Lethbridge Real Estate - Liz's View

Open Houses in Lethbridge - A New Way to Find Them!

Tue, 21 Apr 2009 22:13:42 -0500

When looking for a new home, many buyers visit open houses to help them narrow down their options. REALTORS® in Lethbridge and the surrounding areas understand that this is how many people get their feet wet in the home purchase process and they do their very best to work with their sellers to open up their listings for viewings at times that are convenient to the general public.

In the past, there have been very limited options on both advertising and finding scheduled open houses. There is now a new option for both REALTORS® to advertise and for the public to find open houses in Lethbridge, Coaldale, Coalhurst and the surrounding areas:

www.LethbridgeOpenHouses.com

Listings are posted by the members of the Lethbridge and District Association of REALTORS® and feature the details needed to narrow down your Open House options and make the best use of your time. Open house postings are always current and links are supplied for further information. There is also some great information including open house tips and home purchase checklists that you can print off and take with you.

Visit LethbridgeOpenHouses today and start planning your open house weekend!

#5, 635 - 6 St. S. Lethbridge, AB - $239,900

Fri, 10 Apr 2009 21:50:51 -0500

SOLD SOLD SOLD! This upscale condo in a London Road location is a rare find indeed. Just 5 years old, it features 3 bedrooms on the same level, 2.5 baths (one being a 4 piece master ensuite), central air conditioning, hardwood and tile throughout and a single attached garage. Just minutes to most ammenities yet situated in a very private location, this classy condo is well worth a look!

Visit me at Lethbridge Real Estate for more photos and details and to book your viewing.

1972 Parkside Blvd - Coaldale, AB - $234,900

Fri, 10 Apr 2009 21:38:30 -0500

SOLD SOLD SOLD!! The perfect home for first time buyers! Features two bedrooms on the main floor, hardwood floors in the living room and a deck off the kitchen. The family room in the basement is fully finished and two more bedrooms are framed and drywalled. The backyard is fully fenced and tastefully landscaped. Make your move to Coaldale and into home ownership in this sweet little starter!

Visit me at Lethbridge Real Estate for more photos and details and to book your viewing.

Lethbridge Real Estate - Market Report for February 2009

Tue, 03 Mar 2009 20:58:44 -0600

Looking at the LDAR MLS® Statistic Report for February this afternoon truly inspired me. It may have also been the lovely spring weather we had here today paired with the Bank of Canada's overnight rate dropping to an all time low of 0.5%, but it seems there may be be a light at the end of the real estate tunnel after all!

With much to celebrate if you are in the market to purchase a home, the February stats for our local board also provide some encouragement to home sellers in Lethbridge who have struggled through a long, cold winter of slow sales and declining home values.

The stats below show a 14% decrease in the number of homes put up for sale in the month of February when compared to the January. The number of homes for sale that expired unsold also decreased from 175 in January to 109, a decrease of 37%. Less homes for sale in Lethbridge and more of the ones that are for sale selling.... it appears that a balance may be very near in our local market.

But perhaps the most promising statistic was the total number of sales in February: up to 124 total sales from a dismal 76 sales in January, representing a 39% increase. The average price of a single family home also jumped from $223,450 in January to $248,055 in February.

The top 3 price ranges for sales were the $300,000 - $349,999 range with 18 sales (15%), followed by the $230,000 - $239,900 and $200,000 - $219,999 ranges with 11 sales in each category (representing 9% each).

We may want to chalk all this up to a bit of spring fever, but I personally think that buyers in our local market have FINALLY been able to tune out the media and realize that REAL ESTATE IS LOCAL. Lethbridge has always been and continues to be a great place to buy a home and now you can do so at the lowest mortgage rates EVER!!!

Give me a call or text me at 403-715-7653 if you are ready to buy and subscribe to my blog here so you don't miss my upcoming hot property picks for March.

Lethbridge and District Association of REALTORS®

MLS ® Statistic Report

[FEBRUARY 2009 ]

200920082007%INC/DEC [ 2008 - 2009 ]

Total # of Listings [Month]	395	442	291	-11%
Total # of Listings YTD	857	943	666	-9%
Total # of Expired Listings [Month]	109	77	19	42%
Total # of Expired Listings YTD	284	171	47	66%
Total # of Sales [Month]	124	194	240	-36%
Total # of Sales YTD	200	361	424	-45%
Total Sales Dollar Volume [Month]	$31,120,869	$51,623,801	$47,844,255	-40%
Total Sales Dollar Volume YTD	$48,103,069	$91,642,107	$85,506,895	-48%

1516 - 15 Ave. N., Lethbridge - Five Bedroom Bungalow $259,900

Thu, 26 Feb 2009 22:15:41 -0600

SOLD SOLD SOLD!! This five bedroom bungalow is nicely equipped and ready for a new family to call it home! It's situated in a great location on a corner lot with tons of parking. The newer vinyl siding and roof ensure a maintenance free exterior and a pleasing street prescence.

Step inside to find a nicely updated interior on the main floor complete with three bedrooms, a full four piece bath and an open concept oak kitchen and dining nook.

Finish off your tour with a newly developed basement complete with a cozy wood burning fireplace, laminate floors and two additional bedrooms:

Round out the package with an oversized, heated single garage plus a single carport and you've got something for everyone in the family! This one's a true family home with the family friendly price tag of $259,900.

Visit me at Lethbridge Real Estate for more details and to find out how to make this your new home!

Click her to view a Slideshow of 1516 - 15 Ave. N.

Lethbridge Real Estate - Market Report for January 2009

Fri, 13 Feb 2009 15:20:19 -0600

January started as a month of fresh beginnings for many and before I report on market stats, I think it is wise to note a trend that I feel will skew market statistics slightly this month. Occasionally, sellers will pull a home off the market over the Christmas holidays and relist it for sale in the New Year. I feel this flood of "new" listings may have artificially increased the total number of new listings for January.

With that said, here's the skinny for January 2009:

1. Currently there are 613 homes for sale in Lethbridge (435 single family, 152 condo, 26 mobile homes) which is up 47 listings from the beginning of January.

2. 50 homes sold in the city of Lethbridge in the month of January (Down from 55 sales in December)

3. The three most active price ranges for sales board wide were $160 - $179,999 with 12 sales, $180 - $199,999 with 8 sales and 3 ranges tied at 7 sales in each ($200 - $219,999, $240 - $249,999 and $350 - $399,999)

So my question is, does the decrease in sales imply that buyer's are still stalling and waiting for the market to bottom out? I don't think so. Does this mean that there are a lot of buyers out there trying to get into the market and are not able to obtain proper financing due to the credit crunch and tighter lending practices? I say BINGO.

