There’s a good chance you know at least one real estate agent already. Probably someone in your neighborhood, in your church or right there in your own family. Do you want to hire this person to sell your house? Probably not. When you think about it, you’ll be having some serious conversations with this person. You’ll need someone that you can disagree with and not feel bad about it. And don’t forget, you’ll be sharing some pretty intimate financial information with this person. Are you comfortable doing that with Aunt Betty?

When it comes time to sell your home and search for a new home for sale, don’t you wish we could overlook all of the hype and puffery to see who the best agent really is? It’s difficult to compare agents because you simply don’t have the right kind of information to do so. But, all is not lost. There are ways to siphon through an agent’s track record and make a prediction regarding her potential for selling your home. And, regardless of whether you’re a buyer or seller, you need to know stuff. So here are eight ways that you can check this agent out before you sign on the dotted line.

1. Chat with their other clients

Start by getting the names of the agent’s most recent clients, and get their contact information. Also, find out if any of those clients were really happy with their experience, or if any were really unhappy. And also obtain the listing price and the sales price for each client. Also, find out if any of these homes have similar characteristics to yours, like location, price or other amenities. What you’re really looking for is an agent who is an expert in the type of property you’re selling. And when you talk to the sellers, ask how long the home was for sale before it sold.

Irina Mierzewski -Russian Realtor in Edmonton Alberta Canada

2. Verify the licensing

Each province has a board that licenses and disciplines agents in that area. Call the Edmonton real estate board to see if this agent is duly licensed and see if she has been disciplined in any way, or had any complaints filed against her. You can search on www.RECA.ca or email to have your questions answered here

3. Be sure your agent has the proper credentials

We’re living in the age of specialization. Real estate is no different. And even if your agent is a generalist, there are many additional training opportunities that enable the agent to do a better job. So, if you see a bunch of letters after their name and you have no idea what they represent, it means they have gotten extra training in a specialty. Here’s what a few of these stand for:

• CRS (Certified Residential Specialist): Simply means additional classes to help them sell your home.

• ABR (Accredited Buyer’s Representative): This means they have extra education in helping them represent you in a real estate transaction.

• SRES (Seniors Real Estate Specialist): Specialized expertise in working with folks over 50.

• GRI (Graduate, REALTOR® Institute): Agents who have extra knowledge on technical issues, in addition to real estate essentials. Does your agent use the word Realtor? It means she is a member of the National Association of Realtors. These agents pledge to adhere to a special code of ethics. More and more agents today are choosing to become members because buyers demand it.

4. How will you communicate with me?

A break in the communication chain can make the difference between an offer and a sale. Be sure you have an agent that will work with you in the mode of communication that works for you. That might mean fax, text, email or phone.  Is this the person you want? If not, think twice.

5. How long has this agent been in the real estate business

This is one of the things you can find out when you call the Edmonton Real Estate board. Or simply ask directly. Look for agents who have been in the business at least five years. Otherwise, they’re building their learning curve around you. That’s not a good thing. What you really want is an agent who has been actively involved with properties in your category and your price range. Ask if they can actually show that they have done this and just where their name stacks up in your market.

6. Check out their active listings

Go online and check out her listings. You can go directly to the agent’s website, or you can check with Realtor.com, where all of the listings in MLS are listed in a searchable database. Most people start searching for their home with the Internet, so you want to be sure this agent has a good grasp on how to use this tool. Just be sure they look good online. While you’re there, double check to be sure the listings for new homes for sale are similar to your home-same area, same price range. Be sure they have plenty of listings to be a factor online, but not too many that you just get lost in the mix. check the photos of their listings- are they considered to be “bad mls photos”? would you like to have your house photos added to badmlsphotos.com inventory or would you rather have your house sold?

7. Ask about comps

If the agent is really good, she’ll know what’s going on in your area and will know details about other properties close by. Ask her about a specific recently sold house in the neighborhood and see if she can tell you a little about it. You just want to be sure your agent knows your market.

