WHY BUYING A HOME DURING THE WINTER MONTHS CAN BE A SMART MOVE.

Winter is usually when people are looking to deck their own halls—not buy new ones. But buying a Fort McMurray home in November, December and January can have some big advantages.

While the cold, snow and short days may tempt you to hunker down and stay inside, winter could be a perfect time to find the home of your dreams for a great deal. Here are a few reasons why:

 REAL ESTATE SALES COOL DOWN

Traditionally during the winter there are fewer homes on the Fort McMurray market. As the weather cools, so does the Fort McMurray Real Estate market and many people wait to buy or sell until warmer weather hits. This means there are fewer buyers to compete with. It is simple economics-less buyers means lower demand, this can work in your favour and increase the odds that you find a house that ends up being a perfect fit. As things slow down, sellers and their properties get less action and this may make them more eager to work with you.

SKIP THE FORT MCMURRAY PEAK REAL ESTATE SEASON

Prices are normally at their highest during the spring and early summer months. Inventory rises, but there are a lot more buyers competing for properties and sometimes multiple offers. The laws of supply and demand are always a factor in Real Estate. This year due to the Fort McMurray wildfire rebuild, there are many awesome new homes coming to market for you to choose from.

SELLERS ARE MOTIVATED

Winter may not the ideal time for some to sell so sellers with properties in the market can sometimes be highly motivated by something urgent or time sensitive such as a new job, growing family or pending retirement. A winter sell can be a good indication of a seller’s motivation. For many people, it’s emotional. The end of the year brings closure and they want to tie up loose ends. Many sellers will want to get the deal closed.

NOTICE HOW A HOME WORKS IN HARSH WEATHER

Fort McMurray is known for long cold winters and brisk warming trends offering respite and fluctuations that will test the ability of a home to insulate and protect its residents. Serious problems are more likely to be detected such as drafty or frosted windows and doors, heating, plumbing, ice damning, roof and gutters issues. Winter is the ultimate litmus test of a home and most of its systems. This information is vitally important and can be useful when establishing price.

TAX MOTIVATIONS FOR WINTER BUYERS AND SELLERS

Year end is coming and many investors and corporations can take advantage of buying or selling properties to improve their tax situation. This could work to your advantage as timing is everything.

 MORTGAGE RATES MAY RISE IN 2018

This is no small matter. Scotiabank’s out with a new prediction. The nation’s #3 mortgage lender says rising rates will cause average mortgage carrying costs for new buyers to jump 8% in 2018 and another 4% in 2019 (assuming stable home prices). Now is a great time to prequalify for a mortgage and lock in to get the best mortgage rate you can. Buying during winter, before rates have a chance to increase, is a clear winning strategy if you want to save extra money.

THE HOLIDAYS MAY MAKE EVERYONE A LITTLE BIT MERRIER

As friends and family gather, many are in good spirits you may just get a better price based on holiday cheer.

THE LORE GROUP REALTORS LOVE THIS TIME OF YEAR

Don’t let winter put the chill on your house hunting efforts. If you are interested in viewing property a Lore Group Real Estate professional would love to tour with you , and walk you through the home buying process. Put on those cozy winter boots, bundle up, pack a warm cup of cocoa to go and let’s get out there.

FOR A LIST OF AVAILABLE FORT MCMURRAY PROPERTIES CALL OR TEXT SUSAN LORE, MICHEAL CAMMOCK, JAMIE HEWAT, TRISTAN PARKER OR SHERYL SCOTT AT 780 370 3325

Don’t put off searching for a new office space until the last minute

Tenants seeking Commercial space in Fort McMurray under 5,000 square feet should start a search at least 6 months ahead of time. Allow ample time for your Real Estate professional to search for a space that fits your requirements. You will need time to perform due diligence, negotiate and draft the lease. In cases where the space requires build out or remodelling plan for additional time to work with planners, architects and construction crews, this can take up to a year.

For large spaces businesses, should begin the planning process at least a year prior to expiry of their current lease. The larger the tenant the more complex their business needs may be. Big corporations need to start earlier to allow time to find the best possible fit.

