When it comes to selling your home, setting the right price is a critical decision that can determine the success of your sale. This task, while seemingly straightforward, involves a complex interplay of market dynamics and personal expectations. Here’s how you can master the art of pricing your home effectively, ensuring a swift and profitable sale.

The Importance of Accurate Pricing

Understanding how to price your home correctly is crucial in today’s real estate market. Price it too high, and you risk turning away potential buyers, leaving your property to languish on the market. Set it too low, and you might sell quickly but at the cost of losing significant value on your investment.

Factors Influencing Home Pricing

Several key factors must be considered to set a competitive and fair market price:

• Market Trends: Current market conditions—whether it's a buyer's or seller's market—can greatly influence how much people are willing to pay for a home.

• Property Condition: The age of your home, its state of repair, and any upgrades or features can affect its overall value.

• Comparable Sales: Also known as "comps," these are the prices of similar homes in your area that have recently sold. They serve as a benchmark for pricing your property.

The Role of a Real Estate Agent

Navigating the complexities of home pricing requires professional expertise. As a seasoned real estate agent, I utilize:

• Real-Time Market Data: This keeps me updated on the latest market shifts and trends.

• Comprehensive Comparative Analysis: By comparing your home to similar properties, I can gauge the most competitive and fair price.

• Understanding of Local Nuances: Each neighborhood has its unique characteristics that can influence home values.

Crafting a Winning Strategy

Together, we will develop a pricing strategy that not only attracts a wide range of buyers but also maximizes your financial return. This strategy is not just about finding a number but about understanding the market and positioning your home as a desirable investment.

Ready to Sell?

The right pricing strategy makes a powerful difference. Don’t let common pricing mistakes diminish the potential of your home sale. If you’re planning to sell, let’s connect. With the right approach, we can ensure that your home is priced not just competitively but compellingly. Contact me today to get started, and let’s make your home sale a resounding success.

If you want to know what your home's estimated value in today's market maybe, reach out and we would love to help you .

Exploring Secondary Suites: Maximizing Property Potential

Amidst rising inflation and interest rates, homeowners are increasingly seeking ways to leverage their properties for additional income. One savvy strategy is the addition of an accessory suite, whether for rental purposes or to accommodate family members. 

Understanding Accessory/Secondary Suites:

A secondary suite constitutes a self-contained living space within a property, typically featuring a private kitchen, bathroom, and separate entrance. These units can be integrated within the main dwelling, such as a basement apartment, or detached from it, like a laneway house or coach house.

Types of Secondary Suites:

While basement suites are familiar, other options include Garden and Garage Suites:

• A garden suite is a small home separate from the principal residence, usually in a backyard. It has a kitchen, bed and bathroom separate from the principal home

• A garage suite is a small home above a garage or attached to it. It has its own door, separate from the vehicle entrance and has a kitchen, bed and bathroom separate from the principal home.

• A secondary suite is a small home located within the principal residence. It has a kitchen, bed and bathroom separate from the principal home.

Navigating Zoning Laws and Bylaws:

The feasibility of adding a secondary suite hinges on factors like property size and community Land Use Bylaws. Understanding these regulations is crucial in determining the type of suite permissible for your property.

Legal vs. unauthorized (illegal) suites:

• Not all secondary suites are legal. Many existing units were created without proper authorization or fail to meet legal requirements.

• Property owners must obtain authorization from their municipality and adhere to strict building codes to create and maintain a legal secondary suite. Legal suites in Calgary are eligible for a City of Calgary secondary suite sticker to show their legal suite status—secondary suite registration stickers never expire.

• However, suite owners must maintain compliance with safety codes and any subsequent changes in regulations.

Calgary’s secondary suite registry:

• In Calgary, a secondary suite is considered legal if it’s on the City’s Secondary Suite Registry.

• The registry includes suites that have obtained all necessary permits and meet Alberta’s Safety Code requirements. 

