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        <title>Edmonton Real Estate Blog</title>
        <link>https://www.edmontonrealestate.ca/blog/2019-09/</link>
        <description>Welcome to the Edmonton Real Estate Blog - We will keep you up to date on the Edmonton Real Estate market with the most current news and market trends.</description>
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    <guid>https://www.edmontonrealestate.ca/blog/seller-disclosure.html</guid>
    <link>https://www.edmontonrealestate.ca/blog/seller-disclosure.html</link>
        <author>info@edmontonrealestate.ca (EdmontonRealEstate .ca)</author>
        <title>What Are Home Sellers Required to Disclose to Buyers?</title>
    <description> <![CDATA[ 


From the damp patch in the basement to the asbestos in the insulation, sellers may wonder what exactly they're required to disclose to the buyers. The general rule of thumb is to tell buyers everything. It not only limits liability, but it can also boost a Sherwood Park buyer's trust in the property they want—which may encourage them to offer a little more or to bend on their contingencies. However, for those who want a more technical explanation of their exact responsibilities, find out more about how the specifics should affect the answers that sellers give and the information they need to provide on their own.


For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.


Known Vs. Unknown


This is typically the biggest factor for the seller when it comes to disclosure: are they aware of the problem at the time their home is sold? If they can reasonably deny knowledge of a defect, then they are usually absolved from having to tell the buyer. So, if asbestos was largely eliminated from home building materials in 1980, the seller could reasonably argue that they didn't realize their home contained asbestos if the home was built in 1986. This would typically be enough to absolve the seller, as they're unlikely to have the exact list of ingredients used in the structure of their home.


As sellers might imagine, this concept can become tricky for sellers who want to stay on the right side of the law. To make things a little less complicated, defects break down into two general types of flaws:




Patent: A patent defect is one that is relatively obvious. If the buyer or real estate agent doesn't happen to notice these defects, then the home inspector surely will.


Latent: A latent defect is one that a home inspector could not reasonably find without causing some degree of destruction to the home.




The Buyer's Safety


A latent defect isn't just a minor cosmetic flaw in the configuration of the home's structure. It needs to be a flaw that endangers the new resident's safety. So, let's say the seller heard an unexplained skittering in the walls due to rodents, and these rodents have been steadily gnawing the internal wiring of the home. During the home inspection, the lighting and electrical system is deemed acceptable, but it's only a matter of time before the rodents pose a hazard to the home. If the seller takes no action to correct the problem, they would be in violation of the disclosure law because they did hear evidence of the rats and never disclosed this to the buyer.


Does Water Damage Count As a Latent Defect?


For the most part, the answer is yes, but this is a difficult one to prove. Water damage and its direct consequences (e.g., mildew, mold, etc.) can reasonably be considered as dangerous to a person's health. If the mold is clearly visible in any area of the home, then this patent defect will be apparent to the buyer. If the mold is slowing growing in the walls though, it may not be reasonable for anyone to have noticed it. A buyer would have to prove that the seller knew of the existence of the mold prior to the close of the sale, which would be difficult to do.


What Are Real Estate Agents Required to Disclose?


Real estate agents are essentially held by a code of ethics to the buyers, which may affect their decisions. In certain areas of Canada, real estate agents are required to fill out a specific form about the property that takes a deep dive into its apparent and potential defects. Even in towns that don't require it, real estate agents may use this form to cover their bases. These questions are often so specific that no one knows the answers. The idea is to give buyers a sense of just how much is unknown before they start making offers on the property.


Getting Through It


Some sellers are open books when it comes to their home. They'll give buyers accurate information whether it's required or not, and they'll answer honestly if they don't know anything. If a defect in the home is on the borderline of the definition of latent (e.g., a small crack in the foundation wouldn't endanger the safety of the residents), they'll still give the buyers the information anyway. Some sellers will even go so far as to pay for their own inspection as a way of going the extra mile.


Being as honest as possible is typically recommended to sellers, especially considering that real estate agents are likely to tell the buyer certain information anyway. Those who choose to be as withholding as possible may get a better offer for a faulty home, but they also risk a potential lawsuit. And even if the buyer can't prove that the seller was aware of the defects, they can still drag the seller through a litigation procedure that's more of a hassle than it's worth.


For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.


 ]]> </description>
    <pubDate>Mon, 30 Sep 2019 09:28:00 -0600</pubDate>
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<item>
    <guid>https://www.edmontonrealestate.ca/blog/septic-tanks.html</guid>
    <link>https://www.edmontonrealestate.ca/blog/septic-tanks.html</link>
        <author>info@edmontonrealestate.ca (EdmontonRealEstate .ca)</author>
        <title>How to Buy a Home with a Septic Tank</title>
    <description> <![CDATA[ 


A home with a septic tank in Canada can be a smart choice for any homeowner looking to cut down on their environmental impact. The odds of a raw sewage spill are lower than that of other plumbing systems. Still, there are a few things that homeowners should understand prior to buying a property with a septic system. The most important one is to research the specific building codes in the area to better understand the homeowner's responsibilities to the community.