Put together a team of professionals

Don’t go it alone. Putting together a team of qualified professionals may be your most important task. Choose a local experienced, full time Fort McMurray commercial agent who can share market trends, demographics, provide research on comparable rents and knowledge about the various areas for consideration. Many businesses make the mistake of not engaging the services of a local leasing agent. A Fort McMurray Real Estate agent can find you the optimal location assist you with finding the perfect commercial or industrial property, negotiate favourable terms and craft an offer to lease that will help you save time and money. Engage the services of a commercial Real Estate lawyer to review the finer details of the lease. You may need to enlist the services of professionals such as an architect, inspectors, accountant, various trades and in the case of larger businesses a project manager to serve as a single point of contact. Your Fort McMurray Real Estate professional can assist you with assembling a team.

Know your budget

Budget is important. Research all the costs to operate a space and your business. Many businesses wind up over budget because they didn’t review all the costs. Consult with your financial institution, accountant and review your business plan. While budget is important be open minded in your property search. Don’t let the rate be your only consideration. Bear in mind corporate image, visibility, parking, and the utility of the space and other complimentary businesses in the area that might create great synergy. Taking into consideration items such as this can help boost your corporate image, retain employees and attract new business.

Do your homework

Evaluate the buildings mechanical infrastructure to determine if it meets your business needs. Inspect the space or building inclusive of mechanical, electrical, plumbing and HVAC to ensure it is in good working order before you commence the lease. Be certain all building safety codes are met and the proper permits are up to date for any development in the space. Double check with the RMWB on zoning and ensure that your use will be permitted so that you can obtain a business license. Many businesses have made the huge mistake of assuming zoning alone is enough to ensure a business license. If your business requires a heath inspection check ahead to ensure you can meet applicable standards. Carefully review hours of operation, parking regulations, elevator access, security details, property tax and operating expenses. Did you know that many Landlords charge additional operating costs for running HVAC after normal operating hours?? Be in the know and avoid unplanned for costs that can affect your businesses bottom line.

Measure, Measure, Measure

When leasing commercial space, as a tenant, you must be 100% sure of the amount of space you are paying for. Do not rely on the landlords plans alone. Don’t be afraid to require the Landlord to prove it with a BOMA certified drawing. It could be a costly mistake if you do not have the space properly measured by a space expert.

Negotiate 

No term is too small to negotiate. Ask for favourable clauses that will benefit you. Explore Landlord incentives such as tenant improvement allowances, rent free periods and moving allowances. Carefully review options such as the option to sublease, terminate, extend and expand. Negotiate items such as designated parking and after- hours operation. Plan ahead for the future growth of your business. Address caps and terms for operating costs, pass through charges and negotiate the right to independently audit any charges.

If you would like to learn more about leasing or are considering leasing a commercial space for your business and contact Susan Lore, The Lore Group, Coldwell Banker Fort McMurray or visit our website theloregroup.com to view a list of available properties.

Let have a look at the documents that will be required when buying a Fort McMurray home:

Working with a real estate agent

This is a brochure that is provided to both sellers and buyers at their first meeting with a realtor. Regulations have made it mandatory for real estate agents to explain their relationship with clients.

Following a discussion with the realtor, you will sign a statement on the brochure to acknowledge that the discussion took place. The signed statement doesn’t give you any obligation to the realtor.

Property Disclosure Statement (PDS)

The seller is legally bound to provide accurate information concerning the property put on sale. The information will include knowledge about the property, any upcoming expenses, defects that the owner is aware of and other assessments in strata-titles properties.

All this information is filled out by the seller on the Property Disclosure Statement form. All answers should be complete and correct to avoid liability on the seller. The buyer must make other inquiries to ensure that every aspect of the property is covered. The realtor is prohibited from filling out the PDS on behalf of the seller.

Exclusive Buyer’s Agency Contract

An exclusive buyer agency contract is signed by the buyer with their realtor. In the contract, the services that you will receive from the realtor will be outlined as well as the obligations of the buyer and realtor in the transaction.

Most listing contracts on the MLS provide compensation for the agent who obtains a buyer for the property. The realtor will demand that you have a written agreement regarding compensation.

The remuneration of the agent will be derived from the transaction and will be financed as part of the mortgage. The commitment between the client and realtor ensure better service and a wider selection of property to choose from.

