Why Virtual Staging Matter

Top 3 Reasons Virtual Staging Matters

• Cost-Effective (We literally do it for free): 
• Speed
• Visual Appeal

Physical staging can be pricey-$1500 to $2500 for an average home.  Virtual staging can be done in lighting fast.  Buyers for first impressions online.  Virtual staging has come a long way in the last two years and really stands out (you only get one chance for a first impression). 

Why Do We Offer Free Virtual Staging?

• Empowering Sellers- Every home deserves its best shot.  Let’s empower you to showcase your homes true value.
• Supporting Realtors- It’s not good enough to only support our own REALTORS®, we want to improve the industry
• We get free things back- Follow us on Instagram, traffic to BuyMyHomie.com, ours signs on your lawn.

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You are thinking about making a bid on a house you found whilst shopping or listing your house on the market, but want to figure out the fair market value. You may have heard of a comparative market analysis before and what to do one, but have no idea where to start. We heard your questions and we are breaking it down for you here!

What is it?

A comparative Market Analysis – or CMA – is an evaluation of the market value for a specific property based on recent or historic sales, trends and values represented by homes of similar nature. This is typically used for both people looking to buy and sell a home. When you are shopping for a house it is ideal to look at home’s value to assess if you are getting  bang for your buck or drastically over paying. Conversely, before you list your house, you should be appropriately evaluating the current market to price it effectively and ultimately get the most optimal sale.

Check out an example on Investopedia.com

The comparative market analysis differs from a professionally conducted appraisal in that an appraisal will set a value on the home defined by a predetermined set of criteria as opposed to a CMA that would give an objective value according to the current position of the market.

When doing a CMA, you would use the comparable criteria and make adjustments to accommodate unique features and aspects of your individual property. Perhaps you have a pool and a neighbor’s house does not or maybe a similar property recently renovated their kitchen and you have original fixtures. These things will affect the final price value consideration.

It is typically recommended that you use both a comparative market analysis and professional appraisal in tandem to efficiently price a home. Most real estate professionals will be able to assist you in finding the ultimate sweet spot to get an accurate property value.

How do you do a Comparative Market Analysis?

There are numerous online resources that will calculate a comparative market analysis using available online data such as; Honest Door, Zillow or our own online CMA tool (we are currently working on shiny new software that will make this process much more simple… but you will have to stay tuned for that).

While these online resources can give you a general idea, they are mostly just rough estimates. You will need to dive a lot deeper to get an accurate comparative market analysis, which becomes a lot easier with an experienced professional to guide you through the mountains of information. So, how do you actually calculate a comparative market analysis?

1. Look at the property

The first thing you need to do is assess the property itself to create a general outline that can be used for comparison. This will include the size of both the building and lot, construction age, number of bedrooms and bathrooms, amenities, features and any recent upgrades. You will also want to look at the community, including the proximity to shops, schools, transit, etc.

2. Comparables

Search homes that are approximately within a 5 km radius of the property to compare with. You will want to find at least 3 that are currently listed with specifications similar to what you summarized in the first step. The listing price may or may not determine the current property value depending on the housing market. In a sellers market, you can expect the prices to be inflated where a buyers market can deflate prices.

In addition, you should look at a handful of homes that have recently sold in the same area to add to your list of comparables. Houses that have sold within the last 3 month will be a more accurate depiction of their respective market value. Looking at pending and expired listings will also be valuable information to find the appropriate value in your comparative market analysis – pending houses are an insight into the current market trends and expired listings may mean that property was priced too high. 

When finding houses to use in your comparative market analysis, be careful to include as many similar criteria components as possible – it goes without saying that the more similar the houses, the more relevant the data will be. If you are calculating a CMA for a townhouse, only look at other townhouses. Look at properties that have equivalent lot and floor sizes – you cannot reasonably compare a 1,500 square foot home to one that is hundreds of square feet larger. This same logic applies to rooms, age and all other specific amenities.

3. Adjust the value

No two properties are exactly the same, unless you are living in cookie cutter suburbia, which means you may need to make adjustments to the number derived from your comparables. Consider other factors that may change the market value of the property you are assessing. Elements that might increase value can include renovations, new appliances, additions, and landscaping. In comparison, elements that could decrease value may be lack thereof any of the previously listed, structural damage, undesirable curb appeal or missing amenities. 

It is also necessary to access any information about the house that may be pertinent to a valuation. Pull any relevant building permits, tax information and look at the complete sold history. These may affect this individual home’s market value. The City of Edmonton website can help you locate some assessment information.

4. Determine the condition

Inspect the property thoroughly in it’s entirety to establish the overall condition. You can walk through yourself to get a general idea or get a professional opinion. Contracting a professional appraiser or a home inspector will out exactly what the current health of the home looks like and give you more comparable data to use. The information you receive from either an inspection or appraisal will be applied best when working in tandem with your comparative market analysis research to find the most appropriate current market value.