Septic Tanks 101


Buyers should start with the most important facts to know about septic tanks:




Lifetime: Septic systems rarely last for longer than 25 years. If the tank is starting to edge closer to its expiration date, the buyer may need to negotiate with the seller.


Impediments: Are tree roots growing toward the tank? Could the drainage from the downspouts impair the system? Certain threats may not be apparent until after a homeowner moves in.


Changing priorities: Building codes aren't static, so homeowners may to do some research to anticipate the changes. For example, if a neighborhood official is proposing more stringent tests for homes with septic tanks.


Lifestyle: These delicate systems aren't built to handle anything but waste. Anything else put into the septic tank could severely damage it. Young families with small children may not want to take the risk.




Inspections Twice a Year


Even the most well-built and well-maintained septic tanks won't always function at full capacity. Experts recommend twice-yearly inspections to ensure water is flowing properly away from the home. Remember, however, that a septic inspection is specialized, whereas a home inspection is not. And while homeowners can likely get away with fewer inspections, it may not always be advisable given the sensitivity of the septic tank. New home buyers should follow the inspector around and ask questions about how the tank works and whether the soil can support it. If the ground has too much clay, this can potentially spell trouble for the homeowner.


Common Repairs


Some of the more common repairs a buyer may run into is the labor necessary to divert backwash and the costs of replacing the filters and risers. If the septic system is located in an inconvenient spot on the property, it will be more expensive to repair. Buyers can and should talk to the seller (prior to making an offer) about the immediate costs of the septic system. They should also consider how a septic system will impact their future plans. Should the buyers want to add on a sunroom or a guest house in the next few years, their options may be limited by the location and size of the septic tank.


Additional Considerations


Septic tanks typically require maintenance at least once every three years (in addition to the inspections). Buyers should think about how they might stress the system differently than the previous residents did. A family of six may cause the septic system to buckle under the weight, especially if there were only one or two people living in the home prior to the sale.


If a family has visitors coming to stay with them, they'll need to consider if the septic tank can handle their guests. Experts recommend preparing a sketch of the septic system and having it ready for both scheduled and emergency service visits. Finally, homeowners should also document any repairs made on their septic systems. Future owners will certainly want to know how it functioned over the years and how well it was maintained.


When Stony Plain home buyers fall in love with a property, it's hard to see past its benefits to its drawbacks. But it's not worth it for buyers to overpay for a home that may need more time and attention than the owners are ready to give.


 ]]> </description>
    <pubDate>Mon, 16 Sep 2019 09:53:00 -0600</pubDate>
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<item>
    <guid>https://www.edmontonrealestate.ca/blog/virtual-reality-for-homes.html</guid>
    <link>https://www.edmontonrealestate.ca/blog/virtual-reality-for-homes.html</link>
        <author>info@edmontonrealestate.ca (EdmontonRealEstate .ca)</author>
        <title>The Wonders of Virtual Reality for Home Sellers</title>
    <description> <![CDATA[ 


Real estate marketing is changing quickly, especially given how much technology has changed in the last few years. With inventions like virtual reality, homeowners can market their homes in new and surprising ways. If you're a homeowner who would like to market your home to all different kinds of buyers, or if you would like your home to stand out more from the other homes in your area, here's what you need to know about VR.


For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.


Why Virtual Reality?


Virtual reality has many benefits, for the right home seller.


Attract Attention from Buyers


Virtual reality is still unusual enough that many home buyers are naturally interested in any home that has a virtual reality tour. This can increase the number of hits that the home gets online, and can also attract more people to in-person showings. Ultimately, attracting the attention of more buyers can help a home sell faster once it's been listed.


Sell the Home to Long-Distance Buyers


Long-distance buyers will naturally be interested in any home they can see from the comfort of their own computer, since they'll otherwise have to travel long distances to see homes in person. For a vacation property, a virtual reality tour is an excellent way to help buyers make a decision. 


Stand-Out Way to Market a High-End House


Especially in the case of a high-end home, home sellers often look for ways to make their home seem different and interesting compared to other homes in the area. Virtual reality is an excellent way to market a property in an area where the homes are already beautiful and the sellers are determined to sell their homes for a lot of money.


Are There Downsides to Virtual Reality?


