Home improvement

November marks a rise in sales

The November housing market was spurred by a rise in sales, particularly in the lower price ranges.
Sales totaled 1,411 units in November, an increase of 15 per cent over last year. This is comparable to longer-term averages for the month of November. Improved sales activity occurred in each of the housing segments, with most of the gains occurring in homes priced under $500,000.

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Foreclosure frenzy

Foreclosed properties can be a bargain for savvy investors that do their homework

CREB® president David P. Brown offers a phrase of caution for those interested in purchasing a foreclosed property: “It’s not for everybody. You get a home as is, where is.”

One of the primary risks Brown identifies when it comes to purchasing a foreclosed property is that a buyer doesn’t receive the same guarantees (e.g., that all the appliances are in working order) as with a regular sale.

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The big picture

Inventory increases and sales drop in September, but overall sales for the year remain higher than last year

Strong gains in the first half of 2017 have put Calgary year-to-date sales at seven per cent above last years’ levels and 11 per cent below long-term averages, but challenges remain with easing sales and rising new listings.

Inventories rose across all property types to 6,861 units, while both apartment- and attached-style properties saw the highest inventory on record for the month of September.

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Read the fine print

Conditions of sale are a fact of life for homebuyers and sellers alike

During any real estate transaction, buyers and sellers need to understand what conditions of sale are all about and how they can impact both parties.

“It’s important to note that conditions of sale are for the buyer’s benefit,” said CREB® president David P. Brown.

“Often a seller will try to influence the conditions by requiring financing in four days instead of 10 or something like that, but a well-educated REALTOR® shouldn’t allow it.”

While there are no standard conditions of sale, two of the most common are “subject to financing approval” and “subject to a satisfactory home inspection.”

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