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Melody Kilbank

Call Direct 780-893-9987



PAR ISN’T JUST FOR GOLF!

Thu, 08 Sep by melodykilbank

Apparently it is a good adjective for the Edmonton market for August 2016!

The City of Edmonton SFD (Single Family Dwellings) prices were down by ONLY .02% year over year for August! Homes are selling 3 days quicker on average. Condominium prices dropped 1.2% year over year taking 4 days longer to sell than last year. The overall inventory level is down 2% from July 2016 but up 9.4% from August 2015.

“Alberta’s economy has been under enormous pressure for some time, but the residential real estate market in the Edmonton Census Metropolitan Area continues to hold. Prices and unit sales for all residential homes are consistent with last year, down less than 1% and 2% respectively,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton.

As for the month over month numbers, SFD prices were down 4% July over August, bouncing back to the same average as June 2016. Condos were down 2.7% on average reflecting prices back in early spring.

“While this is one of the most active times of the year, we are seeing both listings and sales tapering off as we move into the fall months. This is standard in our local real estate cycle,” said Sedgwick. “

Our inventory will last us 5.37 months if no other homes are listed. This is still a balanced market. The quantity of listings could favor buyers over sellers, but not dramatically.

So, if you are like me, and have not had many PARS in your golf game this summer. Take heart! The real estate market is on PAR!

In a balanced market with stable pricing, it is a good time to either buy or sell. If I can help you with a market valuation on your home OR a buyer’s qualification valuation, please give me a call.

Considering buying an investment property?

Wed, 27 Apr by melodykilbank

The time is ripe for buying an investment property. Here are 4 good reasons:
1. The Edmonton and area inventory is at record levels since 2007, which means there are lots of properties from which to choose.
2. The mortgage rates are low and just went down a little more this past week. 2.49% on a 5 year fixed is a great rate.
3. The Edmonton market has remained stable. This means you won’t be buying or selling in an inflated market.
4. There are more foreclosure properties on the market due to Alberta.

NOW is a great time to take that leap! Here are three main factors which will help you make a good decision for the long term investment.

LOCATION! You know the number one factor in buying ANY property is to consider the location for RESALE. When it comes to location of a rental or investment property don’t just look for what is there but also look for what isn’t there. Cheaper properties on main streets are an advantage to an investment for rental purposes. Being close to public transportation, schools, recreation and shopping are also valuable. But also consider what should NOT be there, power lines, un-kept neighbor’s yards, and surrounding properties which look like they need more “loving” than the one you are interested in purchasing.

The second factor to consider is LAYOUT! If the property has a functional layout, no matter how small it is, it will be a sound investment. The layout in an investment property can be changed, but those kinds of renovations are costly and the ROI is diminished. No matter what condition a property is in, cosmetic fixes can get you more rent and more resale value, but not if you are having to knock down walls, relocate plumbing and electrical lines.

And the third major factor to consider is to be sure there are NO RESALE OBSTACLES THAT CAN’T BE FIXED. For example a 2 bedroom home in a family oriented area will be harder to rent or resell than a 3 bedroom. Another example of a resale obstacle that can’t be fixed is inadequate parking for tenants. I recently considered purchasing a condo which needed gutting. That was not a problem. But when I phoned about the parking arrangements the property management company told me there was NO parking with this unit. Street parking only diminishes your prospective rental pool and limits the buyer pool for resale.

So after you get your financing in place and you begin to search for a property, consider these 3 main factors, LOCATION, LAYOUT, RESALE OBSTACLES. This will get you off to a great start in choosing your next real estate investment.

And the RONA Gift Card Goes to…

Fri, 04 Sep by melodykilbank

CONGRATULATIONS to Lily S of Kingston, ON – the winner of the $50 RONA gift card!

A BIG thank you to Lily, and to all of you who “liked” my REALTOR page.

My business continues to thrive because of the support of those, like you, who recommend my services. Your greatest compliment is a referral.

All about you. Really.

Melody

Melody Kilbank HiRes size 1

 

The BIG Reveal! and the Winner is….

Fri, 14 Aug by melodykilbank

HALLELUJAH –201- 10529 93 St is DONE!!!

The furniture is set up, the blinds are installed, the bedding is on the bed, and the decorative touches and stocked kitchen complete our newly-renovated, centrally-located 1-BR, 1 Bath condo unit. All that is left to do is to find that perfect (lucky!) renter.