Comparative Market Analysis

Outline the approximate value of the house you are assessing by consolidating the results you collected in your research. Compile the data from all of the comparables you located and reference the rest of the information accumulated that is impactful to make a reasonable rough number. For a bit more accuracy, you can divide the cost of the comparable houses by their square footage to get a cost per square foot, which can then be translated into a formula to calculate your total amount.

Through all of this, you can appropriately determine a reasonable estimate of a homes value by conducting a comparative market analysis. With all of that said, it is always recommended that you request help and information from a professional when dealing with such a large price evaluation. An experienced agent can guide you through this process and utilize their years of knowledge and awareness of market trends to find an amount that will accommodate all of these moving parts. If you are looking for a hand, as always, we are happy to help!

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Renovation Reccomendations

Take a look at the renovations recommended by the Appraisal Institute of Canada to see what exactly could help when you are getting ready to list your house for sale. 

Top 5 renovations with the highest ROI

• Kitchen
• Bathroom
• Painting Interior/Exterior
• Updating Decor
• Decluttering

Top 5 Renovations with Most Enjoyment Value

• Basement Finishings
• Garages
• Sunrooms/Additions
• Decks/Fencing
• Landscaping

Top 5 Renovations to Maintain Worth

• Replacing the roofing
• Updating the Heating/Cooling system
• Replacing windows/doors
• Updating Electrical
• Repairing structural defects

When talking with your agent it’s always best to be well-informed about potential projects and their projected ROI. So let’s take a look at the data on the nation’s top remodeling projects.

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What is a Home Inspection

A home inspection is an important part of the buying process which is not meant to criticize the property in question, but provide the buyer with the opportunity to learn more things about it that will help them determine whether it’s the right fit for their family. If you want to learn more want a home inspection might look like here in Alberta or want to find an inspector to talk to, Check out Alberta Home Inspection.

“The purpose of a home inspection is to check for any major defects on the property and not nitpick at minor things.” – Lorne Cooper of  Century 21 in Newmarket, ON

What a Home Inspector Does​

So, what exactly are the things that your inspector will check during a home inspection? A good inspector for will check the physical structure and internal system of the house including the following;

Structure

An inspector will asses the foundation walls, floor beams, rafters, windows and doors. The foundation and framing should be sturdy enough to face different weather conditions.

Roofing

Are there any issues with the shingles, drainage, skylight, and chimney? This is important to rule out any potential leaks that could cause further damage to the home. 

Plumbing

Your inspector will point out things like rusty pipes and weak water pressure which might spell problems for in the future.

Electrical

This includes inspection of things like the breakers, conductors, switches and light fixtures. Inadequate amperage or improper wiring could lead to dangerous implications. 

HVAC System

Are the vents clean? Is the installed equipment working well enough? Unsafe exhaust or malfunctioning controls are potential deadly circumstances. 

Exterior

The home inspector will check if the gate, driveway, patio, and windows are in good condition. They will ensure proper grading and evaluate the health of your gutters. Avoiding any potential water damage or cause for structure impairment is crucial. 

Interior

Your chosen house’s doors, walls, ceiling, flooring, permanent cabinets, stairs, and railing should be in good working condition as well.

Ventilation and Insulation

Is the exhaust working properly in areas like the kitchen and bathroom? Are the attic and other rooms well insulated?

Appliances

The inspection will also include the installed appliances like smoke and carbon monoxide detectors.

One of the things that you must remember during the home inspection is that instead of aesthetics, an inspector is a hired professional whose job is to focus on the overall state of the house. He also won’t be able to inspect areas like the septic tank which aren’t accessible to him. Moreover, while the inspector will try his best to find out about the presence of rats, mold, fungus, termites, asbestos and hazardous waste, there are other professionals that have the proper training for this.

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Nestled in the upper Canadian corridor, Edmonton is the capital of Alberta and the sixth largest city in the country. According to a 2021 census report, the metropolitan population stands at 1,418,118. Edmonton’s government does the property assessment annually and mails out the tax notices in January.

Read on to learn more about how an Edmonton property assessment works and what affects the assessment.

What is an Edmonton Property Assessment

According to Investopedia, property assessment is the process local governments use to tax your real estate. So, this means that even if you buy Edmonton real estate with cash or a mortgage, you have property taxes to pay.

The administration uses the paid taxes to maintain community amenities. These include education, sewer, police, and fire protection. Moreover, these responsibilities have a percentage contribution to the total bill.

How Does an Edmonton Property Assessment Work

The Edmonton administration does the property assessment on the 1st of July. Edmonton property assessors usually survey the market value your real estate would have sold for on the market.

The current market conditions usually determine their findings. These assessors use the same criteria property appraisers use when a person lists a home for sale. They use credible resources like the Alberta land title office and city property records to verify the information.

