Regina Real Estate News from Corrine Boivin-Englund May 2018   

 
When you put your home on the market, it's important to take care of certain details to ensure buyers don't head out the door in disgust. This month's article offers six buyer turnoffs that you need to be aware of.

There are also some great ideas on how to save money at the pump as well as a few tips on how to seasonally transform your home with a fresh spring theme.

Thanks so much for checking out this month's newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general -- it'd be great to hear from you!

Enjoy the day!
Corrine

In this issue...
Regina Real Estate Market Update 
Residential real estate market yields weak results.

Key market metrics continued to demonstrate relatively weak conditions in the local residential real estate market in April, said the Association of Regina REALTORS® Inc.

There were 271 sales posted during the month in all geographic areas, down 8.1% from last year when 295 sales were recorded. This is well below both the 5-year average of 330, the 10-year average of 358 and is the fewest number of sales in over a decade.

There were 228 sales posted in the city, a decrease of 4.6% from 2017 when 239 sales occurred. The number of sales in the city was also below the 5-year average of 268 and 10-year average of 297. For the April year-to-date there have been 846 sales recorded in all areas, a decrease of 7.6% from 916 in 2017. In the city, there have been 697 sales compared to 761 last year, down 8.4%.

For April, the MLS® Home Price Index (HPI), a much more accurate measure of housing price trends than average or median price reported a composite benchmark residential price of $275,600 and index of 255.3 in the city, down 6.5% from $294,700 one year ago. This continued a downward trend that began in 2017, and is now 10.4% below the composite price reported in 2013 of $307,400.

The majority of this price loss has occurred in the last twelve months primarily due to slowing demand and elevated supply levels. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005.

The sales dollar volume of $82.0M posted in all geographic areas for the month was down 14.4% from 2017’s $95.7M. Dollar volume in the city of $69.5M was down 11.2% from 2017’s $78.3M. This is due to fewer sales occurring and falling prices.

In the city, there were 1,524 active residential listings on the market at the end of April, an increase of 16% from 2017’s 1,329. This is the largest number of active listings at the end of April in over a decade. There were 738 new listings placed on the MLS® System during the month in all geographic areas, down 6.1% from 2017’s 786. In the city, there were 551 new listings recorded, down 2.1% from 563 in 2017.

The ratio of sales to new listings for the month was 41% in the city and 36% in all geographic areas. These comparatively low sales to list ratios point towards buyer’s market conditions. Balanced market conditions are generally in the 40-60% range. Below 40% is considered to be more of a buyers’ market while above 60% is considered to be a market favouring sellers.

Homes that did sell in the city sold in average of 59 days in the city and 61 days in all areas. This compares to 37 and 44 days respectively last year.

“April continued a pattern that began in 2017 of fewer sales, rising inventory levels and falling prices. It is certainly an ideal time for buyers to be looking for a home in the area. There’s plenty of supply, great choice and prices are at the lowest level in a number of years”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.

“As projections for economic growth for the Regina area are very positive for 2018, we remain hopeful that this will eventually materialize into both job creation, population growth and added demand for housing”, concluded Archibald.

Beware of Buyer Turn-offs 
Address these common turn-offs so buyers don’t run for the door!

When you put your home on the market, it must appeal to a large cross-section of buyers in order to generate a frenzy of activity.

Buying a home is such an emotional decision that even a seemingly small issue can create a bad impression. Here are six of the top turn-offs you need to know:

  1. Get Out - Make yourself scarce during showings as nothing turns buyers off more than a stalking seller.

  2. Fido & Fluffy - Pets and their associated smells will put many buyers off so relocate them before showings and hide their bed, bones, toys, etc.

  3. Killer Clutter - Buyers want to imagine themselves living in your home but most can’t look past other people's clutter, even if it’s tucked away in closets and cupboards.

  4. Problems Down Below - If your basement’s unfinished, you’ll want to show that it has potential so investigate any signs of moisture and paint the floor white to make it feel more spacious.

  5. Grubby Grout - It's imperative that your entire home remains thoroughly cleaned right down to the inside of your microwave. Neglected personal spaces like bathrooms will have them running for the door!

  6. Forgo the Fish Fry - It's best not to cook fish, bacon or other strong smelling foods while your home's on the market. Always air out your home by opening the windows instead of using artificial scents as some people are allergic.

When you sell your home, your goal is to get the highest price in the shortest amount of time. Sometimes the best way to do that is by focusing on the small stuff. It's definitely worth the effort and the good news is that depersonalizing, decluttering and thoroughly cleaning your home doesn't cost a fortune.

Tips On How to Guzzle Less Gas 
Modifying your driving habits can save you loads at the pump!

Maximizing your vehicle's fuel efficiency will not only save you money but you'll also be doing your bit for the environment! Here are a few tips that'll pay off at the pump:

  1. Turn it Off - Don't idle as it unnecessarily wastes fuel.

  2. Take it In - Regular tune-ups will increase your car's efficiency.

  3. Check & Inflate - Keep your tires inflated to the proper pressure.

  4. Slow Down - Speeding increases fuel consumption by as much as 50%!

  5. Don't Brake Down - Don't constantly jam on your brakes and then rapidly accelerate.

  6. There's an App for That! - Download an app that tracks the cheapest local gas prices.

  7. Lighten Up - Remove unnecessary items from your vehicle as extra weight reduces fuel efficiency.

The best way to save on gas is to keep your car in the driveway, so next time you climb behind the wheel, ask yourself if you can walk there instead. Just a few small changes to your driving habits such as combining errands or carpooling to work will save you a small fortune over time.

Spring Your Home Decor into Action 
Transform and refresh your home now that spring is here!

Spring is a time of renewal so why not bring the season's vitality into your home by making some simple decorating changes. Here are a few ideas that'll help you create a fresh spring feel:

  • Swap out heavy curtains for blinds or sheers.

  • Bring nature inside with a few plants or some fresh cut flowers.

  • Switch your cushion covers to spring shades such as yellows and purples.

Celebrate spring's arrival by bringing a breath of fresh air into your home. Just a few simple changes and a good spring clean can reflect the season’s sunny, fresh energy!



PS Are you sick of scouring the paper and MLS sites looking for homes? Tired of playing telephone tag with agents only to hear the home's already sold? Sit back, relax and let me do the work for you! Drop me a quiet note with your parameters I'll set you up on my Matrix program with the MLS board. Whenever a home matching your criteria hits the market, it'll be automatically flagged and emailed to you so you'll never have to worry about missing your dream home. This service is free and there's no obligation!

Not meant to solicit clients already under contract.