulous steps that demand attention to detail and effective communication. By completing repairs, submitting disclosures, understanding closing costs, carefully reviewing documents, facilitating the key handover, and navigating the final stages, you'll increase the likelihood of a successful and hassle-free closing.
Remember, partnering with a knowledgeable real estate agent and, if necessary, a real estate attorney, can provide invaluable guidance throughout the process. Now that you're armed with these tips, you're well on your way to confidently closing the deal on your real estate transaction.
Your journey to a seamless closing begins with knowledge!
I welcome the opportunity to help you have the competitive edge you need in today's market. Reach out now!
Dan Petersen
Re/Max Action
(250) 262-7496
dan@remaxaction.ca
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I can provide you with a comprehensivehome evaluation that will provide the insights you need to stand out in the market. Get in touch today!
Dan Petersen
Re/Max Action
(250) 262-7496
dan@remaxaction.ca
Start Home Evaluation
I'd love to help! Take the first step towards a successful sale by callingfor a personalized home evaluation.
Dan Petersen
Re/Max Action
(250) 262-7496
dan@remaxaction.ca
Start Home Evaluation
As the famous saying goes, don’t judge a book by its cover – except, of course, when we’re talking about real estate. When buyers are hunting for their dream home, curb appeal can be the deciding factor on whether or not they want to take a closer look inside. Here are five curb appeal tips to set your listing apart from the others on the block.
Improve Your Curb Appeal | 5 Easy Tips to Get Started
Start with the Basics
One of the first things potential buyers will see is your driveway, and it is one of the easiest things for you to fix. Ensure your garbage and recycling bins are always neat and tidy, and keep an eye out for garbage and debris that you can easily clean up as it appears. Look for cracks in the sidewalk and driveway, and hire a professional to fix them up so guests will be impressed as soon as they step out of their car.
Be the Light in Their Eye
From taking the perfect selfie to making your home brighter, we can all agree that lighting is important. Not only should you ensure all light bulbs are working correctly, but make sure that your lighting fixtures are clean, stylish, and in good condition. If you have it in the budget, updating your light fixtures can have a large impact on your curb appeal.
Groom the Gardens
Not everyone has a green thumb, but even if your gardens aren’t the envy of the neighbourhood, you can still ensure they are clean and well maintained. Overgrown flowers and shrubs can be unappealing and turn away potential buyers, and taking care of them is simple. All you will need is a pair of garden shears and a little elbow grease and your yard will be in tiptop shape in no time!
Give the Lawn a Trim
There is nothing like an unkempt lawn to turn away buyers! Tending to your lawn is important whether you’re selling or not, but ensuring your grass is healthy and regularly cut will be a big key to your success. If you’re lawn isn’t quite as green as you would like it, you can also spray your lawn with a green spray paint that is created specifically for grass and is both non-toxic and environmentally friendly.
Clear the Dirt!
Over time, your home can build up a fine layer of dirt. Fortunately, it is easy enough to clear it off! Whether it’s a pressure washer or the strongest setting on your garden house, clearing off that extra dirt is an easy task for a lazy summer afternoon in the sun! Start with the sidings of your home, and from there take it to the sidewalks, driveway, and anything else that could use a bit of freshening up.
The best part about summer curb appeal is it doesn’t need to be an annoying task you put off for weeks. Wait for a weekend where the sun is shining bright and the air is warm, and start checking these items off your list. With the beautiful weather and a cold glass of lemonade you will have the best curb appeal on the block in no time at all!
Curious what your home is worth? Connect with me for a complimentary market evaluation!
Dan Petersen
Re/Max Action
(250) 262-7496
dan@remaxaction.ca
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Let's get started! Schedule a personalized home evaluation today and discover the true value of your property. Call now!
Dan Petersen
Re/Max Action
(250) 262-7496
dan@remaxaction.ca
Start Home Evaluation
Selling your home in Fort St. John, BC? Here are 5 common concerns sellers are facing right now:
Pricing strategies: Determining the right price is crucial for attracting buyers in a competitive market.
Staging for success: Properly staging your home can make a significant difference in capturing buyers' attention.
Market conditions: Stay informed about the current real estate market trends and adapt your selling strategy accordingly.
Negotiating offers: Skillful negotiation is essential to ensure you get the best deal possible for your property.
Legal complexities: Understanding the legal requirements and paperwork involved in the selling process is essential to avoid any complications.