Every day I see several listings that were "Pending Sale" and are now "Reactivated". So what is likely happening here?

- Appraisals are coming in less than the buyer's offered purchase price and the banks are pulling their financing

- Diligent buyers with pre-approved mortgages are making offers, and then the banks and brokers are putting out the hoops for them to jump through and they are not succeeding in the jumping contest.

So what can a buyer do to get into the housing market despite the efforts of a gun shy financial institution?

1. Expect to provide every piece of paper imaginable to your banker / broker with regards to your finances. Communicate and co-operate with your mortgage specialist / broker and make sure you provide all the information they request. Remember, someone is putting hoops out for them as well.

2. Have a plan B. Talk to a friend or relative who may be able to cosign for you if you suddenly can't qualify on your own.

3. Make sure your REALTOR® performs their own market analysis on a property before you make an offer on it. Even if it's worth X amount of dollars in your mind, it's the bank's opinion that matters right now.

4. Be persisitent in your thinking and don't miss your opportunity to own a home simply because the banks are making it more of a challenge!

Visit me for more information on Lethbridge Real Estate

And for those who follow:

My predictions for January were:

205 new listings, 89 solds

Actual was:

462 new listings, 76 solds

Lethbridge and District Association of REALTORS®

MLS ® Statistic Report

[JANUARY 2009 ]

2009 2008 2007 TOTAL

Total # of Listings [Month]	462	501	375	-8%
Total # of Listings YTD	462	501	375	-8%
Total # of Expired Listings [Month]	175	94	28	86%
Total # of Expired Listings YTD	175	94	28	86%
Total # of Sales [Month]	76	167	184	-54%
Total # of Sales YTD	76	167	184	-54%
Total Sales Dollar Volume [Month]	$16,982,200	$40,018,306	$37,662,640	-58%
Total Sales Dollar Volume YTD	$16,982,200	$40,018,306	$37,662,640	-58%

Total # of Closed Sales [Month]	76	167	182	425
Total # of Closed Sales YTD	76	167	182	425
Total Dollar Volume of Closing Sales YTD	$17,215,200	$40,018,306	$37,017,640	$94,251,146
Total # Sales Pending	1	0	0	1
Total Dollar Volume of Sales Pending	$	$0	$0	$0

Real Estate Referrals Lethbridge – 5 Things to Consider

Sun, 08 Feb 2009 22:16:23 -0600

One of the more challenging aspects of my real estate career is that of real estate referrals. When I have a solid, proven referral in place, I feel confident sending my respected clients to that agent. If I don’t have a trusted source in place, there is a lot of groundwork required to make sure that the clients I refer will be treated to the same service that I myself would offer. If you are looking for a trusted referral source in Lethbridge, you can put your confidence in me and here are 5 reasons why:

I know Lethbridge Real Estate. I am a full time REALTOR® who considers it part of my job to know the market inside and out. I inspect new listings on a weekly basis and compile monthly market reports for Lethbridge and area. I keep up to date on my continuing education and am aware of the many other changes in our city that affect the real estate market. I make it my job to study real estate in Lethbridge each and every day so my clients can benefit from my knowledge

I know about Lethbridge in general. Many times a referral is also part of a relocation process. My job then changes to that of REALTOR® + city expert. I have information on schools, employment, leisure opportunities, development and many of the other criteria that a relocating family considers when moving.

I feel that a referral is a privilege and I will treat it as such. I will make sure that your good reputation as the “referrer” is upheld to the highest. I will treat your clients in a professional manner, just as I do all my clients. I will also keep you informed of the process, if you choose.

I will deliver what I promise and only what I know I can deliver. If your referral is out of my scope, I will graciously decline and I will point you in a more appropriate direction.

I will make sure you are happy that you referred me! I will do my very best to exceed your expectations. I will treat your referrals with respect and their best interests will always be my first priority.

If you have a client looking for a real estate agent in Lethbridge, please don’t hesitate to get in touch with me. I’d be happy to talk with you so we can make sure that your referral is a good fit for everyone!

Secondary Suites in Lethbridge - The Rules Have Changed Effective January 1, 2009!

Fri, 06 Feb 2009 15:03:45 -0600

The City of Lethbridge has implemented new standards for secondary suites effective January 1, 2009. This morning, myself and close to 100 other REALTORS® from the Lethbridge and District Association of REALTORS®, had the pleasure of listening to the City's Chief Fire Marshall, Mr. Ken Knox, as he explained some of the finer points of the new Bylaw and how changes will begin to take effect. We also heard from Alderman Tom Wickersham about how the city plans to help property owners come into compliance. Below are some of the key points of the information session:

- The new Bylaw came into existence after the Provincial government's creation of a new Fire Code. It's main purpose is to encourage safe, affordable rental accommodations and to give fire officials some additional power to enforce the province's new Fire Code.

- The Bylaw applies to secondary suites in single, detached dwellings constructed before January 1, 2007. They must have one off street parking space and a separate entrance or a shared entrance with a common landing. (It does not include suites within garages, duplexes, townhouses, apartments, or boarding houses.)

The Fire Department will get involved only:

1. On request from the property owner

2. On request from an authorized agent of the property owner.

3. Upon receipt of a complaint from a tenant occupying the suite. (Key word, occupying.)

Process:

One of the above individuals can contact the Fire Prevention Branch at 403-320-3811 or fireprevention@lethbridge.ca They will collect property information including address, and the owners name and contact information. An inspection of the property will then be arranged. The Fire Department will be looking at three major things, namely, bedroom windows, smoke alarms and means of egress (escape) as well as several other factors that contribute to the overall safety of the suite.

Once the inspection is done, they will prepare a report detailing all repairs and modifications necessary to bring the suite into compliance. The normal grace period for repairs will be 90 days, however, if extenuating circumstances arise, an extension may be granted.

Once repairs and modifications are made, the Fire Department will return and if the suite meets code, they will prepare a letter that will be sent directly to Development Services at City Hall. They will then issue a certificate of compliance naming the suite as "legal" and this will be kept on file under the property address It is worthy to note that the City has agreed to waive the $48 permit application fee normally associated with this process. A copy of the certificate will then be sent to the homeowner along with information on grants available to offset the property owner's costs.

Pros

1. It will improve the SAFETY of secondary suites. In my opinion, human life and safety should be held at the very forefront, miles above financial gain (i.e. rental income). Landlords that choose to turn a blind eye to the safety of their rental accommodations could be putting themselves and their tenants in a very precarious position. See Landlord Charged in Fire...

2. Legalizing an existing suite should have a positive impact on the market value of the home and will make them much more attractive to potential purchasers.