For most home sellers, VR represents an additional expense on top of all other home improvements, home marketing strategies, moving expenses and other costs that can come up during the home selling process. Although VR tours are not prohibitively expensive for most sellers, the costs of selling a home can add up.


In addition, not all buyers have the virtual reality equipment to take full advantage of a VR tour. Some real estate agents have a virtual reality headset in their office, but the buyers must go to their real estate agent's office to enjoy the tour. For some buyers, it's just as easy to go see the home in person.


What Should You Do if You Want to Get Started With VR?


If you're a homeowner who will be selling your home soon, you can get started with a virtual reality tour by talking to your real estate agent. Most real estate agents have worked with other clients to help them get started with a VR tour. A good real estate agent will be able to refer their client to a VR company with good prices and an excellent reputation.


If your real estate professional has not yet worked with a virtual reality company, you may need to find a company on your own.




Compare prices for different companies in the area.


Check out the portfolio of the company you're thinking about hiring.


Read customer testimonials or check references, if you're still feeling uncertain.




Work With a Real Estate Professional


If you're a Spruce Grove homeowner selling your property, work with a real estate professional to get started with your home's marketing strategy. Your real estate professional can refer you to a virtual reality company and can also suggest other marketing strategies to make your home stand out.


If you have a high-end home, you may also benefit from other types of marketing strategies, like drone photography. Your real estate agent can help you decide what is best for your property.


For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.


 ]]> </description>
    <pubDate>Mon, 09 Sep 2019 09:42:00 -0600</pubDate>
</item>
<item>
    <guid>https://www.edmontonrealestate.ca/blog/researching-real-estate-market.html</guid>
    <link>https://www.edmontonrealestate.ca/blog/researching-real-estate-market.html</link>
        <author>info@edmontonrealestate.ca (EdmontonRealEstate .ca)</author>
        <title>Researching the Real Estate Market: Tips for Sellers</title>
    <description> <![CDATA[ 


Home selling, even for first-time home sellers, is a matter of strategy. Knowing what other sellers are doing in your area and what's happening in the market can help you sell your home more quickly. Before listing your home for sale, do some research. Below are some questions you should know the answers to, and what you need to do to find out the answers.


For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.


What to Know


Before listing a home for sale, sellers should ask themselves the following four questions.


1. Is it a Seller's or Buyer's Market?


A buyer's market is a condition that occurs when there are more homes for sale than buyers who want them, and home prices are low. A seller's market is a condition wherein there are more buyers than homes available, and home prices are high.


Depending on the market conditions in the area where the home is being sold, the seller may need to go to greater effort to sell their home quickly. In a buyer's market, homes can take a long time to sell, and sellers must do much to make their home stand out. In a seller's market, homes sell quickly and often for an amount over the asking price. Knowing the conditions can help sellers plan.


2. How Much Are Homes Selling for In Your Area?


Sellers pick a price for their home by looking at the price that other homes are selling for in their area. Prices often fluctuate based on the status of the economy and how motivated buyers are. Overpricing a home can lead to a longer sale time and eventually a lower selling price. Underpricing a home can also lead to loss of profits. It's important for home sellers to choose the sale price wisely.


3. Are Buyers Facing Challenges Getting a Mortgage?


When it's hard for buyers to a get a mortgage, this can depress the prices of homes and may make the sale of the home take longer. When mortgages are easy to get, homes often sell more quickly.


4. What are Other Sellers Doing to Market Their Property?


Sellers have many options when it comes to marketing a property. Nearly every seller lists their home for sale online, but there are other ways to draw attention to a property for sale. Options include:




Drone photography and video


Virtual tour


Postcards


Social media


Dedicated website




Knowing what other sellers are doing in the area can help the seller decide for themselves what they should do to keep up with local expectations, and what they can do to make their home stand out.


How to Conduct Research


There are many things that a home seller can do to find out what the markets are like in their area.




Work with a real estate professional. A good real estate agent should be able to answer seller questions and provide insight to the local markets.


Look at listings online. This helps sellers find out what other sellers are doing.


Go to home showings. Sometimes this can give sellers ideas about best ways to make their home stand out from the competition.




It helps to start the research process a few months before listing the house for sale. This gives the seller lead time to do things like set up a website, get professional photographs taken, or make home improvements that can boost their sale price.


When looking for a real estate agent, it's important to interview multiple candidates before settling on the right person. This will help the seller find someone that they trust.


Work With a Real Estate Agent


Selling a Sherwood Park home can be a long and involved process, but in the end, it can be very rewarding. Find a real estate agent who has experience in your area. Working with a good agent can increase your profits, help you sell your home more quickly, and even make the process easier.


For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.


 ]]> </description>
    <pubDate>Fri, 06 Sep 2019 09:49:00 -0600</pubDate>
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