Limited Dual Agency Agreement

The limited dual agency agreement is completed where the agent represents both the buyer and the seller in a single transaction. The agreement will provide authorization to the agent to present the two parties in a limited capacity while maintaining the confidences of the parties with regard to negotiating positions and personal information. The form is particularly used where two salespersons from the same company are handling a transaction.

Contract of Purchase and Sale

It is the standard contract that is signed by the sellers and the buyers. The contract of purchase and sale outlines all aspects of the transaction such as price, handling of existing tenants, terms and conditions, dates, the deposit and increases, inclusions and exclusions, and other legal matters such as matters added to the preprinted contract and added clauses.

Addendum

A special preprinted addendum is added to the basic sales contract if there is financing to be cleared from the title before the seller is able to provide clear title or where financing is required after the title is registered in the buyer’s name.

Addendum (without printed clause)

The basic blank addendum is used to include additional clauses to the contract where there is insufficient space on the contract. The buyer signs the form to indicate removal of the clause.

Amendment to Contract of Purchase and Sale

The document serves to remove conditions (subject removal) when they have been satisfied such as where the buyer must find financing by a specific date.

Leases

The lease is commonly used in commercial transactions as opposed to residential transactions. Some tenants and landlords will prefer to use the lease to guarantee the stability of tenure.

The commercial lease is a complex document that must be drawn by experts in the field and should be reviewed by lawyers of each party.

The residential lease is not entirely complex since it is simply an outline of rules and regulations in the building, the expectations of the owner and the tenant not captured in the Residential Tenancy Act.

Consult Fort McMurray Realtor or lawyer if you encounter challenges in drawing up and in the interpretation of specific clauses.

Mortgages

Mortgages come in different formats depending on the lending institution. A simplified form is used whereas the larger form is used where deviations occur. Buyers are advised to check if document reflects the contents or terms agreed to when signing the commitment letter. Check and confirm the interest rate, the amortization period, the assumably of the mortgage if the property is sold, the prepayment privilege, the options (if any) for increasing the number of payments or making lump sum payments, and the portability of the mortgage if the seller wishes to use it on another property.

If you are a seller who is carrying financing for a buyer of your property, ensure that your lawyer reviews the documents before signing them. If you are a buyer who is asking a seller to carry financing, ensure that your own lawyer reviews the documents as well. It will help to avoid serious issues that may arise where the parties are unfamiliar with mortgage financing laws.

GET THE LIFESTYLE YOU WANT… FOR THE VALUE YOU NEED.

The Lore Group is excited to be working with Devonian Properties on Fort McMurray’s latest and greatest Townhouse community, The Portage at Longboat Landing. With prices starting at only $550,000 and possessions starting as early as March, 2013 these townhouses are a great opportunity for Fort McMurray home buyers looking for a brand new home at an affordable price.

Available in 2 and 3 bedroom floor plans with three-floor open-concept layouts and two car garages, these townhouses are fully finished and upgraded throughout. Complete with window coverings, laminate flooring, stainless steel appliances, and modern light figures and finishings, these homes will be 100% move-in ready!

In addition to their great layouts, value, and prime location in the Downtown area, one of our favourite things about these townhouses is the extra bonus room on the ground floor. It comes fully finished, and would make a great office space, workout area, sewing room, or hobby area.

Benefits of Fort McMurray Townhouse Living

Fort McMurray townhouses are a unique blend of the privacy and square footage of a traditional house with the affordability and convenience of a condo. These are perfect for home buyers with busy, active lives and families who want the comfort of a house without the long list of maintenance work that can often come attached.

Here are some of the reasons we love townhouses, and are excited about the addition of The Portage development to Fort McMurray:

1. Amazing Central Location

This development is located in Fort McMurray’s Downtown, close to prime service and amenity areas. The area around The Portage is extremely walkable: most everything you need is within a 5 or 15 minute walk, including grocery stores, health services, parks and trail access, professional services, fitness centres, and entertainment venues.

2. Affordable & Modern

One of the key perks of buying a townhouse in Fort McMurray is price; often, townhouses cost less per square foot than standalone single-family houses. The value for your money will be unprecedented from this reputable, dependable, local developer. These new homes are fully finished with open-concept floor plans, and include gourmet kitchens with modern appliances and finishings, two-car garages, and a bonus room on the ground floor to accommodate your lifestyle.

