Liz Toles, REALTOR® - Lethbridge, Alberta

Here's how the month of June stats looked:

Total # of Listings (Month) - 653 (Up 30% from June 2007)

Total # of Listings (YTD) - 3437 (Up 36% from 2007)

Total # of Expired Listings (Month) - 170 (Up 240% from June 2007)

Total # of Expired Listings (YTD) - 642 (Up 228% from 2007)

Total # of Sales (Month) - 279 (Down 13% from June 2007)

Total # of Sales (YTD) - 1436 (Down 20% from 2007)

Although it appears that the number of expired listings (month) is still astronomical compared to last years data, it is actually showing signs of improvement when compared with the May 2008 stats. And although sales for the month are down 13% for June compared to 2007 stats, they are again showing signs of improvement when compared to May sales that were down 32% from previous years numbers.

What does all this mean?? It appears that the market is slowly, but surely correcting itself. It also teaches us that we may not be wise to compare to last year! Really... is it a fair comparison to make?? Last year was off the charts and comparing to those skewed stats will only keep us from moving forward today!

Seller's still need to be diligent in pricing a home in Lethbridge and be realistic when faced with a large number of competing homes for sale. If a buyer is shopping for a pair of pants and they all look pretty much the same, it's simple logic that says they will buy the least inexpensive pair. The same could be said about houses right now... so make sure your house in the one "On Sale"!

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If you are looking to become a first time home buyer in Lethbridge, Alberta, now may be the time for you to make your move. Conditions are favorable for first time home buyers and now is as good a time as ever to get into the housing market. Here are 3 great reasons to get onto the property ladder and start building your real estate portfolio:

1. Huge Selection - Right now there are an abundance of homes for sale in Lethbridge to choose from. Buyers are able to look without pressure and with plenty of time to make an unhurried, informed decision.

2. Interest rates are still low - At the time of writing, the prime lending rate is just 4.75% and with fewer buyers looking for homes (compared to this time last year), banks and mortgage brokers in Lethbridge are willing to work hard to earn your business.

3. Even with the inflation of home prices, there is still great opportunity to be had. Many buyers may feel that perhaps their opportunity to buy has passed... not true! If you are single and can't qualify for a mortgage on your own, you may want to partner up with a like minded individual and purchase a home together, or consider buying a home with a suite in the basement that could generate some income. If you dont' have a down payment, you may look at having a family member gift it to you or the possibility of a $0 down mortgage. Low vacancy rates (less than 1%) have rental prices creeping up so get into home ownership and quit making your landlords mortgage payments!

The best time to plant a tree was 20 years ago... the next best time is today. The same goes for purchasing a home, so get in touch with your REALTOR and make your move while the water is still warm!

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Current market conditons should always be considered when trying to decide if it's the right time to buy or sell real esate. Here's how the month of May looked in Lethbridge:

Total # of Listings (Month) - 696 (Up 33% from 2007)

Total # of Listings (YTD) - 2784 (Up 38% from 2007)

Total # of Expired Listings (Month) - 101 (Up 274% from 2007)

Total # of Expired Lisings (YTD) - 473 (Up 224% from 2007)

Total # of Sales (Month) - 273 (Down 32% from 2007)

Total # of Sales (YTD) - 1156 (Down 22% from 2007)

So, what can we interpret from this data?

Well, the number of expired listings continues to climb as sellers and REALTORS® alike are perhaps failing to realize how important it is to set a realistic list price when faced with stiff competition and a limited number of qualified buyers. Gone are the days of pulling a price out of a hat and hoping for the best. And based on the fact that total sales for the month are down substantially (last month, they were only down 14% from the previous year as opposed to 32% this month) we can assume that buyers are taking their time. They are realizing a shift in their favour and adjusting accordingly.

