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Buyer Question: How do I get started with buying a property in Calgary?
The best way to get started is by getting mortgage preapproval first.
By getting preapproved in mortgage, we can find the maximum price of a home that you can afford along with rough interest rate you can qualify for. And based on the price, your REALTOR® can start browsing the homes for you. For question regarding mortgage preapproval, you can call or text 403-400-0699.
Buyer Question: How long does it take to buy a property in Calgary?
The average time is around 1 month, depending on financing, inspections, and legal formalities. But to be more specific, preapproval usually takes 2-3 days Showing usually takes 1-2 weeks (the sooner you pick a home to write an offer, the sooner showing ends). Negotiating and getting offer accepted usually takes a day. And once offer is accepted, you need to remove condition and that takes 2-3 weeks. And once conditions are removed there is typically 1 week or 2 left until possession. If you have preapproval ready, it will help the process go little smoother.
Buyer Question: Can a work permit also buy a home in Calgary?
Yes! Both closed and open work permit can buy a home. However, you must ensure that you have enough period left in your permit. Exact period depends on lender to lender but typically you should take possession of your new home at least six months before your permit expires (take possession means you have bought the home and you received the key from the REALTOR®). For any question, contact us!
Seller Question: How much will my property sell for?
We can easily find this out by doing something called CMA (Comparative Market Analysis) which is essentially a process of searching similar homes that were sold in the area (same bedroom, similar size, similar finish, etc.). The more similar homes that were sold in your area, the more accurate we can get. We don’t charge anything for getting you home’s fair market value. So feel free to contact us by emailing info@mediumorchid-reindeer-316842.hostingersite.com
Seller Question: How do I sell my property for maximum amount?
We have a few different methods but the two secrets are: (1) Find what buyers like and (2) List the property at the right time.
To go into more details for the first secret, there are certain features that buyers like depending on demographic of the neighborhood. For example, if the neighborhood is renter dominated neighborhood, then buyers will look for things like number of rooms, finished basement with its own kitchen and separate entrance.
For the second method we look at things like major economic events (rate cuts, trade wars), when the neighborhoods will be selling their home (if there are many listings this can be both good and bad thing), how the local Calgary housing market is doing, seasonality (summer is typically best time to sell) and more factors like that. But always remember Time in the market beats Timing the market.
Seller Question: How much do I pay for REALTORS® in Calgary
Great Question. In Alberta, sellers pay for both buyer’s REALTOR® and seller’s REALTOR®.
Typical commission is 7% on the first $100k and 3% on the remaining balance of the sold price (each side of REALTOR® splits in half and shares it).
So if your home sold for say $500k. Your total out-of-pocket REALTOR® cost for both buyer and seller would be: $19,000.
But there is no such thing as standard commission. All commission can be negotiated.
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KO Realty - Calgary Real Estate Brokerage
Our address is 301-14th Street NW, Calgary, AB Suite 206, Room 8. Free 90-minute visitor parking stalls are available on the site.