3. Low Maintenance

If you’re not a fan of mowing, shovelling, or outdoor maintenance (and let’s be honest, who is?) a townhouse is a great option. The Homeowners Association will take care of a lot of this tedious yard maintenance for you. Additionally, purchasing a new Portage Townhouse means no renovations and many of the systems and appliances are covered against defects for the first few years by New Home Warranties.

4. Privacy & Security

Townhouses are medium-density developments, which means homeowners get a great mix of both privacy and security in these communities. Living with neighbours close by means extra pairs of eyes and ears around to keep watch. But you also aren’t “surrounded” on all sides like you would be with an apartment-style condo, which means you get a greater amount of privacy. You get your own home, your own entrance, and your own garage.

To learn more about The Portage development at Longboat Landing, visit the feature page on our website. You can also look through the first listings available in The Portage community, or contact us at any time with questions.

Heritage Landing: Yesterday’s Prices Today

1 & 2 Bedroom Fort McMurray Condos Starting at $259,900

Reserve Today: 780-370.3325

The Do’s and Don’ts in Purchasing a Condo

DO Hire a Professional REALTOR®

It’s FREE. Do your homework. Find the professional who’s experience in the condo market is undeniable.

DON’T Let UNCLE FRED Lead The Way

While Fred’s advice may be great, base your decision on facts. A subjective view is always best when investing in real estate.

DO Hire a Certified Home Inspector

Enough said.

DON’T Become House Poor

Finding a great REALTOR® is only the start, aligning yourself with a mortgage specialist is a must do. Understanding how much you can afford will ensure you do not break the bank!

DO Read

Condo ownership involves a joint interest set under the provisions of a Condo Corporation. Documents including bylaws, condo fee schedules, reserve fund studies, etc., are available, Read these documents thoroughly and hire a condominium document specialist or lawyer to red flag any potential issues.

For more information about Heritage Landing, check out the Heritage Landing Project Page on our website, or visit www.fortmaccondos.com.

Mortgage interest rates are at an historical all-time low. This is the most validating piece of information that you can consider at the forefront of your decision to purchase a home at any time. Lenders have had the upper hand for many years and have used their wise strategies to keep you, the buyer, locked in and provide an exceptional bottom line for their business. Lenders are now adapting to the savvy-minded buyer and can help to provide a much more appealing purchase decision to you…FINALLY!
A lower interest rate of 2.74% over 5yrs as compared to a previous rate of 5.27% over 5 yrs, can save you $3768 annually. What does that mean? How about that yearly vacation you have been talking about? What about a larger home or mortgage to accommodate your expanding family or upcoming renovations? You could also take the advice of your wise folks and pay down your mortgage a little faster each year. Extra cash in YOUR account is always sweeter than your lender’s bottom line!
How stable is the market right now for new homes? New housing starts have trended higher in recent months and the home prices have remained very stable, if not flat over the last year helping to support housing affordability as incomes continue to rise within Fort McMurray. Price per property listing has remained constant over the last 12 months, averaging $729,000, with lowest values present in the first quarter of the year, rising throughout second and third quarter. If you wait, you will most likely not get the lowest price for that home this year.
What about the current properties on the market? Should you just wait until the spring and see what else goes on the market? In looking at the number of listings, there is definitely more supply in the real estate market (this means more choices for you and your family) at this time as well, and this is certainly the ideal time to buy and not wait until March, when typically the trending is higher valued properties at a lower market supply.
Selection is vast, prices are stable and interest rates are in YOUR favor!
If you are buying a home in Fort McMurray, there has been no better time than now! The market is finally working for you.

Once you’ve found the right home it’s time to take the next step and work with your Fort McMurray REALTOR® to write an offer to buy. Many buyers — especially first time home buyers — don’t realize how common it is in the Fort McMurray real estate market for sellers to be presented with multiple offers. Writing an attractive, clean offer is particularly important when you know yours won’t be the only one on the table.

But what does a clean offer look like? We’ve put together a list of go-to tips for buyers writing offers in competitive real estate markets like Fort McMurray.