So, be sure you pick the agent that is best qualified to do the job you need done, and someone you can work with. The person you choose needs to know your market, conduct business in the most ethical manner, have all the right answers to your questions and work as a partner with you at all times. To insure that all of these needs are met, call Irina Mierzewski at Realty executives polaris  780-991-9764. With Irina’s extensive experience in the real estate industry, you can rest assured that her qualifications are unsurpassed and her sole interest is getting your home sold.

8.5×11 YEG June 2015

8. Ask about marketing

Is the agent active on social media and internet?Does he has active youtube channel or simply FaceBook professional page? what is being posted there? what kind of marketing can he offer you? that is all very important steps towards your successful sale!

Good luck and with any questions please do not hesitate to contact Irina Mierzewski- your Russian speaking realtor in Edmonton AB Canada

Home staging plays a very important part in successfully selling your house. The impression that the buyer makes of your home is what will determine him to make you an offer for it or keep looking. Here is what a properly staged house should convey to the buyer:

Cleanliness

Your house needs to look spotless. Because we might at times miss something important, it’s recommended to hire a professional cleaning firm at least once before starting to show your house to prospective buyers. While you are at it, it’s a good idea to depersonalize the space – remove family photos and personal items off the shelves, to allow the buyers to feel more comfortable inside your house and not like they are intruding in someone else’s home.

Space

The first thing you need to do in order to create space is to de-clutter. It’s a good idea to just take a look around and remove anything non-essential. Don’t forget kitchen appliances – it’s best to just remove or hide them, same with knives and anything else you might have lying around. Instead, add a vase of flowers or a bowl of fruits.

Your rooms need to look warm and inviting. Furniture can play a significant part here. It’s a good idea to arrange it in such a manner as to maximize the impression of space and at the same time group pieces together to maximize the potential for conversation.

Brightness

Buyers love a house which has enough light. Make sure your windows let as much light through as possible, and change your lamps with stronger ones. You should aim for something in the range of 100w for 50-60 square feet.

Color

It’s a good idea to use neutral colors for areas like the living room and kitchen, because beside being the safer option (different people have different tastes), it also makes a room look more spacious and brighter. For bedrooms however, don’t be afraid to use other colors. Avoid strong, vivid colors like pink – instead go for dark, relaxing colors, which will make the room look more intimate and cozier.

You can further add color to your house by using décor, such as flowers or artwork. Experiment with the way you arrange them, to obtain the best possible effect and draw attention to specific areas of the room.

Every buyer looks for the perfect house. And while it’s true that different people can have very different ideas of what the perfect house should look like, by applying the tips above you will greatly increase the chance that they visualize your house as their future home.

OTTAWA, February 28, 2014 — Following the annual review of its insurance products and capital requirements, CMHC will increase its mortgage loan insurance premiums for homeowner and 1 – 4 unit rental properties effective May 1, 2014.

The increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums. This does not apply to mortgages currently insured by CMHC.

For the average Canadian homebuyer requiring CMHC insured financing, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. This is not expected to have a material impact on the housing market.

Effective May 1^st, CMHC Purchase (owner occupied 1 – 4 unit) mortgage insurance premiums will increase by approximately 15%, on average, for all loan-to-value ranges.

CMHC reviews its premiums on an annual basis and, going forward, plans to announce decisions on premiums in the first quarter of each year.

Based on a 5 year term @ 3.49% and a 25 year amortization

Based on a 5 year term @ 3.49% and a 25 year amortization

The real issue is how much money you have and how much you’re prepared to spend in order to secure the house of your future.
If you are prepared to own two homes for an extended period of time, you could buy the new Canadian house and simply wait until you sell your primary residence.

But if you’re just waiting to find the right house so that you can retire, owning two homes could be a substantial setback to your plan. And if you can’t really afford to own the two houses at once, you might be better off making sure you have a buyer for your current home before trying to buy a home.

The problem is that you still might own these two homes for some time to come. To understand how much of a liability you face, you’ll have to do an indepth study of homes that have recently sold and those that are on the market.
You can do this by looking up the prices of homes that have closed. But if you are unsure of where the real estate market is in your area, just ask me to get my thoughts on the market and how to position your home for sale.