3. Funding is available. The city has set aside $260,000 of it's budget to assist property owners with the upgrades necessary to legalize suites. Although they have not yet decided on how the money will be dispersed or the exact application process, it is in the works and should be finalized very soon. Funding is expected to be capped at $2500 and will be allocated per suite as opposed to per applicant. All upgrades must be done prior to applying for the funding.

4. Federal Money is available through the implementation of a temporary Home Renovation Tax Credit that will provide up to $1,350 in tax relief, reduce the cost of renovations and help to stimulate the economy.

Cons

1. Property owners will likely see a tax increase corresponding to the improvements made to the property.

2. It will be difficult to enforce the Bylaw if neither the property owner nor the tenants wish to come forward.

3. Property owners that have come forward (or whose tenants have come forward) and then find they cannot financially afford to perform the upgrades necessary for compliance will have the option to abandon the suite. This will put extra pressure on a city already dealing with a rental shortage.

IMO - The new Bylaw will present challenges, as any change of this magnitude can be expected to, but no price can ethically be attached to human life and safety, which is ultimately the main focus of this Bylaw. Diligent property owners should make all reasonable efforts to be aware of the changes and to bring existing suites into compliance.

Visit my website for more information on Lethbridge Real Estate

Top Five Properties in Lethbridge - Liz's Picks for January 2009

Sun, 01 Feb 2009 15:58:02 -0600

I published my first Top Picks back in November where I highlighted my personal picks for solid investment properties. Out of those six properties, all but two have sold. This months picks come from a few different categories. For information on any of these properties or any other home for sale in Lethbridge, give me a call!

Top Green Built Home in Lethbridge - MLS#20090028 - 339 Coulee Creek Court South - This beautiful home was built by Milestone Homes who took top honours in 2008 for both the 1651 - 1800 square feet and 1801+ designs at the Lethbridge Awards of Excellence in Housing. It was Built Green "Gold" certified, the highest standard for Green Built Homes in Alberta. To top it off, this is the Builder's Own Home packed with upgrades galore!!!

Top Pick for First Time Home Buyer's - MLS#20085988 - 1919 - 25 Ave. N. SOLD - This 4 bedroom home is in mint condition with lots of extras such as a fireplace, big deck and backyard, basement bar and central vac. With a price tag under $235,000, it's a great place to start!

Top Business For Sale - MLS#20084970 - Flower's on 9th - I featured this business in my last set of picks and am a bit surprised that it is still up for grabs. With an established clientele, high traffic location, an owner that will train and a solid set of books, this business ranks at the top of my list.

Top Retirement Property - MLS#20090169 - #415, 20 - 3 St. S. - This condo located at Grandview Village gets my vote for a few reasons. Grandview is located adjacent to the Park Place Mall, the biggest shopping center in Lethbridge, which is ideal for those who prefer not to drive. Secondly, this particular unit is located securely on the 4th floor with a magnificent view of the coulees. Throw in a well managed condo association and you have a winner.

Top Revenue Property - MLS#20084972 - 80 Lemoyne Cres. W. (Expired) This one comes with a disclaimer... I have not seen the interior as it is tenant occupied. It gets my pick this month solely based on size, location (near U of L), number of bedrooms and price. It's one I would definitely consider worth more investigation.

Well, there they are, my Top Picks for January. I might add that none of these properties are my listings and in fact, many of them are listed by competing companies. I have however, personally viewed and evaluated 4 of them. If you would like further information on any of these properties, please don't hesitate to call or email.

Just for fun, here is the most expensive home for sale in Lethbridge this month: MLS#20084286 - 2923 Southridge Road S.

Visit me for more information on Lethbridge Real Estate.

Moving to Lethbridge, Alberta, Canada

Wed, 28 Jan 2009 11:25:38 -0600

I first posted this article in May of 2008 and since then, our city has grown and a few of the other statistics have changed. Here is an updated version!

If you are considering moving to Lethbridge, Alberta here is some information that may help you make your decision.

Overview

As of January 2009, our city's population is just under 84,000 and growing steadily. The city is divided into three main areas, namely South Lethbridge, North Lethbridge and West Lethbridge. Lethbridge is situated roughly an hour and a half drive south of Calgary, AB which is home to the Calgary International Airport (YYC), and roughly an hour and a half north of the Montana, US border.

Weather

There is a saying about the weather in Lethbridge, AB... if you don't like it, wait an hour and it will change! Although our weather patterns are sometimes unpredictable, our winters are generally milder thanks to frequent "chinooks" or the warm west winds that provide reprieve from our cold snaps.

Employment

Service and trade industries generate more than 50 per cent of all the occupations in Lethbridge. The majority of occupations are diversified across the industries of manufacturing, public sector services, construction, transportation, finance/insurance/real estate and food processing.

Lethbridge employers draw workers from a large commuting area consisting of rural areas and smaller towns and villages within a 100 kilometer radius. The extended workforce population is estimated to be 86,000.

Our current unemployment rate as of January 2009 sits at 3.1% (slightly below the provincial average of 4.1% and well below the national rate of 6.6%)and there are many convenient ways to search for jobs in Lethbridge.

Schools and Post-Secondary Education

There are an abundance of choices when it comes to education and schools in Lethbridge. The Lethbridge School System consists of the Lethbridge School District No. 51 and the Holy Spirit Roman Catholic Separate Regional Division No. 4. It is also home to both the University of Lethbridge and the Lethbridge College. The U of L boasts flexible undergraduate programs in Arts and Science, Education, Fine Arts, Health Sciences and Management and the Lethbridge College also offers a wide array of both credit and non-credit programs and courses.

Lifestyle

There are countless ways to enjoy your free time in Lethbridge. For the sports enthusiasts, we are home to the Lethbridge Hurricanes Hockey Club, the Lethbridge Bulls Baseball Club, and the Lethbridge Soccer Centre to name a few. If the arts are for you, you can check out the New West Theatre productions or the Lethbridge Symphony. Or you can just take a stroll though one of our many parks and recreation areas. There's lots to do when you are seeking entertainment in Lethbridge.

If you've already made your decision to move, give me a call and I can help you find the perfect home. Or check us out at Lethbridge Real Estate for answers to all your real estate questions and helpful moving tips and checklists!

A Buyer's Real Estate Agent - Do They Exist?

Tue, 27 Jan 2009 22:58:51 -0600

If you were to ask this question to a real estate professional, they would say "Of course they exist!" But the same question posed to a member of the general public might get a much different response, likely one clouded with uncertainty. Why is it that this little tidbit of information is common knowledge to real estate professionals, yet many home purchasers out there seem baffled by the notion of "Buyer Agency"? Let's unravel this mystery by first sorting through a few common human emotions:

1. Fear of Looking Stupid:

It is human nature to hide the fact that we don't know something that we feel we should. For example, the first time I purchased a vehicle, I really didn't want the salesman to know that I knew nothing about cars! Why? I thought that would make me look stupid and give him an advantage.

