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Buying your first home is an exciting process.  You’ve probably worked hard and made lots of smart decisions to get you closer to your goal of becoming a homeowner.  More so than any other purchase, it’s important to educate yourself in several areas and set realistic expectations.

Understand the current market conditions.  The real estate market is always changing.  Sometimes it favours buyers, sometimes it favours sellers.  It can be affected by a variety of factors including interest rates, available inventory, consumer confidence, and even the weather.  You need to work with a local real estate professional who understands the market in your area.  This will equip you to make the right decisions and negotiate wisely when purchasing your first home.

Sit down with a mortgage professional.  It’s easy to get caught up in the purchase price of a home, but the monthly payments are what will really have an impact on your budget.  A mortgage professional will take the time to help you figure out exactly how much you will need to put aside for your down payment, what kind of interest rate you can expect, and how much your new home will cost you on a monthly basis.

Research how far your money will go and consider the various housing options within your budget.  Although you may have a particular type of house or neighbourhood in mind, you might be pleasantly surprised if you step outside your comfort zone.  Take the time to see properties in person, think about your long term goals, and weigh out the pros and cons of whatever is available in your price range.

Don’t bite off more than you can chew.  If you are looking at homes that need some TLC, bring someone along who can help you understand the scope of the project.  Renovations can be a profitable investment in the right areas, but you need to do some homework ahead of time to make sure it’s worth your time and effort.  With a little research and the help of the right professionals, buying your first home will be an exciting and rewarding experience.

Are  you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.

About Bryon Howard

Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.

Source: dorward.ca

At the end of each year, clients and friends are often eager to know my opinion about the state of the Calgary real estate scene, or, on occasions, even the whole of Canada. I often receive questions like: “Is next year a good year to buy a home?” Another popular question people tend to ask me is: “Will my property’s value appreciate next year?”

I can’t say that my take on the real estate industry is definitive, but I did notice a few trends which I will use as basis for some of my projections in this blog.

Zeroing in on Calgary

Based on economic indicators and real estate figures this year, I can see Calgary’s residential real estate market growing even bigger in 2013, thanks in no small part to the solid economy and strong consumer confidence.

Industry insiders will tell you that 2012 had the highest level of sales activity in the last five years. That’s a good sign and indicates a stable economy. They expect to see this sales activity increase even more in 2013.

What does this mean for buyers and sellers and homeowners? Here are a few things that I see happening in the Calgary real estate industry in 2013:

• Stable property values – Homeowners can rest easy knowing that the value of their investment will appreciate or at least remain stable as employment growth, rising incomes, and low mortgage rates will help sustain demand for housing. In addition, net migration is expected to increase to 20,000 people largely due to the oil and gas sector which is a key industry and is a major factor in generating growth and prosperity. MLS sales are seen to increase by 15.7 percent or 26,000 transactions because of net migration. Moreover, sales prices in the Calgary region are projected to rise by 2 percent or $411,000 and by another 2.7 percent 422,000. 
  

• Good time to buy a home – In recent years, more Calgary residents have been buying property, due to the low interest rates.  With low interest rates expected to continue next year, it’s a good time as any to consider buying a new home.
  

• Good time to sell – A recent report on the Calgary real estate market showed that single-family homes were most sought after in 2012. More than 60% of sales of residential properties were single-family homes that cost below $450,000. So if you have a single-family home and would like to move to a bigger one, you have a good chance of selling it in 2013, especially if it’s under the $450,000 price point.
  

• Strong activity seen in certain Calgary neighborhoods –Killarney, Hillhurst, Marda Loop, Mount Royal, and the Foothills exhibited strong activity resulting in the values of properties in these areas to increase.       One of the reasons that in these areas easily moved is because of their strategic location and proximity downtown.  If you have a few properties in these neighborhoods, next year seems like a good time to sell it, especially with rising demand.
  

• Office real estate increases in value– Calgary’s office real estate market has also strengthened this year, compared with 2011. One indication of this is the premium rates that office spaces in certain Calgary areas demand.

The 8^th Avenue S. W. Strip, particularly, has been listed as the second most expensive street in Canada, next to Toronto’s Bay Street. With its proximity to retail streets, easy access to transportation, and available parking spaces, it’s no wonder that this particular street in Calgary demands an average of $55.33 per square foot, at $76.50 square foot being the top rent.

As you can see, Calgary’s real estate market is strengthening and continues to grow. From the looks of it, moreover, this trend will continue in 2013. Homeowners, buyers, and sellers in Calgary can be confident that real estate will remain a good investment.

Know someone who is looking to make a decision in real estate? If you know any friends, family, or co-workers who are looking to buy, sell, or invest in real estate within the next six months, would you forward this email to them or reply with their contact information? I’ll send them important information about the Calgary, AB surrounding area real estate market and politely ask for their business. I greatly appreciate your valued referrals; it’s the only way I build my business. You can reach me at this number: 403-589-0004

Bryon Howard is a top-producing real estate agent with Re-Max House of Real Estate in Calgary, Alberta. He is in love with his high school sweetheart, an enthusiastic Dad & is crazy about endurance sports. To learn more about Bryon and his real estate tips, head on over to his website.