The critical thing to note about the process is the dates the relevant authority mails the assessment report. This usually happens in January; you have up to the 23rd of March to file a formal complaint against the report.

The Alberta government releases the education budget, and Edmonton’s administration collects the tax. In May, the Edmonton government usually mails you the property tax notice, giving you up to the end of June to file your property taxes.

Also, note that the taxes depend on the type of real estate, whether residential, commercial, or farmland. The Edmonton government exempts places of spiritual processes from paying property taxes.

What Affects an Edmonton Property Assessment

As highlighted before, the Edmonton property assessment depends on various factors. The simple way to put it is that another homeowner’s tax will be different from yours.

Here is what affects the taxes.

1.  Age of the Property

As is the norm in real estate, the property’s age usually determines the value it would get on the market. And since the assessors equate the property assessment to the current market value, an older home will likely see a reduced property tax.

If the property has significant renovations, the assessors consider these changes. Moreover, the renovations change the actual year of construction on your property.

2.  Location

Different Edmonton neighborhoods have unique real estate prices buyers would be willing to offer. For instance, according to ZOLO, the price of real estate in Sherwood Park is $410 065, while the average home price in St. Albert is $433 371.

Assessors use four market conditions to assess location: urban, rural, condominium, and waterfront. These markets attract different values hence varying Edmonton property assessment rates.

3.  Lot Size

The Edmonton property assessors usually consider the size of your lot by multiplying the frontage and depth. However, note that you will not have these experts measuring the lot on the ground for resources and time effectiveness.

Instead, they get the lot measurements from the relevant Edmonton land offices. The assessors present the calculated area in acreage or square footage. The farmlands make up for acreage presentation, while smaller lot sizes take up the square footage form.

4.  Construction Quality

Property assessors usually classify real estate construction quality into ten tiers. This tier system grades ten as the highest quality and one as the lowest, with six being the standard in construction.

Here is a quick overview of the quality classes:

Class 1

This class entails simple one-roomed units, and the finishing is minimal.

Class 2

This category carries structures erected on wooden posts or masonry piers and has no bathroom.

Class 3

This class covers structures built on masonry piers. Structures have minimally partitioned rooms and may have low-quality bathrooms or not.

Class 4

The class comprises simple structures built on posts or piers, small rooms with no hallways, and one bathroom.

Class 5

These structures have a basic design with a narrow hallway connecting the rooms and one bathroom.

Class 6

This quality class features average quality and design and houses one or more bathrooms: one full and a half.

Class 7

This class follows the standard quality and architectural design and has two full bathrooms.

Class 8

This property class entails custom-designed homes with separate dining and sleeping areas. They also entail multiple bathrooms with one ensuite.

Class 9

Properties in class 9 feature highly designed structures with attention to detail. They usually have more than one ensuite bathroom.

Class 10

This class has the highest rating on artistry demonstrated throughout the property. Bedrooms feature sitting areas, walk-in closets, and multiple large ensuite bathrooms.

Edmonton Property Assessment Conclusion

Like other provinces in the country, Alberta has its property assessment process. The Edmonton administration carries out this process annually, and it is crucial to stay compliant.

The above guide has highlighted all you need to know about Edmonton property assessment and its purpose. Moreover, you now know what affects your taxes.

FAQs about Property Assessment Edmonton

You might also like…

• Edmonton Home Prices
• Best Real Estate in Edmonton
• How to Buy a Home in Edmonton
• Best Real Estate Agent in Edmonton

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What is Home Staging?

Home staging is an important step in getting your house ready to sell. Before you list your home, you want to present your house in the most optimal condition and display an objectively desirable living experience. Renovations, cleaning, decluttering, rearranging furniture and landscaping your yard are all necessary home staging components that may allow a potential buyer to picture a life in your home. 

“ Not only does it help your space become more attractive to the average person, but it is also one of the easiest ways to give your space a makeover without breaking the bank.” – Lindsay Cottrell, Interior

Should I Consider Home Staging?

Staging showcases your house in the most appealing and effective way to improve sale probability and increase potential sale price anywhere from 1-20%. Home staging is ultimately the primary marketing strategy you will use to highlight your houses best features so it may lead to more interest, higher offers and quicker sales. Over 80% of real estate representatives claim that staging increases the buyer ability to visualize a property as a potential home. 

Keep in mind that it may or may not be worth it to you. Determine your timeline, budget, the sellers market in your area and the current value of your home. Small details can make a big difference, but if you have a lot of damage to your property, home staging may be redundant.

Do it Yourself

If you have decided to tackle home staging on your own, there is a lot you need to think about. There are some very important aspects that you will want to make sure are tending to and there are some things you may be able to skip. Do your research and plan everything out before you get started so you know exactly what to expect.