Since you may not have your home ready to sell for almost a year, the market today could be very different from the market next summer. If the real estate market in your area is better now, you might want to consider selling soon. If the real estate market in your area is poor now, it may or may not get better next summer.

Your decision to buy hinges on whether you can see into the future to determine where the real estate market might be. I do know that owning two homes and having the expenses for those two homes is a big burden to bear particularly when you are trying to retire and scale down your home and your way of life.

The REALTORS® Association of Edmonton reports that residential property prices in the Edmonton CMA1 were up again in March. The all-residential price (includes single family detached, condominiums, duplexes and row-houses) rose 3.5% in a month and single family detached prices were up 3.9%. Compared to March 2012, the all residential price was up 4.3% and the SFD price was up 7.0%.

Because of a shortage of lower priced homes, the average price is pushed up as buyers move up-market to find a home. The increase in average price may not increase the market value of a particular property. The relative number of homes sold in the $450-650k price range increased from 12.2% to 14.5% year-over-year while homes under $300,000 dropped from 40.7% of the market to 38.2%.

The average price for a single family detached home was $416,739 in March, condos were priced at $246,574 (up 6.3% m/m), duplex and rowhouses at $316,110 (down 4.9% m/m) and the all-residential average price was $354,759. SFD prices peaked in May of 2007 at $424,400.

The demand for homes in the Edmonton area continues to be driven by net job creation and low unemployment, economic stability and low rental vacancy rates. Sales were brisk with the sales-to-listing ratio up at 57% for March which indicates that almost six of the ten homes listed during the month were sold. Days-on-market was down from 57 in February to 50 in March.

The number of homes available for sale in the MLS® System inventory was up from 4,183 to 4,741 in March. While this is an increase of 558 properties from last month, it is down 15.4% from the same time last year. The lower inventory is exerting upward pressure on prices but has a dampening effect on sales. “When first time buyers cannot find a house that meets their needs or are forced into a multiple offer situation, they often remain on the sidelines. Low interest rates and rising rental rates create the interest and desire but lack of suitable properties means they are not able to make the transition to home ownership at this time.

REALTORS® are facing some multiple offer situations on lower-priced property but overall, the market remains in balance with neither buyers nor sellers having an advantage in most neighbourhoods.

Residential sales in the Edmonton CMA were up 1.14% in March as compared to March 2012. There were 1,497 estimated sales (1,386 reported) on listings of 2,422 during the month. SFD sales were down 6.63% from last year but condo sales more than compensated at 8.84% y/y increase. Note that sales numbers are estimated to reflect late reported sales and make a more accurate comparison with prior month actual sales.

MLS® System Activity (for all-residential sales in Edmonton CMA1)

Amortization –  The number of years it takes    to repay the entire amount of the mortgage.

Appraisal Value –  An estimate of a property’s    market value by a professional Appraiser; used by lenders in determining    the amount of the mortgage.

Debt Service Ratio –  The percentage of a    borrower’s income that can be used for housing costs.

Gross Debt Service (ADS) Ratio –  Gross debt    service divided by household income. A rule of thumb is that ADS should    not exceed 30%. It is also referred to as PIT (Principal, Interest and    Taxes) over income. Sometimes energy costs are added to the formula, producing    BITE, which moves the rule of thumb ADS to 32%.

Total Debt Service (ADS) Ratio –  is the    maximum percentage of a borrower’s income that a lender will consider for    all debt repayment (other loans and credit cards, etc.) including a mortgage.

Equity –  The difference between the price    for which a property can be sold and the mortgage(s) on the property. Equity    is the owner’s stake in the property.

Foreclosure –  A legal process by which the    lender takes possession and ownership of a property when the borrower doesn’t    meet the mortgage obligations.

Mortgage –  A contract between a borrower    and a lender. The borrower pledges a property as security to guarantee    repayment of the mortgage debt. Lenders consider both the property (security)    and the financial worth of the borrower (covenant) in deciding on a mortgage    loan.

Assumable Mortgage –  A mortgage held on      a property by the seller that can be taken over by the buyer, who then      accepts responsibility for making the mortgage payments.