2. Fear of Getting Ripped Off:

When I made the above statement, it became apparent that I felt it was a me vs. him thing in the battle of buying a car. I didn't feel that he was working in my best interest and I felt I needed to keep my guard up.

3. Fear of Contracts

Signing a contract is a big deal. Unless you have a law degree or have signed a lot of contracts, it is likely that your heart will pound and you might get a bit sweaty. After you are done, your feet might get cold, you will doubt your decision and you may feel regret. If you don't feel these emotions, even just a little bit, you may not be human. Buying a home is a big deal... you have the right to feel some emotion.

Now that we have addressed some of these emotions, let's get back to why the general public seems to know very little about Buyer Agency? The answer is simple: FEAR. I have always felt that the best way to combat fear is to arm yourself with a whole bunch of knowledge.

Here are 5 things you need to know about Buyer Agency in Alberta.

1. As a buyer, you can choose any REALTOR® you like to represent you in a real estate transaction. You can interview them, ask them a million questions and find one that you feel comfortable with. If you are not sure if they have answered all your questions, keep asking.

2. When you find one you like, you can enter into an Exclusive Buyer Brokerage Agreement. This contract will ensure that the agent you choose is representing your best interests and that they will put your interests above their own at all times. If you choose to work without a Buyer Agency contract, the agent you choose still owes you fiduciary duties that should be explained to you. However, the duties are much more clear and extensive if you work with a Buyer Brokerage Agreement. If you don't understand something in the contract, just ask.

3. You don't pay directly for the services of a Buyer's Agent unless they specify in writing that you are responsible for payment (and this will be covered in section 5 of the Buyer Brokerage Agreement). Nine times out of ten, the seller of the home you purchase will designate a portion of the commissions they are paying to be paid to the Buyer's Agent. If you are unsure about how your agent gets paid, just ask them.

4. If you have hired a Buyer's Agent and they show you one of their own listings and you like it, with informed consent, you will enter into what is called Transaction Brokerage. In this scenario your agent is loyal to and will represent both you, the Buyer, and the Seller. If you choose not to enter into Transaction Brokerage, your agent's loyalty will revert to whomever they first entered into contract with and the other party will be given the opportunity to seek other representation (perhaps from another agent in the company or one from a different company).If you need more clarification on Transaction Brokerage, just ask.

5. If you walk into a home (on Open House for example) and have not chosen a Buyer's Agent to represent you, keep in mind that you are NOT being represented by anyone. The agent in that home is under contract with the seller and has been hired to protect their best interests... not yours! If you are unsure of whom they are representing, just ask.

When it comes down to it, the only thing that is required to remove this shroud of mystery is communication. You must be prepared to ask a lot of questions and you need to find a REALTOR® who is able to answer (or find answers) to all your questions. When you hire a Buyer's Agent, it is not you against them... it is a smart person working with another smart and knowledgeable person to achieve the goal of purchasing a home!

Visit me for more information on Lethbridge Real Estate.

REALTORS® Representing Both Buyer and Seller - Can it Be Done Successfully??

Sat, 03 Jan 2009 14:28:27 -0600

Transaction Brokerage (formerly known as Dual Agency in Alberta) is a common practice in common law real estate. Two examples where transaction brokerage might occur would be:

- You are working with a REALTOR® as your Buyer's Agent (ideally, under an Exclusive Buyer Brokerage Agreement). They introduce you to a property that they have listed for sale and you decide you would like to write an offer on it (and in Alberta, this would also apply to the properties listed by any other agent in your REALTORS® brokerage)

- As a Seller, you list your property with a REALTOR® (using an Exclusive Seller Brokerage Agreement) and then they introduce a Buyer to the property who would like to write an offer on it.

Before we proceed, there are a couple of things that you as either a Buyer or Seller should be aware of:

- Before entering into Transaction Brokerage, both parties must fully understand the role of the REALTOR® and must sign a written Common Law Transaction Brokerage Agreement form before continuing in the transaction.

- The role of a REALTOR® working under Transaction Brokerage changes. No longer can they "go to bat" for just one party. They must represent both parties in a fair, impartial and even-handed manner. They in a sense become a "facilitator" to the transaction.

So what are some of the challenges involved with Transaction Brokerage?

The REALTOR® representing both parties must show extra dilligence in making sure that they are impartial. Any information that is shared must be shared to BOTH parties (other than the information that a is not allowed to be disclosed with regards to price and motivation).

If one party does not agree (either Buyer or Seller) to Transaction Brokerage, the REALTOR'S® loyalty must remain with the party with whom they first signed an agreement with. Many Buyer's choose to work without a signed agreement (Exclusive Buyer Brokerage Agreement) so even if they had been the first to work with the REALTOR®, without that signed agreement, the REALTOR'S® loyalty would have to transfer to the seller (assuming that they had signed an Exclusive Seller Brokerage Agreement, also know as a Listing Contract).

The facilitating REALTOR® loses their ability to give advice or voice an opinion UNLESS either the Buyer or the Seller specifically asks for information (and the information they give can not give an advantage to either party). A good REALTOR® will guide both the Buyer and the Seller through the questions they should be asking and will present any information needed in order to make good decisions.

So what are some questions that you need to be asking throughout the process?

Buyers:

Can you show me what properties similar to this one have sold for in the recent past? What would be an acceptable offer amount in this situation?

Do you reccomment that we have a property inspection done?

In this situation, what is a good amount of time to leave for conditions to be removed? What is a good amount of time to leave before possession?

What is the normally accepted amount in this area for the deposit that accompanies the offer?

Sellers:

Is the deposit accompanying the offer a dollar amount that is typical for this area?

What would be an acceptable counter offer in this circumstance?

Is this term / condition of the offer a reasonable request in this situation?

Each situation will be different, but a good rule of thumb is: If in doubt, ask questions, lots of them. Make sure you are satisfied with the answers, and if you aren't, seek guidance from other professionals outside of the transaction (lawyers, property inspectors, appraisers, etc...)

Transaction brokerage does have it's advantages as well. With one person representing both parties, there should be excellent knowledge of the property and the flow of information should be very smooth between both parties.

I work with a partner and we have our own way of dealing with transactions where we represent both parties. My partner and I co-list every property that we put up for sale with one of us chosen as the primary agent for that listing. If we get a call on the property, the secondary agent on the listing is the one who will show the home (unless it is not at all possible). If the buyers then wish to write an offer, they will continue to work with the agent that introduce them to the property and the other agent will continue to work with the sellers. We are still in a "dual agency" situation, but it allows for a bit of separation between the two parties and has worked very well for us in the past.