Multiple Offer Buyer Strategies

• Write a clean, concise offer and eliminate as many loose ends as you can. Avoid vague phrases or terms that could be open to interpretation.
• Be specific and clear. Builders in particular don’t like open-ended offers. Be explicit about what you expect and include details of any additional work you want done. Consider buying as-is and hiring a contractor to do additional things like finishing a basement or adding a garage.
• Don’t make your offer conditional on someone else viewing the property unless absolutely necessary. Everyone should view or commit to the property before the offer is made if at all possible.
• Avoid asking for unusual conditions or extras not in the listing, or negotiate for them after the offer is accepted. In particular avoid asking for personal furniture items like tables or grandma’s china cabinet that might trigger emotional responses.
• Be flexible with your closing and possession dates: if you can work with the seller’s preferred dates this makes you a more attractive buyer.
• Do your homework and keep your condition and timelines as short as possible. Get review date commitments from any third parties before making the offer, including lawyers, inspectors, and relocation companies. Eliminate as many of these conditions as you can: sometimes it’s possible to get a building inspection completed prior to making an offer.
• Always get pre-approved for financing and avoid making an offer conditional on mortgage approval or the sale of your current home if at all possible.
• Offer a larger than normal deposit. A willingness to put more cash on the table upfront gives the seller confidence that you’re a serious buyer.
• Be ready to negotiate and compromise. Multiple offer scenarios often result in counter-offers, so know how far you’re willing to move before you submit your offer to cut down on time between negotiation steps.

It’s an excellent time to buy a condo in Fort McMurray right now: there’s a great supply of real estate on the market, and many condominium developers are offering fantastic packages with extras and upgrades.

If you’re a first time home buyer on a budget, want to downsize your life or interested in a “lock and leave” lifestyle, Fort McMurray condo real estate might be the perfect fit for you. We’ve put together information about condo ownership, how it’s different from owning a single family home, and some advantages of the condominium lifestyle to get you started.

Condo Ownership versus House Ownership

The biggest difference between owning a condo and owning a single family home is what you own. When you buy a house you own the entire building and the section of land it sits on, but when you purchase a condo you have sole ownership of your condo interior only while everything else is common, shared space. When you purchase a condo you essentially co-invest in the building with your neighbours. Decisions about the exterior, common space and grounds are made by a Condo Owners Association since they are shared.

Condo Owners Associations collect monthly dues that cover the exterior, insurance, landscaping, trash collection and other building maintenance while individual owners are responsible for maintaining their condo interiors. Sometimes your condo fees will also include some or all of your utilities, and the dues often include paying into a reserve fund that can be accessed to help fund more costly repairs such as re-shingling the roof. If the reserve funds are not adequate, additional special assessment fees can be levied on all owners to help pay for needed repairs.

Owner Occupancy Rate

Some people who buy condos have purchased investment properties to rent out, while others buy condos as their own primary residence. In general owners who are also occupants are better neighbours, keep their home in better condition and are more likely to follow the rules and regulations. Many renting tenants are also excellent neighbours, but a building occupied by more tenants than owners typically has more challenges.

Benefits of Fort McMurray Condo Living

Affordability. Condos usually cost less per square foot than single family homes and are often comparable to rental prices: perfect for first time home buyers.

Lock and Leave. Living in a condo has a maintenance-free reputation for a reason: let someone else worry about the yard work and building maintenance.

Security. Living in close proximity to your neighbours is great for a sense of security: there are always lots of eyes to keep watch over the space, and many condos have extra security features like secure parking and exterior doors that must be buzzed open.

Amenities. When condo shopping keep an eye out for the luxurious extras: amenities such as fitness rooms, shared meeting or party spaces, and pools or hot tubs are all potential perks of condo living.

Searching for a Fort McMurray Condo? Check out Longboat Landing, where condos start at $389,000 and go up to 1,332 square feet. Featuring attached garages and underground heated parking.

Longboat Landing: Special Offer!

Get 200,000 Aeroplan Miles or a $10,000 pre-paid Visa when you buy in Longboat Landing.
Offer expires January 21, 2011 so hurry and contact The Lore Group for more information today! There are only 7 units left!