Take the first step towards a successful home sale in Fort St. John. I understand the concerns you may have about pricing, timing, and marketing. I'm here to help you navigate the dynamic real estate market with confidence.
Contact me today for a personalized consultation, where I'll provide you with valuable insights, market analysis, and effective strategies tailored to your specific needs.
Don't let these concerns hold you back – let's work together to achieve your home-selling goals. Call now to get started.
Sitting down and planning a home renovation can quickly become overwhelming when costs start adding up. Even with a budget, you’ll likely find yourself going over which is why it’s crucial to add in that 10-20% contingency fund. It’s totally possible to renovate affordably if you invest a bit of time and effort. Here’s how to renovate your home on a budget without sacrificing quality.
Increase Efficiency, Not Size
Storage can be a problem and needing to renovate to gain more can be costly. Recognizing and equipping the room for maximum utility will save you from having to remove walls entirely. If it’s vital to enlarge the size of the room, inquire if it’s at all possible to remove a wall instead of creating an addition. This helps will that brand-new feeling and improves flow without costing a ton. Be sure to check if the wall you want to remove is wall-bearing (if so, it will be more difficult to move and will cost you).
Refinish Instead of Replace
As a homeowner, it’s easy to get caught up on the cosmetics and when something looks worn down and old, instinct is to rip it down and start over. There is, however, ways to refresh a space without completely redoing it. A fresh coat of paint goes a long way; you can add an accent wall with a splash of a fun colour or keep things neutral throughout with lively décor.
Kitchen backsplashes have become increasingly easier for homeowners to install themselves which would help revamp the space. A runner down the hallway or on stairs can hide large marks and give new life to high-traffic areas. Fresh caulking around a tub can go a long way in making your bathroom look new and old furniture can be spruced up by refinishing the wood or reupholstering the material. The possibilities truly are endless.
Reuse and Recycle
What you’re tired of in one space might refresh another. Kitchen cabinets can be used in a basement kitchenette or in the garage and knobs and light switches are easily interchangeable. Simple rearranging can completely change the look and feel of a room without costing a dime
If you are willing to put in a little time, to reap big savings, search online or thrift stores for items at a fraction the price.
Are there disadvantages of recycling? Several contractors will not work with salvaged items, or homeowner-supplied items in general, because they don’t want to assume the liability if something goes wrong. However, if you are doing most or all of the work yourself, you can find plenty of materials simply by looking around a little bit.
DIY When Possible
It’s always worth doing at least some of the work yourself. There are plenty of jobs that can be done, such as demolition, painting, sanding, or insulating to save yourself some money.
But before you begin, make sure you have a plan. If you are not specific about what you want both with yourself and any contractors, you will end up costing yourself more money by potentially performing renovations that you don’t end up loving.
Reach out with any questions anytime! It would be a privilege to serve as your Realtor.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
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Source: How to Renovate Your House on a Budget | Re/Max | February 17th, 2023
In recent years, home sellers have had the advantage but since the market conditions are expected to shift, questions may be arising about what a balanced market is. During the peak of the pandemic, cities across Canada experienced extremely high home prices, from single-family residential properties in highly populated areas to townhomes in rural communities.
Homebuyers had to overcome bidding wars which resulted in some buyers ditching best practices, including home inspections. The market swiftly changed to a seller’s market due to unprecedentedly low mortgage rates. The Bank of Canada (BoC) continues to raise interest rates and the housing market in Canada is moving towards a balanced market. So, what does this mean?
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Watch Video
Source: What Is A Balanced Market | Re/Max | January 14th, 2023
Most home sellers have two main objectives: to sell quickly and for the highest price. The beauty of owning real estate (whether it’s a principal residence or an investment property) is that historically, it has yielded solid returns to Canadians who are in it for the long haul. Indeed, equity gains in Canadian real estate have been notable in some particularly hot markets, with the proceeds used to fund everything from the purchase of a bigger and better home, to retirement, travel, an investment strategy, or life’s next big milestone – whatever that may be.
A number of major cities across Canada have experienced tight market conditions over the last few years, but a slew of interest rate increases in 2022 have eased demand, prompting a market shift in many Canadian regions. In fact, balanced conditions are expected to occur in 60% of Canadian housing markets this year. This means sellers are unlikely to see the same frantic buyer competition that defined Canadian housing markets during the pandemic.
