What do Property Law Changes Mean for You?

There are many great Calgary area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a list of Featured Properties so you know what buyers will pay for your home in today's market. You may also call me at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions.

 Today we would like to talk a little about what's been going on recently with local lawmakers. The government is currently proposing over 50 changes to Alberta's condominium property laws.

This is especially significant in Calgary, where one of every 3 sales is a condominium sale. That being said, condominium property laws can get very intricate and difficult to understand. We want to help you through the maze that is owning, buying, and selling a condominium. 

We are excited to be building 27 new condos that will be coming on the market in the spring. The price point of these is around $250,000 and they are located in a spectacular inner city location. 

We want to help you understand everything and talk to you about your needs with respect to condos or single family homes. If you happen to have any questions, please feel free to give us a call or send us a quick email. We look forward to working with you in the future!

What Do Changing Oil Prices Mean for the Real Estate Market?

There are many great Calgary area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a list of Featured Properties so you know what buyers will pay for your home in today's market. You may also call me at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions.

Many folks here in Alberta have asked me what a sudden change in oil prices might mean for our market. The truth is, we can't really know until 2-6 months after the change. Most changes don't have an immediate impact on our market. The good news for our market is we've seen a positive net migration over the last two years, which is a strong indicator of a healthy market.

Alberta is the highest net employer in all of Canada. Over the next decade or so, the rest of Canada will depend on our energy, so there doesn't appear to be any reason to worry about any volatile changes in oil prices in the near future.

There are some great opportunities in our current market. We're seeing development in the inner city and expropriation of land on the outskirts. If you're interested in making a move soon, give us a call or shoot us an email. We'd be pleased to help you make a plan and get the most of your buying or selling experience. See you soon!

How Can You Avoid the Government Premium on Your Mortgage?

There are many great Calgary area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a list of Featured Properties so you know what buyers will pay for your home in today's market. You may also call me at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions.

Traditional mortgages are pretty easy to understand. You take a down payment, make an application, and use the down payment toward the purchase price of your home. If you mortgage 80% of your home, you have 20% down on the purchase price. Anything less than 20% down will require you to pay insurance to the government for your mortgage. The government will tack on an insurance premium up to 3.5% of the mortgage amount, which could add up quickly.

Let's say you have a $100,000 home and an $80,000 mortgage. Since you put 20% down, the government will not charge a premium. If you put only 5% down, however, and have a $95,000 mortgage, you will have to pay that 3.5% on your mortgage. Because of this, your mortgage payment will be $98,500. You're essentially paying more for the same amount of home.

If you can't afford to put that 20% down, there are options available to you other than the traditional mortgage. Using a home equity line of credit on your residence gives you greater flexibility and allows you to do things outside of your residence for investment purposes. It's not risky, but simply another form of mortgage on your property that may not be as costly as a traditional mortgage.

If this is something you might be interested in, or would like more information on, don't hesitate to reach out to us. We'd be happy to help you explore your options!

Real Estate Market Update for Fall 2014

There are many great Calgary area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a list of Featured Properties so you know what buyers will pay for your home in today's market. You may also call me at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions.

 Today we are going to talk about our yearly sales results in the Calgary marketplace. There have been some interesting changes over the past year that we want you to be aware of so you can better understand our market.

In August of 2013, there were approximately 2900 homes sold for an average sales price of $445,000. In August of 2014, both those figures rose. In August 2014, there were 3000 home sold for an average of $475,000. We are seeing a significant increase in values of homes and a huge net migration in the city of Calgary. 

These statistics are relevant right across the board in the city, but you really need to look at each specific neighborhood for your specific purposes. A steady increase in the average sales price over time in an area is a good sign. This sustains value in the market. 

If you'd like to sit down with us and talk about real estate, we would love to meet with you. Give us a call or send us an email so we can set something up. We look forward to chatting with you!

How to Determine Whether We're in a Real Estate Bubble

There are many great Calgary area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a list of Featured Properties so you know what buyers will pay for your home in today's market. You may also call me at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions.

This summer a lot of people have asked us if we are in a real estate bubble. To answer that question, it's important to understand two of the main criteria involved in creating such a bubble.

1. Significant increases in interest rates have a destabilizing effect on the market. Governments are typically cautious about raising them because they can have a substantial impact on manufacturing and job creation. Right now, both internationally and here in Canada,we are still seeing pretty favorable rates.
2. A significant increase in unemployment is another sign that the market may be on shaky ground. Here in Alberta we are seeing significant job growth - in May we accounted for 90% of all new jobs created in Canada. 