Home Staging Essentials

There are a couple crucial things to look at when home staging. Here are the fundamentals that we suggest you do to bump up the appeal. This is only a starting point and there are a lot more great tips we can give you to increase the efficacy of your home staging. Feel free to reach out to us with any questions and learn more or stay tuned for more great content!

Repairs

One of the very first things in home staging is making sure your reducing any imperfections. Keeping the concept in mind that home staging is essentially a makeover for your house, you should first start at repairs. Is it in best practice to put lipstick over cracked lips? No. The same goes for your house. Reducing any possible imperfections will keep the focus on the positives and beauty your house has to offer.

 Don’t worry, this doesn’t necessarily mean you have to do a huge or costly renovation. Simple tasks like patching holes in your drywall, touching up paint, caulking tile or changing any old light bulbs can make a world of difference.

Decluttering

In the pursuit of making your house more appealing to those browsing the market, you want to avoid having any clutter in view. Organize all of your shelves so they don’t look full and collect anything that is on the floor, countertops or tables. Additionally, go through all of your closets and clean them out. Keep in mind, you don’t want anything to be empty. A buyer needs to see the functionality of the spaces put to work so their mind can imagine their own belongings there.

Deep Cleaning

This is without a doubt the most crucial part of preparing to list your home. Whether you have decided to tackle home staging or not, you will want every inch of your home to be shining as if it were brand new. Well… this may not be entirely achievable, but do your best to give your entire property some proper TLC to present it in it’s best light. 

Scrub the baseboards, wipe down the walls, dust the vents and light fixtures, windex every shiny surface and steam clean the carpets. You want any potential buyers to look at your house as if it has never been lived in. If they can see cat hair in the vents or a wine stain in your carpet, they may not have an easy time picturing a life for themselves in those areas.

Depersonalize

An easy way to help prospective buyers visualize your house as potentially their own, is by removing anything that is personalized. Look at packing away personal items such as family photos or sentimental keepsakes like the “worlds best dad” mug and the trophy you won in the annual family baseball tournament. Store away your toothbrush and skin care collection.

Home Design

Interior design is the funnest part of home staging by far. Look at each room and objectively assess the overall style and accessibility. You may want to alter the placement of a furniture item or switch out a piece of decor. The goal is the make the space appear bigger, brighter and more welcoming. 

If you are unsure what to look for, try referencing home decor catalogs or interior design magazines. Decide on a theme and try to be consistent. Aim for an aesthetically pleasing overall feel with a well balanced palette, layout and organizational system.

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Real Estate Agent

A Real Estate Salesperson, Sales Representative, often erroneously called a Real Estate Agent, will have completed the basic education requirements for Edmonton real estate and will have passed the licensing exam. They will be employed by an Edmonton real estate broker-of-record to act as an intermediary between the buyer and seller.

It is confusing but important to look at the term agent. Often this is used to describe the real estate professional that is helping you. This isn’t a technically correct usage of the term. Legally, the brokerage (the company) that represents you is the “agent”. By signing a buyer representation agreement or a typical listing agreement you formalize an agency relationship.

REALTOR®

To be a REALTOR® you must be a member of CREA (The Canadian Real Estate Association). To become a member, after completing the basic real estate agent education requirements and passing the licensing exam, you must complete up to two years of supervised employment with a real estate broker. 

As a member of CREA, as with most professional associations, you agree to a standard of conduct and to continue to update your education.  In exchange you can use the professional designation, REALTOR®, and have access to the Board’s MLS Systems. 

Edmonton Real Estate Sales Representatives can become REALTORS® by completing the appropriate licensing requirements. Because of associated costs, education time commitments or part-time work, Sales Representatives may choose not to do this.

Broker

Who is a broker?  Broker-of-record?  Registered broker?  What is a brokerage?

What is a brokerage?

This is a company that is authorized to trade in real estate on behalf of another person. The brokerage hires or appoints sales representatives to perform the normal functions in the Edmonton real estate trading process.

Who is a broker?

The specific requirements to become a broker differ slightly in each province. Generally, a sales representative can become an Edmonton real estate broker by completing further education and taking a broker course.

Do all brokers become broker/owners?

No. They are legally recognized as brokers but often choose to remain employed by another brokerage rather than start their own company.

What does the term broker-of-record mean?

The broker-of-record is the person responsible for ensuring that the brokerage complies with government requirements. For example, in Ontario the government law is called REBBA (the Real Estate and Business Brokers Act). In British Columbia it is called the Real Estate Services Act. The Real Estate Act of Alberta regulates Edmonton Real Estates and is administered by RECA (Real Estate Council Alberta). The aim of every province is to protect the public when buying and selling real estate and it is the broker-of-record’s job to ensure that this happens. In most circumstances you will deal with the Sales Representative or the REALTOR® you have chosen, not the broker-of-record, although he will be in the background managing the business and making sure that you are satisfied with their service.

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