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 623 homes for sale in Lethbridge (including single family detached houses, 1/2 duplexes and condominiums) Can you say selection! This doesn't even include homes for sale in the nearby communities such as Coaldale, Coalhurst and Nobleford. 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!

Visit us for more information on Lethbridge Real Estate !

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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If you are considering moving to Lethbridge, Alberta here is some information that may help you make your decision!

Overview

As of May 2008, our city's population is just over 81,000 and growing steadily. The city is divided into three main areas, namely South Lethbridge, North Lethbridge and West Lethbridge. Lethbridge is situated roughly an hour and a half drive south of Calgary, AB which is home to the Calgary International Airport (YYC), and roughly an hour and a half north of the Montana, US border.

Weather

There is a saying about the weather in Lethbridge, AB... if you don't like it, wait an hour and it will change! Although our weather patterns are sometimes unpredictable, our winters are generally milder thanks to frequent "chinooks" or the warm west winds that provide reprieve from our cold snaps.

Employment

Service and trade industries generate more than 50 per cent of all the occupations in Lethbridge. The majority of occupations are diversified across the industries of manufacturing, public sector services, construction, transportation, finance/insurance/real estate and food processing.

Lethbridge employers draw workers from a large commuting area consisting of rural areas and smaller towns and villages within a 100 kilometer radius. The extended workforce population is estimated to be 86,000.

Our current unemployment rate as of March 2008 sits at just 5% and there are many convenient ways to search for jobs in Lethbridge.

Schools and Post-Secondary Education

There are an abundance of choices when it comes to education and schools in Lethbridge. The Lethbridge School System consists of the Lethbridge School District No. 51 and the Holy Spirit Roman Catholic Separate Regional Division No. 4. It is also home to both the University of Lethbridge and the Lethbridge College. The U of L boasts flexible undergraduate programs in Arts and Science, Education, Fine Arts, Health Sciences and Management and the Lethbridge College also offers a wide array of both credit and non-credit programs and courses.

Lifestyle

There are countless ways to enjoy your free time in Lethbridge. For the sports enthusiasts, we are home to the Lethbridge Hurricanes Hockey Club, the Lethbridge Bulls Baseball Club, and the Lethbridge Soccer Centre to name a few. If the arts are for you, you can check out the New West Theatre productions or the Lethbridge Symphony. Or you can just take a stroll though one of our many parks and recreation areas. There's lots to do when you are seeking entertainment in Lethbridge.

If you've already made your decision to move, give me a call and I can help you find the perfect home. Or check us out at Lethbridge Real Estate for answers to all your real estate questions and helpful moving tips and checklists!

Spring has sprung, the grass has ris, and here's how the state of the market is:

Total # of Listings (Month) 615 (Up 54% from 2007)

Total # of Listings (YTD) 2089 (Up 40% from 2007)

Total # of Expired Listings (Month) 106 (Up 203% from 2007)

Total # Expired Listings (YTD) 373 (Up 213% from 2007)

Total # of Sales (Month) 276 (Down 14% from 2007)

Total # Sales (YTD) 881 (Down 18% from 2007)

So what can we interpret from these stats as a REALTOR® or a home seller? Well, it appears that there are both more listings for buyers to choose from and also less buyers looking at this time, so if you are selling a home, you have your work cut out for you!

As a seller what are some things you can do to make your home stand out from the other 568 homes for sale in the City of Lethbridge at this time?

1. Set a selling price that is realistic and will make your home's perceived value appear the highest to buyers.

2. Make your home sparkle. Clean, de-clutter and stage your home to give it that extra edge against the competition.

3. Choose a qualified REALTOR to represent you. They will have the knowledge to help you set the right price, the expertise to market your home to it's full potential with the help of the MLS® and the knowledge to guide you through the steps to selling your home from start to finish.

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I attended a Coldwell Banker International Business Conference in March of 2007 in Las Vegas, NV and I remember the speaker in one of the presentations talking about the "soft market" and the "hard times" that many parts of the US real estate market were facing. I remember thinking "What is this guy talking about? This is one of our best years ever in real estate in Southern Alberta!" I also remember thinking back to when I was a teenager and in comparison to the US, we were always slow to get new music, technology, economic changes, etc...

Well, the real estate market has definitely changed here in Southern Alberta, but we have yet to see the devastating effects of sub-prime lending and I personally don't think that we will see them to that extent. The latest stats published by my real estate board (the Lethbridge and District Association of REALTORS®) as of March 2008 read as follows:

Total # of Listings (Month) 531 (up 23% from 2007)

Total # of Listings YTD 1474 (up 34% from 2007)

Total # of Expired Listings (Month) 96 (up 159% from 2007)

Total # of Expired Listings YTD 267 (up 218% from 2007)

Total# of Sales (Month) 243 (Down 28% from 2007)

Total # of Sales YTD 604 (Down 21% from 2007)

The number that sticks out quite clearly to me is the increase in expired listings. It seems to me that there are a couple of reasons why this number is through the roof:

1. Sellers are having a hard time letting go of "what might have been" and are continuing to overprice properties.

2. REALTORS® are not doing a proper job of educating sellers that this is a different market and that a different set of rules now apply and we are allowing sellers to overprice their properties.

What can we as REALTORS® do to help ourselves and our clients?

Say's law says, "No good or service will remain chronically unsold, as long as prices remain flexible."

So, all we really need to do is get real about prices. We are not powerless to effect changes within our industry. We are not at the mercy of interest rates, government policy, the weather (insert whatever outside force you want to here). We are the ones who have direct contact with buyers and sellers. We have the power to educate them about the type of market we are in and how each and every one of them can benefit from it as long as they are realistic about it. We have the influence and market expertise to help our motivated sellers be at the correct price when the right buyer walks through.

The market has changed and so must we and the more quickly we can adapt, the faster our market can level off to where it needs to be and then continue on it's ever changing cycle!

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