Transaction Brokerage can be done successfully by a professional REALTOR® who is careful to explain the process to both parties and who makes sure that each party understands the process at each step of the way.

Visit my website for more information on Lethbridge Real Estate.

Lethbridge Real Estate - Market Report for December 2008

Fri, 02 Jan 2009 21:52:42 -0600

As the year came to a close, there are a few things to note when looking at the Lethbridge, Alberta real estate market for the month of December:

1. Currently there are 566 homes for sale in Lethbridge (399 single family, 146 condo, 21 mobile homes)

2. 118 of those 566 listings were put up for sale in the month of December.

3. 55 homes sold in Lethbridge in the month of December.

Now in order to see where we are in heading, we need to look back at the statistics for the entire board for the past few months:

August - 534 new listings, 236 solds

September - 460 new listings, 228 solds

October - 527 new listings, 171 solds

November - 354 new listings, 107 solds

December - 240 new listings, 92 solds

The number of new homes put on the market changed each month by -14%, 14%, -32% and then -47% respectively. Other than the increase in October, there has been a dramatic decline in the number of new homes put up for sale each month. Comparatively, the number of homes that sold each month drops by only 3%, 25%, 37% and then 14%, respectively.

The December stats could be an indication that our local market in Lethbridge is very near equilibrium. The decline in the number of new homes listed for sale each month is outpacing the decline in sales (and home sales typically slow in the winter months, so we can expect to see an increase in sales activity in the spring months).

What can we expect to see in the coming months for the real estate market in Lethbridge? If supply continues to decrease rapidly and the demand for homes stays at a constant, the inventory of homes for sale will continue to deplete. The forces of supply and demand dictate a market, and in this scenario, their forces will hold prices steady.

What does this mean for Sellers? I can only echo my thoughts from previous months: Price your home competitively and make it shine. It is still a tough time to be a seller. Get a professional on your side and keep your expectations realistic. Realize that if you are selling and then buying in the same market, you will make up for any perceived losses on the buying end.

What does this mean for Buyers? A Balanced Market means the end of a Buyer's Market. If you are sitting on the fence, now is the time to jump in and put your money and patience to work for you. Selection is steadily decreasing, interest rates are holding and there are many homes out there priced at or below market value.

My predictions for January - 205 new listings, 89 solds

Check back at the beginning of February for actual January statistics and if you want more information on Lethbridge Real Estate and the surrounding areas, please visit me at Lethbridge Real Estate.

Lethbridge and District Association of REALTORS®

MLS ® Statistic Report

[DECEMBER 2008 ]

200820072006%INC/DEC [ 2007 - 2008 ]

Total # of Listings [Month]	240	167	215	44%
Total # of Listings YTD	6220	5026	4411	24%
Total # of Expired Listings [Month]	478	241	117	98%
Total # of Expired Listings YTD	2074	885	743	134%
Total # of Sales [Month]	92	123	150	-25%
Total # of Sales YTD	2569	3125	3501	-18%
Total Sales Dollar Volume [Month]	$23,088,281	$29,839,137	$27,465,057	-23%
Total Sales Dollar Volume YTD	$634,607,115	$729,898,327	$597,635,872	-13%

For Sale By Owner Lethbridge, Alberta - A Smart Idea???

Mon, 29 Dec 2008 00:28:39 -0600

In my efforts to stay on top of the real estate market in Lethbridge, I make it part of my job to study what homes are for sale. And I don't limit my efforts to just the properties listed on the MLS® system. I frequently visit the FSBO sites that have a small share of the real estate listed in our city. In my most recent visits, I made these observations about the current state of FSBO's in Lethbridge:

1. 95% of the properties listed on the FSBO sites are grossly overpriced. When I worked a reverse market analysis on the FSBO homes for sale using properties that have recently sold, the gap between market value and what the vendor is dreaming of getting is astronomical! I'm talking almost $100,000 over current market value for more than one of the homes I worked my numbers on!

2. The other 5% is underpriced. They have great properties, good photos and a reasonable asking price. So why aren't their homes selling? Simple... they are not being guided by a professional REALTOR® who is able to market the property to it's full potential.

3. The popularity of FSBO companies is steadily declining. Many former FSBO's are turning to the help of a REALTOR®. They're not giving in... they're just getting smart. In a seller's market, it's easy to sell. Now it's time to call in the help of a professional who does this every day and knows what it takes to get a home sold.

So, as a seller, if you really want or need to sell your home, please talk to a professional. Pricing and marketing are so key right now, and this is what a REALTOR® specializes in.The value of your home is the best it will be today!

As a buyer, you need to get a REALTOR® on your side to make sure you aren't offering on the home that is listed $100,000 over market value! Or you need a REALTOR® to help you decide which one is listed 5% below market value! (And yes, many FSBO's will and do work with a client who is working with a REALTOR® and will also pay a commission.... an offer is an offer.)

With that being said, there were a small handful of people who did the FSBO thing really well. They staged their properties, took lots of photos, set a realistic listing price and encouraged REALTORS® to bring them a client (we do have access to a lot of buyers... why a FSBO wouldn't encourage an agent's help is beyond me). It is with these select few that I say "You must have taken a lot of time to do this right... and you are good at it, so get licensed already!"

Visit me for more information on Lethbridge Real Estate.

Buying Real Estate in Lethbridge, Alberta - Able, Ready and .... Waiting??

Sun, 28 Dec 2008 23:00:16 -0600

Are you considering buying a home in Lethbridge, Alberta? Are you looking for more space, a better location, an investment property? Are you pre-approved for a mortgage and ready to make your move? If you have answered all these with a yes... my next question is, "Why are you still waiting?"

The answer is likely "fear". Fear that you will overpay, fear that interest rates have not hit their lowest, fear that the timing is not perfect. Well, if your decision to wait is rooted in fear, I have something that can help you. No, it's not that almighty crystal ball (although that would make things much easier!) That something that I have is knowledge.

I have knowledge of the current inventory. I am out there seeing it every day and evaluating it with critical eyes. I am showing homes to great people who are seeing the opportunity to buy right now and we are finding the best buys and we are writing up offers.

I have knowledge of the lending industry right now. I married a great man who is also a mortgage specialist in Lethbridge and our pillow talk usually consists of interest rates, what it takes to get mortgage approval these days and a strong belief that now is a good time to buy.

I have knowledge of contracts. I know how to protect you from paying more than current market value for a home. Did you know that you can have your own Buyer's Agent when you purchase a home? When you sign an Exclusive Buyer Brokerage Contract, your REALTOR® works for you and you alone and represents your interests only. Some of the practices that I follow when working with buyers include performing a reverse market analysis on any property you are interested in purchasing and helping you understand why a certified appraisal can be a great negotiating tool when buying a home.

