Lori Patrick

If you’re buying or selling a home, it’s important to understand what a home inspection entails and how it affects the sale or purchase of a house.

What Is a Home Inspection?
A home inspection is an objective visual examination of the structure and systems of a home by a neutral third party. Basically, it shows you what’s wrong with the property and if it is serious enough to prevent a sale. (Note: An inspection does not concern code violations and therefore does not guarantee that the home is free of them.)
The three main points of the inspection are to evaluate the physical condition of the home, identify items in need of repair or replacement, and estimate the remaining useful life of the major systems, equipment, structure and finishes.
An inspector cannot report on defects that are not visible, such as defects hidden behind finished walls or beneath carpeting, and inaccessible areas. Seasonally inoperable systems (swamp coolers, air conditioning, furnaces) will not be turned on during the inspection.

Hiring an Inspector
To hire an inspector, get recommendations from your Realtor, or from friends and family. You can also find home inspectors in the phone book under “Home Inspection Services.” When interviewing inspectors, be sure to ask for references and memberships in professional associations. Find out about the inspector’s professional training and experience.
It’s a good idea to be present during the inspection for a few reasons: you can ask the inspector questions during the inspection, the inspector will have the opportunity to point out areas of potential trouble, and many inspectors also will offer maintenance tips as the inspection progresses.

Making Suggested Repairs
The seller is not required to make any repairs or replacements. However, the buyer can use the inspection report as a negotiating tool. For instance, if certain repairs or replacements are made, the buyer might offer to pay more, or if they’re not, the buyer can bid lower.

Costs and Time Involved
The inspector’s most important priority is accuracy, and accuracy takes time. The chances of mistakes are more likely if the inspector rushes through. Your inspection may take between two and five hours. Older homes take longer than newer ones.
Expect your inspection to cost from $200-$500 depending on size. It may be one of the most important investments you make when buying a home.

Nurture your mind and soul in the peaceful and relaxing setting of The Hamptons. Explore this beautiful community’s naturalized ponds, walkways, trails, and tree-lined boulevards and develop your connection with the outdoors. The Hamptons’ ideal west end location, flourishing neighborhoods, and close proximity to an increasing number of urban amenities make the community an ideal place for you and your family to grow.

Residents of The Hamptons have input into the maintenance of their community through the neighborhood Homeowners’ Association.

The Hamptons Home Owners Association was established on  December 19, 2011 and it is taking an active role in our community. Together, they are maintaining the neighbourhood to make it safe and welcoming place for current and future residents. Their goal is to improve our community, increase the pride in where they live, and ultimately increase the value of their homes in the process.

Visit the Hamptons website for more information:  http://edmontonhamptons.com/

Edmonton, June 4, 2013: Housing sales activity in the Edmonton Census Metropolitan Area (CMA) slowed in May according to the REALTORS® Association of Edmonton. Housing sales dropped 10% when compared to May 2012. Sales of single family detached homes (SFD) were down 14.4% Y/Y and duplex/rowhouse sales were down 20.3%. In contrast, during the same period, condo sales were up 4.9% compared to May 2012.

“There is a lot of activity in the real estate market at this time of year but some buyers are having difficulty finding their perfect home,” said President Darrell Cook. “While inventory levels are rising they are still below traditional norms and there is a shortage of attractive SFD inventory available at the lower priced end of the market. That has held some buyers back. First time buyers may have had to buy in the condo market where they can still find a home in their price range.”

There were an estimated 1,169 SFD sales in May (based on 1,082 reported sales) through the MLS® System with 512 estimated sales of condos (474 reported) for total residential sales of 1,824 units (on reported sales of 1,689). Sales figures in the month are estimated to account for late reported sales and to ensure accurate comparison to prior period sales figures.

Listing activity picked up in May with 1,969 SFDs listed (up 1.3% Y/Y) and 963 condos (up 0.3% Y/Y) for an overall total of 3,188 residential properties coming into the MLS® System in May. At the end of May there were 6,028 residential properties available; up from 5,294 from last month. There were an additional 1,569 rural properties in the MLS® System inventory.

The demand for housing has buoyed up prices in the Edmonton area. The all-residential average price was up 2.4% from April and up 1.3% from a year ago at $356,807. The average price of SFDs was up 3.9% to $418,110 in May but condo prices dropped 2.4% from a month ago to $237,664. The condo average price is down 3.97% in May compared to last year.

“Increased activity at the higher end of the market drove up the average price of SFDs,” said Cook. “At the same time, the wide variety and number of options in the condominium sector continued to exert downward pressure on the average price of condominiums. There is housing available for everyone at every price point but buyers may have to adjust their expectations to be able to buy right now. Their REALTOR® can help them identify property that meets their needs.”

The average days-on-market for residential property was down to 45 days and the sales-to-listing ratio was 53% in May.

See full article at:

http://www.ereb.com/News&Events/LatestMarketStatistics.html

Real Estate Market in Edmonton is on the rise