Conventional Mortgage –  A mortgage loan      which is 75 per cent or less of the loan-to-value ratio; and does not      require insurance by CMHC or other private insurer.

First Mortgage –  The first security registered      on a property. Additional mortgages secured against the property are “secondary” to      the first mortgage.

High-ratio Mortgage –  A mortgage that      exceeds 75 percent of the loan-to-value ratio; must be insured by either      the Canada Mortgage and Housing Corporation (CMHC) or a private insurer      to protect the lender against default by the borrower who has less equity      invested in the property.

Open Mortgage –  A mortgage that can be      prepaid or renegotiated at any time and in any amount, without penalty.

Pre-Approved Mortgage –  Tentatively approved      by a financial institution for a specified amount, interest rate and      monthly payment.

Second Mortgage –  A second financing arrangement,      in addition to the first mortgage, also secured by the property. Second      mortgages are usually issued at a higher interest rate and for a shorter      term than the first mortgage.

Term Mortgage –  A non-amortizing mortgage      under which the principal is paid in its entirety upon the maturity date.      Sometimes called a straight loan.

Variable-rate Mortgage –  A mortgage for      which payments are fixed, but whose interest rate changes in relationship      to fluctuating market interest rates. If mortgage rates go up, a larger      portion of the payment goes to interest. If rates go down, a larger portion      of the payment is applied to the principal.

Vendor Take-Back Mortgage –  When sellers      use their equity in a property to provide some or all of the mortgage      financing in order to sell the property.

Mortgage Life Insurance –  Insurance that    pays off the mortgage debt should the insured borrower die.

Mortgage Payment –  The regular installments    made towards paying back the principal and interest on a mortgage.

Mortgagee –  The person or financial institution    lending the money, secured by a mortgage.

Mortgagor –  The property owner borrowing    the money, secured by a mortgage.

Mortgage Broker –  A person or company having    contacts with financial institutions or individuals wishing to invest in    mortgages. The mortgagor pays the broker a fee for arranging the mortgage.    Appraisal and legal services may or may not be included in the fee.

Mortgage Insurer –  In Canada, high-ratio    mortgages (those representing greater than 75% of the property value) must    be insured against default by either CMHC or private insurers. The borrower    must arrange and pay for the insurance, which protects the lender against    default.

Mortgage Prepayment Penalty –  Is a fee paid    by the borrower to the lender in exchange for being permitted to break    a contract (a mortgage agreement); usually three months’ interest, but    it can be a higher or it can be the equivalent of the loss of interest    to the lender.

Portability –  A mortgage feature that allows    borrowers to take their mortgage with them without penalty when they sell    their present home and buy another one.

Prepayment Clause –  A clause inserted in    a mortgage, which gives the mortgagor the privilege of paying all or part    of the mortgage debt in advance of the maturity date.

Principal –  The mortgage amount initially    borrowed or the portion still owing on the mortgage. Interest is calculated    on the principal amount.

Rate –  (Interest) The return the lender receives    for advancing the mortgage funds required by the borrower to purchase a    property.

Refinancing –  The process of obtaining a    new mortgage, usually at a lower interest rate, to replace the existing    mortgage.

Secondary Financing –  Second, third, fourth,    etc. mortgages, secured by a property “behind” the first mortgage.

Term –  The actual life of a mortgage contract, from    six months to ten years, at the end of which the mortgage becomes due    and payable unless the lender renews the mortgage for another term (See    Amortization).

Weekly Payments –  Mortgage payments made    weekly or 52 times per year.

In the same way that many people decide not to fix their own cars or do their own dentistry, it’s wise to enlist a professional when selling your most valuable asset. Real estate transactions are complex, time consuming and involve a lot of legal documentation. Finding your new home and changing your life is hard enough! Irina Mierzewski is expertly trained and highly motivated to get you the most for your home.

If you’re selling one home and buying another, you don’t really have to worry about playing the market.

If you sell your existing home for a ‘low’ price, you’re probably also buying at a low price.

If you are upgrading to a larger home, this actually works to your advantage. Imagine when your bigger home is on the upswing.