Benefits of Legal Suites:

Legal suites offer several advantages, including eligibility for mortgage qualifications and potential financing benefits through rental income. However, maintaining compliance with safety codes and regulations is paramount for suite owners.

Seeking Guidance:

For homeowners considering legalizing an existing suite or developing a space for this purpose, consulting the local municipal planning department is crucial. They can provide guidance on the necessary permits and regulations to ensure compliance.

#legalsuites #investment #calgaryrealestate #foundationgroup

Having an exterior deck, energy-efficient doors, and high-tech appliances are common features that improve a home’s value. 

Yet, some simple, even peculiar things can add value to a property. From Starbucks to celebrity power, here are a few:

Address number

Believe it or not, the house address number can impact a home's value. When a home has lucky numbers, they tend to sell for more.

Many cultures have lucky numbers that symbolize positive traits. For example, in Chinese culture, eight is the luckiest number as it’s associated with wealth, prosperity, success and status. On the other hand, in Judaism, the number 18 signifies good luck.

A research study by Property Reporter showed that in the United Kingdom, odd-numbered houses are typically worth £30,258 (~44,000 CAD) more than those that are even-numbered.

The Starbucks Effect

According to Canadian REALTOR® Tatiana Londono, properties close to a Starbucks statistically appreciate faster than those in other neighbourhoods.

The multi-billion-dollar coffee company has teams studying the demographics of an area and working closely with developers who have access to data about sales and growth potential of the areas.

This ensures that the locations they are opening will be a valuable investment for them.

Celebrity power

Whether it’s a mansion or a converted warehouse, if a famous person once lived in a home, it will be valued more at resale.

When celebrities live in a particular property or neighbourhood, other celebrities tend to be attracted to that property or neighbourhood, given there might be a certain level of privacy and exclusivity, adding more value to the home.

Tree-lined streets

Having healthy, beautifully lined trees flourishing on the street is another sign that a home’s value can increase. Vegetation adds vibrancy to a community and contributes to positive mental well-being.

Did you know? The City of Calgary provides trees at no cost through its Branching Out program. Applications open in the Spring.

#home #homebuyer #properties #yycrealestate #airdrierealestate #foundationgroup

Are you buying a new home or thinking about renovating? Check out the upcoming trends that will elevate your home and transform it into your dream space this year.

Earthy Tones

Interior designers and homeowners are choosing warmer hues to inject character into their spaces. In an interview with Yahoo Canada, interior designer Audrey Scheck said there’s an upward trend in an earth-toned color palette of muddy green, burgundy, creamy whites, and shades of brown.

She said that this colour selection will be extending beyond walls and onto other surfaces and materials around the home, including cabinetry, decor, and textiles.

Curvy Elements

Perfect lines are making their way out as interior designers and artisans embrace curvatures, softer shapes and organic forms.

An example of this trend is the curvy and warm Biedermeier furniture and how it has recently become more present in households as people choose it as a statement piece.

Going Vintage

People are responding to the current landscape of mass production of objects by selecting ones that are made with consideration and care.

Therefore, the demand for handmade, heirloom, antique, and vintage items will only increase as individuals appreciate their uniqueness and their vivacious elements that uplift any space.

 Luminous Spaces

This year, high-tech lighting will only become more popular as the technology makes it easy for us to customize the lights in our beloved spaces.

Companies such as Philips and AiSPiRE offer a variety of products to enhance interior LED lighting.

Through high-tech lighting, we can illuminate a room as if there was natural sunlight during a gloomy day. We can also program light bulbs to change the light temperature – all through an app.

The easiness and inexpensiveness of these tools will allow people to transform and elevate their spaces one light at a time. 

 Maximalism

We’re saying goodbye to the minimalism era as interior designers see 2024 as the resurge of maximalism.  Through the combination of bold colours, statement furniture, and an expansive selection of textures, individuals can embrace their inner artists at home and create vibrant and dreamy spaces.

#designinspiration #homeinspiration #moderndesign #interiorstyling #homedecor #interiordetails

Source | CREB