I have knowledge of investment properties in Lethbridge. As the owner of investment property, I keep up to date on current market rents, vacancy rates and any changes to code that could affect a suited property. I have formulas that I use to predict if a property will have positive cash flow and to help a buyer avoid the dreaded "alligator".

I have knowledge of the range of emotions that a buyer goes through when purchasing real estate. It's a big investment and if you aren't a seasoned pro, you are likely experiencing a lot of different emotions. I am here to walk you through those emotions and make sure you are comfortable with your purchase.

I am ready to work for you and I would love the opportunity to put my knowledge to work for you. It's my job to study real estate every day and I take it very seriously. And believe me when I say, now is a good time to buy!

Visit me for more information on Lethbridge Real Estate

REALTORS® Care in Lethbridge: Blood Donation Challenge

Sat, 06 Dec 2008 14:22:13 -0600

This week, the Lethbridge and District Association of REALTORS® (LDAR) presented it's members the challenge of donating blood at our local Canadian Blood Services clinic. Although the turnout was not as impressive as it could have been, I am proud to say that over a third of the donations came from the REALTORS® at the brokerage I work under, Coldwell Banker First Lethbridge Realty.

I have always felt strongly about the importance of donating if you meet the requirements for blood donation. When I was 14, my Aunt Rita suffered from kidney failure and was kept alive through daily renal dialysis. I still remember visiting her and she was chained to that damn dialysis machine for a good part of her day.

My mom offered her a kidney (the way someone else would offer to lend you a cup of sugar) and I remember that there was never a question in her mind about doing it. If she had something that she didn't need that could change someone's life for the better, she would give it without a second thought.

They prepared for a future transplant, but my Aunt didn't stay in remission from her previous fight with cancer, thus making a transplant not possible. She eventually succumbed to the cancer, but not without a fight (I might also mention, that as a child, my aunt was stricken with a crippling bout of polio... some people really seem to get more than their share...)

So back to blood donation. As a REALTOR®, and the unpredictable schedule that goes with the territory, it is hard to commit to regular, ongoing volunteer work. Blood donation is a great answer to this dilemma. Clinic hours in Lethbridge are very flexible and most times you can walk in without an appointment. You can donate every 56 days and each donation has the potential to save up to 3 lives.

I have been a regular donor 6 years and today was my 12th donation (you can't donate when pregnant and until 6 months after, otherwise I'd have a few more under my belt!) Blood donation has taken on even more importance to me since my daughter was diagnosed with Type 1 diabetes last May. If there is ever a day that she could be freed of the restrictions of diabetes through a pancreatic or Islet cell transplant, I hope there is enough blood there for her.

Sadly, 1 in 2 Canadians is eligible to donate and only 1 in 60 does. If the real estate industry alone joined the cause to make sure that blood is there when needed, think of the difference we could make!

I recruited a few new donors to go with me this time (pictured below). We made a day of it by going for breakfast beforehand and it turned out to be a really great morning. And we got to walk away with the feeling that we gave something that we didn't need and it could possibly save a life.

Marie & Bill Oliver, REALTORS® with Coldwell Banker First Lethbridge Realty with two of the great staff at the Lethbridge Canadian Blood Services Clinic

Lethbridge Real Estate - Market Report for November 2008

Wed, 03 Dec 2008 16:44:37 -0600

November statistics continue to reflect the balancing of our local market. The number of new listings each month continues to decline from previous months as only those "serious" about selling are putting their homes on the market. Prices have stabilized considerably with a 12 month average sale price of $259,774 across our board.

With this said, I continue to hear buyers say they will wait. My feeling is that the perfect storm has brewed and it is time to take action for these reasons:

1. Inventory is still high, meaning there is a great selection of homes for sale in Lethbridge and the surrounding areas. Although the inventory has passed its peak, there are still many well priced homes to choose from.

2. Interest rates are low. "The Bank of Canada has cut the Target for the Overnight Rate by a total of 225 basis points since December 2007, bringing the rate down to 2.25 per cent."(Source: Housing Market Outlook - Canada Edition - Date Released: Fourth Quarter 2008)

3. CMHC is forecasting modest growth in the real estate market in 2009. "After a 0.8 per cent decline in 2008, Alberta’s average resale price will advance 0.7 per cent in 2009".(Source: Housing Market Outlook - Canada Edition - Date Released: Fourth Quarter 2008)

Trying to time the cycles of the real estate market to perfection is difficult and the exact right moment only becomes clear once it has passed. To take advantage of the opportunities that exist today, visit us at Lethbridge Real Estate.

Lethbridge and District Association of REALTORS®

MLS ® Statistic Report

[NOVEMBER 2008 ]

200820072006%INC/DEC [ 2007 - 2008 ]

Total # of Listings [Month]	354	337	325	5%
Total # of Listings YTD	5980	4859	4196	23%
Total # of Expired Listings [Month]	167	118	68	42%
Total # of Expired Listings YTD	1599	644	626	148%
Total # of Sales [Month]	107	174	224	-39%
Total # of Sales YTD	2479	3002	3351	-17%
Total Sales Dollar Volume [Month]	$25,047,605	$41,558,763	$40,426,470	-40%
Total Sales Dollar Volume YTD	$612,130,134	$700,059,190	$570,170,815	-13%

Lethbridge Real Estate - Market Report for October 2008

Sun, 23 Nov 2008 22:21:38 -0600

October 2008 stats show much of the same "settling" of the market that has prevailed for the past several months.

A keen eye will see that the market has shifted and will use the help of a REALTOR® to seek out the opportunities that exist for buyers. There are many well priced investment properties in Lethbridge and many opportunities for first time buyers with a solid credit history to enter into home ownership.

Visit us for more information on Lethbridge Real Estate.

Lethbridge Real Estate Board

MLS ® Statistic Report

[OCTOBER 2008 ]

200820072006%INC/DEC [ 2007 - 2008 ]

Total # of Listings [Month]	526	439	348	20%
Total # of Listings YTD	5626	4522	3871	24%
Total # of Expired Listings [Month]	228	132	39	73%
Total # of Expired Listings YTD	1432	526	558	172%
Total # of Sales [Month]	171	220	257	-22%
Total # of Sales YTD	2372	2828	3127	-16%
Total Sales Dollar Volume [Month]	$42,744,800	$52,254,149	$48,173,767	-18%
Total Sales Dollar Volume YTD	$587,082,529	$658,500,427	$529,744,345	-11%

Top 5 Investment Properties in Lethbridge and the Surrounding Area

Fri, 21 Nov 2008 20:19:07 -0600

Updated January 29th: Since the initial publiciation of this post, all but two of my picks have SOLD. Apparently there were several other people who felt my picks were investment worthy!