Because interest rates are low throughout Alberta and the nation as a whole, and we are seeing job creation throughout the province, we can say with confidence that we are not experiencing another real estate bubble and that we don't expect to see the above criteria met any time soon. But, of course,real estate is hyper-local - some areas have higher turnovers than others, so you need to look at specific neighborhoods to get a good idea of whats going on. Give us a call or shoot us an email with all of your questions and concerns, we would love to be your real estate resource.

Know What to Look for in a Home Insurance Plan

There are many great Calgary area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a list of Featured Properties so you know what buyers will pay for your home in today's market. You may also call me at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions.

Insurance made Easy

 

Today I would like to spell out the differences between insurance for a residential home and for a condominium. I'll also be speaking about the changes that are occurring with insurance here in Calgary.

There are two aspects to condominium insurance. One is the building insurance, where the condominium corporation is responsible for the structure. The other is individual insurance for each unit in the condominium, which the individuals living their have to pay.

With premiums increasing by 15-20% you need to know what is being covered in your building insurance and have someone on your team that is acutely aware of what needs to be covered with your condo insurance.

Now, with residential home insurance you might expect some increases on your premium because of the natural disasters that have occurred here in Calgary recently. What has also happened is that companies have actually eliminated certain kinds of coverage, so when you need to make a claim and aren't covered, it can be a major burden.

If you would like to discuss insurance for condominiums or for your residential home in Calgary, please don't hesitate to contact me.

How to Get the Maximum Sale Price for Your Calgary Home

Looking to buy or sell a home in Calgary, Alberta? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions. 

How to Get the Maximum Sale Price for Your Calgary Home

 

A lot of my clients here in Calgary are asking me how to sell their homes in our current market. I have three different strategies that you can use to get top dollar on your property.

1. Prepare your home: You will need to stage and declutter your home. Consider how your property will appear to online buyers as well as how it will look in real-life showings. You may want to hire a professional cleaning service and/or a professional stager. Also, be sure not to forget about the exterior of your property because curb appeal is important.
2. Working with a Professional: You need a real estate agent that has intimate knowledge of the Calgary market and knows how to recognize competition to your home. A real estate professional will allow your home to be marketed to the largest amount of people and will help you to sell at the highest price possible.
3. Negotiate: A professional real estate agent knows how to communicate and negotiate with a buyer in order to get you the best terms and also the best sale price. I have years of experience in negotiating real estate deals and am confident that I can land you the best deal possible.

Statistically, inventory is down by 17% in Calgary and unit sales are up by 10% year over year. When you hire me to sell your home, I will sit down with you and go over what is happening in your local neighborhood. This will help to position your home to sell for top dollar.

Please contact me with any questions you may have about this information or about the Calgary real estate market in general.

3 Conditions to Follow in Order to get the Best Price on a Home

Looking to buy or sell a home in Calgary, Alberta? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions. 

How can I Get the Best Price on a Property?

 

I have three criteria for you to get the best price on a home if you're looking to purchase in Calgary anytime soon.

1. Pay Cash: Sellers always prefer a cash offer rather than getting tied up with a lender and financing.
2. Have No Conditions on the Purchase: Sellers want to get their property sold quickly.
3. Fit the Closing Date to the Seller's Requirements: This is pretty self explanatory - do your best to please the seller.

There are some other things I would recommend other than these three criteria. For example, you should always be pre-approved because sellers will likely not even consider your offer if you have not been approved.

Also, if you're going to put conditions on the home, make sure they are in regards to the structure or engineering of the home, not the cosmetics of the property. Sellers don't like to get tied up - they want to sell their property as quickly as possible. Don't hassle them over little things that will irritate them and possibly ruin the deal for you.

Lastly, you need to let the seller decide the closing date. If you desperately need the home, then always try to please the seller and make the transaction as easy as possible for them.

Hopefully this information has been helpful to you. I expect a strong market here in Calgary for this spring and summer, so if you have any questions, comments or concerns that you would like addressed, then please give me a call or email me. I would be more than happy to sit down and discuss any and all of your real estate needs.

It's a Great Time to Buy or Sell in Calgary

Looking to buy or sell a home in Calgary, Alberta? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions. 

What's Happening with home values?

 

Home values are up 5.5% here in Calgary. This means that on average, a home is worth an extra $25,000 dollars. Inventory is also down by 18% since last year at this time, and this will continue to impact home prices.

What people keep asking me is, "If I sell now, will I have a place to live?"

 

The truth is that this could happen. However, there are rentals available on the marker and there will always be rentals available on the market. In fact, there is a 2% vacancy rate on a total of 40,000 rentals here in Calgary. That means that there are 800 places for you and your family to move in to temporarily. Although this isn't the ideal situation because you have equity locked up in your house, this can be avoided if you work with me to plan your move carefully.