There are many possible reasons houses don’t sell, ranging from broader economic and market conditions, right down to the condition of the property itself. Here are some of the most common reasons houses don’t sell, and how to avoid them.
Reasons Houses Don’t Sell
1. Wrong Listing Price
To you, your home may be priceless. After all, you have an emotional attachment to the place you call “home.” However, to a buyer, that is not the case. Ultimately, it doesn’t really matter what the homeowner, or even the listing agent, thinks a house is worth. The only thing that matters is what the buyer is willing to pay.
The right listing price will likely be a combination of a few factors, such as the market conditions, the home’s condition and the seller’s circumstances. Home Value Estimators are readily available online and are a great resource to give you a ballpark idea of what your home is worth. I will pull recent sales of comparable homes in the same neighbourhood. Then, based on the condition of the home and how desperate you are to sell, I will recommend a listing price.
The listing price is the first impression homebuyers will have of your home. When a buyer decides to start shopping for a new home, step one is creating a budget. With this number in hand, step two is to browse online listings. Within that price range. Success can come down to a few dollars over or below that specific threshold. This is why it’s important to be realistic when it comes to pricing the home.
While overpricing a home is a concern, so too is underpricing it. Buyers may wrongly assume that a home priced well below market value has something wrong with it, or that the seller is hoping for a bidding war – both turn-offs for homebuyers.
2. Bad Listing Photos
Believe it or not, bad listing photos can be a reason that your house is not selling. Although many homebuyers will still drive around on a Saturday or Sunday afternoon in search of “Open House” signs, most shoppers today take a more targeted approach to their home hunt. They hit the streets armed with a budget, their list of liveable locations, the features their future home should have, and specific addresses of homes for sale that are worth an in-person tour. So, how do you get on that list?
Enter the real estate photographer and this adage: a picture is worth a thousand words. I will arrange for listing photos that will show your home in the best possible light.
On the flip side, don’t be a catfish. Nothing is worse than falling in love with the listing photos and taking the time to attend a showing, only to discover that it isn’t as it's presented. Good and honest listing photos are a critical part of your selling strategy.
3. Didn’t Stage the Property
While it’s important to showcase your listing in a realistic way, it never hurts to do a little primping before putting up the “For Sale” sign. Some buyers have trouble seeing past what a home is and visualizing what it could be. Staging a home can help highlight its best features, minimize the worst, and give prospective homebuyers some inspiration as to how they can use the space.
Remember that as a home seller, you’re not only selling the property but you’re also selling the idea of “home.” This is why putting an empty house on the market can be a big mistake. An empty house may leave the impression that it is smaller than it actually is, or that it’s uncared for.
4. Unfavourable Market Conditions
When it comes to selling your home, there are many things within your control. Others are wild cards, as far as the seller is concerned. Factors such as a growing or declining population, economic conditions, interest rates, housing demand and supply, and even the weather can all be reasons why a home is not selling.
What you can control, however, is when you choose to sell your home. I can help you time the market. I have the market experience to speak to what is happening in the real estate landscape, and to predict what may happen down the road.
While you can’t control things like the job and housing markets, these are still important factors to consider when deciding if now is a good time to sell. Determine when your house is most appealing to homebuyers. The return of spring tends to rouse homebuyers out of hibernation. Similarly, keep your ear to the ground for other circumstances that may affect home-buying trends, such as an upcoming employment boom or new developments in your area that may increase housing demand.
Sometimes it can be tough to pinpoint why a home isn’t selling. At other times, it’s painfully clear. I'll provide important insight into what you’re doing (or not doing) that may help or hinder the sale.
5. Didn’t work with a professional.
Selling a home can be complicated, even under favourable market conditions. Know that market conditions can change quickly, impacted by everything from local, national and international economies, to population fluctuations and even the weather. Especially in uncertain times, a little professional help can go a long way.
While most homebuyers and sellers will only have a limited number of transactions under their belt, an experienced listing agent has handled hundreds of home sales under a variety of market conditions. Let me guide you through the twists and turns of the housing market.
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Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Source: 5 Reasons Houses Don't Sell | Re/Max | January 20th, 2023
Selling your home doesn't have to be complex. Marketing your home is essential to finding and impressing potential buyers. Here's some insight into how to get the most exposure for your listing.
If you're ready to list... call me today for a complimentary market evaluation of your home.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Professionals in my Referral Network bring you peace-of-mind during a busy time. You can trust them to deliver the same high level of customer service that I provide.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
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