In the course of my business, I come across many properties that make me think, "Should I add that one to my real estate portfolio?" Here are a few of my favorite investment picks for this week:

1. MLS#20084970 - Flowers On 9th: This thriving flower shop has been in the same location for 50 years, has an established clientelle, a solid income stream, staff willing to stay and an owner willing to train. In a great location near the Lethbridge Regional Hospital, this is one to put on your list.

2. MLS#20085100 - 308 - 4 Ave. Warner (SOLD)- This solid bungalow is located 45 minutes south of Lethbridge in Warner, AB... home of the Warner Hockey School. Freshly painted with refinished hardwood, new roof, siding and H20 tank in 2008, updated electrical, and an undeveloped basement with separate entrance... this is a "suite" deal for under $100K.

3. MLS#20084975 - 330 - 12 St. N. (SOLD) - This 2 bedroom bungalow had a complete makeover in 2005 and has been well cared for since. With 25% down, at 6 % over 25 years, payments work out to $815.27 / month. Property taxes were $1022 in 2008. Vacancy rates in Lethbridge are at all time lows (visit CHMC for rates and average rents) Do the math and call your mortgage specialist.

4. MLS#20085101 - 2027 - 1 Ave N. - Suited for under $200K... need I say more?

5. MLS#20085895 - 151 Blackfoot Blvd. W.(SOLD) - Four bedrooms, parking for 4 vehicles, close proximity to the University of Lethbridge and the possibility of renting for $400 a room. Or a great place for your future graduate to call home through the University years. Only 5 years old.

6. MLS#20085858 - 1509 - 8 Ave. S. (SOLD) Lethbridge Fix and Flip. Priced under $170,000 with a full undeveloped basement and a single detached garage. If you've got the sweat, I think you can dig up some equity here!

Visit us for more information on Lethbridge Real Estate.

The Official Death of Cold Calling? - The "Do Not Call List" (DNCL)

Tue, 18 Nov 2008 10:27:37 -0600

The National Do Not Call List (DNCL) came into effect in Canada on September 30th, 2008. It is a set of rules that telemarketers must follow regarding unsolicited telecommunications (by way of either fax or phone). Consumers can register up to 3 different telephone numbers in an attempt to reduce the amount of telemarketing calls they receive. Registered charities, political parties and newspapers are exempt from the DNCL rules.

This new regulation affects me in two ways, as both a consumer and a real estate agent. As a consumer, I am delighted to have a new tool to help me effectively battle unsolicited calls. As a mom with two small children, I get a little hot under the collar when I rush to the phone or my 1 year old's nap is cut short only to pick up the phone to hear a recorded voice ask me if I am interested in reducing my credit card rates..... for the third time this week....NOOOOOOO!

As a REALTOR®, this new set of rules affects me from the other side as well. As of yesterday, it became our office policy that unsolicited calls or "cold calling" would no longer be permitted (which brought mostly laughs, cheers and one sarcastic "Oh no! How will I ever do business?!" around the boardroom table!)

I personally don't believe in cold calling. I have never made a cold call, nor did I ever intend to. I really believe that there are better ways to reach people and build business. In my opinion cold calling shows great disrespect for people's time and personal family life. I believe that the unscrupulous acts of unsolicited telemarketing left a bitter taste in the mouths of many and based on the fact that the phone lines to register for the DNCL were absolutely JAMMED on September 30th, it seems there are a few Canadians out there who agree with me!

Visit me for more information on Lethbridge Real Estate

Keep the Cart in Front of the Horse - Diabetes Awareness Month

Fri, 07 Nov 2008 23:02:12 -0600

My family had the pleasure of being interviewed by our local newspaper today in light of November being Diabetes Awareness Month. Our 14 month old daughter was diagnosed with Type 1 Diabetes in May, and they felt that we would be good spokespeople for the cause.

It wasn't until after the interview that my comments and insights started to bounce around in my own head. In our limited amount of time, I'm sure I missed some important details. Just for the sake of sleeping tonight, I will get them out here:

1. I could not continue in the demanding career of real estate without the help of my mother. She is not only a Realtor, but one of the few people brave enough to learn how to do the injections, blood glucose tests and all the other aspects of caring for a child with diabetes. I call and she says "clients or kids?" and then steps in and helps wherever needed.

2. We have an amazing day home provider. She is one of the few that has learned all that is involved and treats my kids as if they were her own.

3. My husband is pretty fantastic too! I suspect that when a child gets ill (whether it be a cold or a life long illness) 90% of the time it's mom who steps in and takes over. He knows how important career is to me and makes sure that I get to fulfil myself in that area of my life. He is a complete hands-on, "I-can-do-this-so-back-off" kind of Dad.

4. I am thankful to all the people that ask me, "How do you do it all?" I am stubborn and am always pleased when I can exceed others expectations. Some days, I think that all you really have to do is put your cart WAY in front of your horse and run like hell! (And then after a long day of running, remember to slow it down and enjoy the important things!)

Thanks for letting me get that out... I feel a good night's sleep coming on!

Who Said Freeze?? Get Ready for the Next Real Estate Boom

Thu, 23 Oct 2008 22:36:52 -0500

I often hear comments about why home sellers and buyers are frozen in their tracks right now. Here are some of the things I am hearing and my responses on why it might not all be true:

Comment:

It's not the time to buy.. prime rate is dropping and I will wait until it hits bottom.

Response:

If you have a crystal ball, I would love to borrow it! Having a husband who is a mortgage specialist in Lethbridge, I have learned that even those in the know don't know when, how much and what direction rates will go. This excerpt from yesterday's Toronto Star says it all:

"Canada's big banks passed on the full value of the Bank of Canada's quarter percentage point interest rate cut yesterday, making it cheaper for consumers and businesses to borrow.

"The outlook for growth and inflation in Canada is now more uncertain than usual," the bank said in a statement after reducing its overnight rate to 2.25 per cent.

Canada's big banks followed suit late in the day, cutting their prime lending rates, the basis for many loans, to 4 per cent.

What kind of insanely cheap rate are buyer's looking for... it really doesn't get much better than this does it? Good rates, hundreds of homes to choose from... take your pick!

Comment:

It's not the time to sell. My home's value is not at it's peak and I will wait it out.

Response:

If you are moving laterally within a market, you aren't going to feel the effect of a lower market value of your current home as you will be replacing it with a home valued within the same type of market. We all know that real estate is cyclical. If you are looking to upgrade, you will make your money in your next home when the market swings upwards again. And what a fantastic time to buy... have you ever seen a better selection!