This is an exciting time for real estate here in Calgary because with the low inventory, you are able to sell at the top of the market. Even if you do have to rent for 3, 6, or 9 months, in the meantime you can realize the huge upside in both buying and in selling.

So, I look forward to chatting with you and going through the statistics. I don't want you to have to rent a home after you sell your own, and I think that could be avoided if you plan carefully with me. We'll talk about your home and arrange a road map for you so that you don't have to rent a property in the meantime.

As always, contact me for any and all of your Calgary real estate needs. It's a great time to buy, and it's also a great time to sell. Don't miss out!

Exciting Calgary Real Estate Update for Spring 2014

Looking to buy or sell a home in Calgary, Alberta? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions. 

I'm here again to update you on the Calgary real estate market. I will be going over certain things that clients were asking about, and also some issues that I find particularly pertinent to your success in real estate.

• We are currently below two months worth of inventory, and this is pushing prices upwards.
• This is your chance to sell if you've been thinking of selling. It's also a good time to buy because interest is low.
• The highest volume of sales is within the $500-550,000 dollar price range.
• 60% of sales are coming from this area.
• If you're thinking about making a move this spring...
• You have about a 60-90 day window to move after you've sold your home.
• If you sell your home now and buy later, there is a good chance that you will find a great deal on a new home because the market will be flooded with people selling their homes.
• It's an exciting time in Calgary for real estate:
• Inventory is low, and people are still moving here.
• Employment is strong.
• Calgary is growing very quickly population-wise with over a million people in the area.

So, if you're looking to buy or sell in Calgary, now would be the time to talk to me about arranging a time to meet and discuss your current situation. Timing is very important as we head into a very busy spring and summer marketplace. You can reach me at (403) 660-6200 or visit www.jamesmurphy.com

How to Invest Intelligently in Real Estate to Secure Gains

Looking to buy or sell a home in Calgary, Alberta? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hello again, and welcome back to my blog. I've been having clients ask me lately if it's a good time to invest in real estate despite the shortage in properties on the market. This answer isn't so clear cut, but let me explain.

I know a developer who takes inner city plots and rebuilds them. His returns on these investments are always 15% or greater. Many clients ask me how they can get involved in something like this, and I have to remind them that an investment is not a guarantee. Also, I couldn't possibly explain all the intricacies of real estate investment within the time frame of this video.

If you want to discuss these matters, please call me or sit down and talk with me. I do know builders who are taking on these sorts of projects and they are looking for equity partners. You could become a joint venture partner or simply fund a project if you wished. Regardless, if you're thinking about taking steps like these, please consult me ahead of time because these investments always have uncontrollable variables.

Although inventory is low in the Calgary area, I wouldn't ever say a real estate investment is a bad idea. You just have to have a good handle on what you're doing with your investments and how you can leverage yourself against the market to make a gain.

I'd also like to thank everyone for following my video blog. I'm flattered by your support and I will continue to produce informational content to aid you in your real estate endeavors.

You can contact me at (403) 660-6200 or at jamesmurphy.com

Thanks again for watching!

Calgary Alberta Real Estate Market Update January 2014

Click here to find out what your home is worth or to search all area homes for sale.

Welcome back! Today I wanted to answer the question I've been asked quite often lately: what's happening in the 2014 real estate market?

Calgary is having an amazing market. Right now inventory is under a two months supply, which is an 18% drop in the total active listings.

What does that mean to you? Until more homes come on the market, prices will spike, especially in the $400,000 - $700,000 range. That price range is where 60% of market activity takes place.

Now, in some neighborhoods where the demand isn't as high, prices won't spike as much. If you would like to know where those areas are, give me a call!

Overall our market is fantastic and I expect some great things from 2014.

On another note, I wanted to thank you for taking the time to watch my video today. I started this blog as a way to communicate with you about what's happening and to help you make the best real estate decisions.

If you have any questions, please give me a call today whether you're ready to buy or sell, or just want to talk about the upcoming outdoor recreational seasons.

What Can You Expect from 2014?

The New Year is here and you may be wondering what 2014 has in store for the real estate market. Let's first take a look at 2013. The Calgary market ended the year with 22,500 sales and we saw a 5.83% increase in sale prices. Why is that? Because there is less than three months of inventory. This puts increased pressure on prices.

This is important to keep in mind whether you're a buyer or a seller. Buyers need to buy now before prices increase too high. Sellers also need to beware because now is the time to sell. The highest volume of sales occur during January - April.

If you have any questions about the real estate market or know of a friend, coworker or neighbor who is looking to buy or sell, please give me a call today!