So what can a home seller do to be positioned correctly when it comes time to sell? Well, it simply doesn't matter how well you home shows and how fantastic your location is if your price is still not in line with current market conditions. There are a limited number of qualified buyers at this time, so when one of them walks through your home with the intent to purchase, make sure that your home appears to have the highest perceived value.

The moral of my story is, "When selling your home in a buyers market , you may only get one chance to make a first impression!" Make your home one of the most appealing amongst it's competition and find a qualified REALTOR® who knows how to help you do this!

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With these four easy steps, you can be on your way to home ownership:

1. Pre-Qualify: Contact the mortgage specialist at your bank or a mortgage broker and make an appointment to meet with them. Be prepared and bring with you verification of your income from your employer or at least 2 years of tax returns. You may also need to verify that you have money set aside for a down payment or for closing costs (this can be done with a current bank statement, RRSP statement or a gift letter if the money is coming from another source.) Also be prepared to list your assets and liabilities. Keep in mind that lenders still consider the 5 C's when assessing you as a lending risk: Capital, Collateral, Character, Credit (rating) and Capacity (to pay back the loan).

2. Choose a REALTOR® to represent you: You may want to interview several and some of the questions you might ask are: How long have you been in Real Estate? Are you a member of the MLS®? Can you recommend other professionals to assist in the purchase process? Ask them about current market conditions and if they can supply the names of past clients they have worked with to serve as references. Choose someone who you feel will be accessible and compatible with you. Buying a home is a large investment and you will want to feel comfortable working with the REALTOR® who guides you through it!

3. Meet with your REALTOR® to discuss your needs and wants: Talk about amenities, style of home, budget, location, parking, number of bedrooms and bathrooms desired and anything else you think is important. Your REALTOR® can only find you what you want when you have a clear idea of what it is you want, so think about it beforehand. Talk about what times are best for you to look at homes and how you wish to be notified of new properties that meet your criteria.

4. Start your search!!

Having a REALTOR® on your side through the buying process is just a smart move. A REALTOR® will take into account your needs, wants and budget, search through available houses and present them to you, schedule showings and then guide you through the purchase contract and negotiations. REALTOR® fees are generally paid out by the seller, so it's usually no money out of your pocket to have the expertise and support of a REALTOR® working hard for you to find you the right house at the right price.

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Energy efficiency is a topic that any smart homeowner should take an interest in. So, what's in if for a homeowner to increase their home's efficiency?

A. Save $$

B. Save the planet

C. Increased enjoyment and comfort

D. Any combination of the three!

While newer homes tend to be built with energy efficiency in mind, not everyone wants a new home. I personally love my older home for it's unique features, larger lot size and mature landscaping. So, where is your money best spent as the owner of an older home with regards to increasing the home's efficiency? Here are three of my faves:

1. Quit flushing money down the toilet...install a low flush or dual flush toilet. Or better yet, install a dual flush toilet retrofit kit to your existing toilet. Dual flush toilets were found to save an average of 26% more water than the single-flush 6-litre (1.5 gallon) toilet when used to replace non-efficient toilets. The added bonus is that you may be eligible to recoup up to $50 of your cost with the Natural Resources Canada's ecoENERGY retrofit for homes program. They have licensed AmeriSpec of Canada to perform their residential energy evaluations and there is a maximum grant amount of $5000 available for each home.

2. Upgrade your insulation. There's usually room for improvement here, so don't pay to heat the great outdoors. You know what your utility company charges and their rates are not likely to decrease... so keep that heat inside! Your ideal insulation levels will depend on your roof and attic type, but you are looking to hear numbers like R-28 for a flat roof and between R-40 and R-50 for others.

3. Heat and cool your home efficiently. As much as half your homes energy is used by the heating and cooling systems, so pretend these two systems are cars. Change the filters regularly and treat the units and their systems (ducts) to regular tune ups... it's money well spent.

More good news... if you are purchasing an older home and want to make these upgrades before you move in, talk to your mortgage specialist to find out how the costs can be included in your mortgage!

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