Comment:

The economy is tanking and I will squirrel my money into GIC's and bonds rather than invest in real estate.

Response:

Are you aware that Lethbridge currently has a 0.8% vacancy rate? Are you aware that rents have been steadily increasing and that all you need to do to get your property rented out is whisper to your neighbor that you have a home for rent? Oh, and did I already mention that it's ridiculously cheap to borrow money right now?

So, If you really must wait, then do so. I'm not sure who said freeze or why...but I would suggest looking through the cloud of bad press and eternal pessimists and see the golden opportunities lurking.

Visit us for more information on Lethbridge Real Estate

Lethbridge Real Estate - Market Report for September 2008

Tue, 21 Oct 2008 22:47:30 -0500

My apologies for getting this out so late... I keep hearing talk about this slowing real estate market but I've been swamped! With that said, on with the report!

When comparing the September 2008 stats to those of August 2008, we again see a decline in the the number of new listings in Lethbridge (down from 534 to 460) followed by a parallel decline in the number of listings that are expiring unsold (174 in August to 116 in September). Perhaps an indication that only those who are serious about selling are putting out a "For Sale" sign and the days of fishing for top dollar are dead and gone. Surprisingly though, the total number of homes that sold across the board in the month of September (228) is only down slightly from August (236).

One stat that sticks out to me is the comparison between the homes sold with respect to new listings. August stats came in at 44% (homes that sold compared to new listings) while September is telling us 50%.What these stats say to me in a nutshell is that on average there are roughly 50 qualified buyers for every 100 homes for sale. They are taking their time, taking their pick and taking advantage of this buyer's market. So what does this mean for buyers and sellers alike?

Buyers: This is an overstocked inventory and you have the opportunity to look for the house that is "On Sale". With that said, recent years of quick sales and inflated prices led home sellers to falsely believe that their "seller's market" would last forever. Real estate is cyclical and ever changing. Don't wait until your opportunity has passed.

Sellers: If you want a sale, make sure you are priced right and that your home's "value" is prominently displayed when all your and your REALTOR's hard work manages to get one of those few buyers through your front door.

Visit us for more information on Lethbridge Real Estate.

Lethbridge Real Estate Board

MLS ® Statistic Report

[SEPTEMBER 2008 ]

	2008	2007	2006	%INC/DEC
	2008	2007	2006	[ 2007 - 2008 ]
Total # of Listings [Month]	460	495	393	-7%
Total # of Listings YTD	5100	4083	3523	25%
Total # of Expired Listings [Month]	236	82	59	188%
Total # of Expired Listings YTD	1205	394	519	206%
Total # of Sales [Month]	228	197	274	16%
Total # of Sales YTD	2201	2608	2870	-16%
Total Sales Dollar Volume [Month]	$55,895,858	$47,672,493	$47,709,152	17%
Total Sales Dollar Volume YTD	$544,337,729	$606,246,278	$481,570,578	-10%

Lethbridge Real Estate - Market Report for August 2008

Sat, 13 Sep 2008 20:46:30 -0500

August stats are in and it is noteworthy to point out that the total listings for the month (535) were down significantly when compared to the 670 homes in Lethbridge listed for sale last month. That's a 20% decrease in the amount of homes listed for sale. We can interpret from this that an increasing amount of home owners are realizing that if there is not significant motivation to sell, now may not be the ideal time to do so.

This decrease also had an impact on the amount of expired listings bringing the year to date number of expired listings down from 220% to 211%. Although this percentage of homes left unsold is still much higher than previous years, we can see that the shift is still happening daily.

With all this said, people still buy and sell homes in Lethbridge every day. The need to downsize or upgrade, a new job or relocation, a new start... the reasons to make a move are plenty. The services of a REALTOR® are now more valuable than ever in making sure the process is effective and goes smoothly.

Visit us for more information on Lethbridge Real Estate.

Lethbridge Real Estate Board

MLS ® Statistic Report

[AUGUST 2008 ]

	2008	2007	2006	%INC/DEC
	2008	2007	2006	[ 2007 - 2008 ]
Total # of Listings [Month]	535	535	358	0%
Total # of Listings YTD	4641	3588	3130	29%
Total # of Expired Listings [Month]	175	63	46	178%
Total # of Expired Listings YTD	971	312	460	211%
Total # of Sales [Month]	236	296	324	-20%
Total # of Sales YTD	1974	2411	2596	-18%
Total Sales Dollar Volume [Month]	$56,267,737	$73,289,357	$56,357,043	-23%
Total Sales Dollar Volume YTD	$488,365,033	$558,573,785	$433,861,426	-13%

Lethbridge Real Estate - Market Report for July 2008

Sun, 10 Aug 2008 17:30:16 -0500

The month of July proved to be very comparable to June with only minimal increases to the total# of listings (671 in July compared to 653 in June) and the total# of expired listings for the month (182 this month compared to 170 last month) The good news is that there was an increase in the total number of sales for the month (279 in June 2008 and 301 in July 2008) and total sales for the month were down a mere 4% from July of 2007.

With that said, the big question still looming is "Has the market reached the breaking point necessary to force a return to sustainability?"

There are currently 1231 single family homes and condominiums for sale in Lethbridge and the surrounding areas and according to this months numbers, 42% of those are destined to not result in a successful sale. Add to this CMHC and Genworth's removal of the popular 0% down payment and 40 year amortization options which will ultimately reduce the number of buyers able to qualify for a mortgage. Recipe for disaster??? Absolutely not if we keep in mind one key word: MOTIVATION.

For buyers, the challenge may be to wade through the sea of sellers and find the ones that are truly motivated to sell. How can you tell if a seller is motivated? I believe that the asking price of the home is the number one indicator. A savvy buyer will have an experienced REALTOR® working for them to make sure that they are buying at or below market value.

As a seller, the task is to find a motivated buyer with the help of your REALTOR®. What does a motivated buyer look like? They will be pre-qualified for mortgage approval and ready to buy in the immediate future.

Motivated buyer + motivated seller = SALE. It will be these forces of motivation that determine the direction of this market along with the experienced REALTORS® who use their skills and knowledge to match up motivated buyers with motivated sellers helping them both to achieve their goals.

	2008	2007	2006	%INC/DEC
	2008	2007	2006	[ 2007 - 2008 ]
Total # of Listings [Month]	671	531	431	26%
Total # of Listings YTD	4107	3053	2772	35%
Total # of Expired Listings [Month]	182	53	61	243%
Total # of Expired Listings YTD	798	249	414	220%
Total # of Sales [Month]	301	315	369	-4%
Total # of Sales YTD	1738	2115	2272	-18%
Total Sales Dollar Volume [Month]	$72,375,383	$82,408,945	$62,941,967	-12%