Blog Archives

It can be a daunting enough task to pack up your memories and sell your home.  Now add purchasing a new home to that mix.  A big concern for many people is what to do if their closing dates don’t match.  You’re concerned that you might be stuck with two mortgages, or if the bank will even approve you in such a situation.  If there is a large space between dates will you be homeless? Most lenders are aware of such situations when your closing dates do not match and you need to pay two mortgages.  They offer something called bridge financing.  This is a special loan that allows you to go ahead and purchase a property with an earlier closing date.  When your current property closes the bridge financing ends and, if required, your new mortgage begins on your new home.  If your home has a later closing date your Realtor may be able to help you find a short term rental. Often times contracts can be negotiated so closing dates match.  If that’s not possible, don’t worry.  There are alternatives for you.  Thanks for reading! By Patrick Murray Join me on Google+

If you own a home you should be familiar with the phrase:  Power of Attorney.  This is a legal document that allows an owner of assets, such as a home owner, to assign an individual the ability to represent them in legal and financial transactions.  This assignment is set up to be activated only under certain circumstances.  This could mean if you are out of the country for an extended period of time, or undergoing extensive medical treatment, or if you become mentally or physically incapacitated and therefore unable to manage your affairs.  Does this sound a little depressing?  Perhaps, but it is best to set this up while you are healthy and are able to make good decisions while in full control of your affairs.  It is important to note that Power of Attorney is of use only while you are alive.  Once you are deceased, your Will then becomes effective.  If you don’t have a Will, then you really want to speak to legal counsel in order to ensure your affairs are distributed as you wish should you pass away.  Make sure your affairs are in good hands.  Thanks for reading! By Patrick Murray Join me on Google+

If you are a long time home owner the chances are that you have had to replace your roof at sometime or another.  It can sometimes be challenging to decide what type of roofing to use.  Is is worthwhile purchasing a long life roofing material given the cost?  Naturally you want a product that has a good appearance, good performance, and a warranty.  Before you replace the roof, decide how long you plan to live in the home.  Is the cost versus the benefit worthwhile?  If you plan on selling your home, will the added cost to replace your roof with a high grade, long life material be reflected in the sale price?  Depending on the expense of the roofing material you may not see a full return on your dollar.  Finally, is the warranty transferable should you sell your home?  Check the fine print! Hopefully you can keep the elements out of your home and maintain the dollars in your pocket.  Thanks for reading! By Patrick Murray Join me on Google+

I believe that everybody with a house should have a home security system.  They provide peace of mind, deter thieves, and give you a break on your home insurance.  If you’ve had your system for awhile, it may be time to upgrade. The latest home security systems give you a great deal more in terms of cost, flexibility and convenience.  They are much more effective at providing peace of mind.  The latest plans allow for an array of wireless cameras and alarm systems that will notify you by smartphone at various levels of urgency depending upon pre-determined security protocol.  You can even be notified when a family member arrives home safe as well as being able to monitor and manipulate utilities such as lighting, heating and air conditioning all through your smartphone.  If it’s been awhile since you chatted with your security company, it may be time to do so and improve your system.  Thanks for reading! By Patrick Murray Join me on Google+

It’s not always easy to spot the most competent and professional contractors and designers on first impressions.  You should always follow a strict game plan when inviting someone into your home to provide a service.  Ask a trusted source for a recommendation.  Consider asking your Realtor, a neighbor, or the Better Business Bureau.  Never accept an in home visit from unrequested solicitation at your front door, on the phone or via e-mail.  Make your first visit or inquiry on their premises so you can see how they operate.  Get references and follow up on those references focusing in on questions about completed work, cost and payments.  Insist on a contract that details working hours, materials used, due dates, payment schedules, and guarantees. Hopefully this will help you to protect yourself when using these services.  Thanks for reading! By Patrick Murray Join me on Google+

You have likely heard that you should be pre-approved for a mortgage prior to going to look at homes.  Is that really necessary?  Well, if you are flush with cash and have a great credit score you may not have to be pre-approved.  Here are some good reasons to be pre-approved. You can shop with confidence.  You will know exactly how much you can spend because you will know how much you can afford.  It’s disappointing to fall in love with something you cannot have.  Don’t put yourself in that position.  Being pre-approved will give you peace of mind for when you do find that property you really want.  Imagine finding the one and then having difficulty securing a mortgage.  By the time you get it all sorted out the home could be gone.  Being pre-approved gives you a competitive advantage.  Imagine you are selling your home and you have two offers, one is pre-approved and the other is yet to be approved.  Which offer are you taking?  A seller is much more likely to go with the offer that has been pre-approved because of the security that it represents.  Overall, being pre-approved is really the first step to buying […]

There are lots of tips for selling your home, but here are three more that you may have missed.  First, make a list of what you will miss.  Are there things about the surrounding neighborhood that you love?  Maybe there is a terrific play park for your children nearby or perhaps your street is shaded by a beautiful canopy of trees.  How about your home?  Perhaps you love the open concept modern kitchen or maybe the size of the bedrooms.  Chances are that the things you love about your home and neighborhood will also be applicable to buyers. Secondly, what are the improvements you have made to your home?  Perhaps you renovated the bathrooms, refinished the hardwood, replaced the furnace or roof.  Document the improvements you have made to your home over the last ten years.  These are selling features that will interest your buyers. Thirdly, clean your gutters.  When buyers view your home on a rainy day, they don’t want to see water overflowing the gutters because it can’t get to the downspouts.  Leaving anything undone can lead buyers to think that you may not take very good care of your home.  Don’t let them have any negative thoughts about your home especially immediately after arriving. […]

I often get asked, “how’s the market doing?”.  First off, we’re very fortunate to live in Canada, but especially in Alberta and more specifically, Calgary.  Canada has the best economic record in the world right now despite all of the world’s financial problems.  Alberta oil and gas helps to drive this market.  Calgary, being home to many large companies, has weathered the economic turmoil very well because we are such a hub for business and business helps to drive the real estate market.  According to figures released by the Calgary Real Estate Board, Calgary residential sales in 2011 increased 8% from 2010, with 18,568 sales for 2011 compared with 17,267 in 2010.  Single family sales increased in 2011 with 13,168 sales, a 9% increase over 2010.  Listings may have been low, 6% lower than 2010, but sales were strong.  Condo sales were up 4% in 2011 from 2010 levels.  The average single family price year over year was 1% higher than in 2010 with an average of $466,402.  The average price for a condominium was 1% lower than 2010 at $287,172.  All of the news we as a real estate board are receiving is that gas and oil companies are […]

I know I’ve mentioned a little bit about Sotheby’s International Realty in earlier posts, but I thought I would give you a little more insight into the company. Founded in the 1700’s, Sotheby’s Auction House catered to the affluent community by offering services to sell their assets.  As time has gone on, there has been much demand and request for Sotheby’s to bring their excellence and esteemed name to the real estate market and to further assist the affluent community in the real estate market.  In the 1970’s Sotheby’s International Real Estate was born.  For just a few short years now, Sotheby’s International Realty has been in Canada known as Sotheby’s International Realty Canada.  The company started in Vancouver and then moved to large centers such as Toronto and Montreal, expanding it’s reach from there.  Since June of 2011, Sotheby’s International Realty Canad has been in Calgary, specializing in the luxury market. The company is focused on the brand.  The majority of Realtors promote themselves and the company falls far behind.  Sotheby’s International Realty Canada does things differently.  It’s not about the individual, but about the company and leveraging the Sotheby’s name to elevate listings and affect a positive outcome […]