Here is the link to view the rental advertisement. –

https://edmonton.rentfaster.ca/edmonton-apartment-for-rent/boyle-street/newly-renovated-fully-30571

ps. Tell your friends and family…spread the word! 🙂

I’ve also included a few snaps, here (I think it turned out fabulously!):

 

AND, I haven`t forgotten – At the beginning of this adventure, I promised that if you `liked` my facebook page, that I would include you in a draw for that $50 Rona gift card, so….(DRUMROLL)

I will contact the winner in the next few days.

Thank you for following me through all of this. So, you might be asking, will we continue our annual trend of condo purchase fix-er-up-ers.

Ask me next year, and stay tuned…

All about you. Really.

 

Melody

Taking Stock – the Cheap, the Free and the Inventory

Wed, 05 Aug by melodykilbank

We are SO close! All that’s left to complete the condo is to give it a through clean, spit-shine, then to off-load and set up the furnishings to stage it for advertising. Renters, on your marks, get set….to view the cutest, most complete little 1-bedroom in central Edmonton. BIG reveal coming SOON…! CHECK BACK… So, as I did a walk-through yesterday, I snapped my pictures and had to chuckle again – feeling very self-satisfied – when I took stock of all of the fabulous “finds” we were able to unearth through my determined, ruthless and disciplined commitment to kijiji and Re-store shopping. While my contractor questioned the value in the end of using some of the older fixtures and materials in the reno, and wondered if more money may have been spent on time to install some of these, I still maintain – even, simply from an ethical stand-point – that re-cycling and re-using over purchasing new, at least SOME materials and furnishings can, indeed, yield savings AND gave a sense that wise and responsible choices have been made. It feels great! Take a look, room-by-room:

DONT FORGET – your chance to win the $50 GIFT CARD for RONA. I am extending the deadline… All you have to do is “Like” my REALTOR(R) page on FACEBOOK by August 15/ 15. https://www.facebook.com/melodykilbank?ref=hl All about you. Really. Melody

We’re nearing the finish line!

Sun, 19 Jul by melodykilbank

No matter how organized you are and even if you have a project plan, there is always things in a renovation which are unique and can set things back on the time line.

This project there have been 2 concerns which took longer to resolve than hoped. One was the bath tub and the tub wall surround. A mistaken purchase on Kijiji, because I didn’t know much about surrounds, a replacement tub which was 59.5 inches and didn’t come with a wall surround, and a mistaken purchase for a new surround which didn’t fit because it was 60″ and finally….the right solution. The tub it in and walled!! Pictures to follow next week!!!

The second concern has been repairing the gypcrete flooring surface. There had been some spots where there was some erosion which we had to fill in before flooring. My contractor and I did some research through concrete companies and gypcrete companies. We finally have the answers to using the right product to fill the spots! The floor is patched properly.

That being said there has been significant progress this week! So exciting!

The flooring is in!!! That means as of now every surface of the unit has been redone! What a difference!

The cabinets are in their final resting place and secured!

Next week we hope to have final pictures for you before we stage it!!!

Stay tuned!

Nothing like a coat of paint to…..

Tue, 14 Jul by melodykilbank

>>>…… make a place feel like it is your own. I love the smell of a freshly painted room. It make you feel like everything is really clean! The odors from the many years of cooking, smoking and living are GONE!! Also, there’s such noticeable progress in a project once the paint is on the walls!

So this past week the unit is completely painted and the bathroom vanity and kitchen cabinets are installed. The swing doors are installed and the baseboards and casings are painted and ready too!

The delays this week have been trying to find a tub wall surround to fit and after 2 attempts, the 3rd one is going to work!!! What a learning process that was!!

All in all we are a little behind schedule, but every obstacle has had a reasonable solution!

Still aiming for August 1st!

Making a List and Checking it Twice

Wed, 01 Jul by melodykilbank

This is REALLY happening!

As soon as the demos begin, it becomes all-too-real. Out with the old and out-dated, making way and space for the new/ newer up-graded (and income producing)!

 

I’ve included a photo ofour contractor and plumber, onsite. Can I just say what difference in our peace-of-mind having these trusted professionals in from the ground floor is making- even at this early stage! Again, my husband is still heaving that huge sigh of relief, and in turn my life on the home front continues, mostly, as usual…except for balancing project expense sheets, and taking photos and checking in with the progress, each day- it actually feels fun…making my daily lists and feeling the satisfaction of checking off each item, one, by one…I love to see things coming together!

 

We’re At It Again -Income Property 2015!

Thu, 11 Jun by melodykilbank

Team Kilbank is at it again! Are we ambitious or just, plain crazy!? We just purchased another investment condo!

Having learned through experience, this property will be reno’d by some else (my dear husband is a bit TOO grateful), with the goal to furnish it and rent it out – a sweet little all-inclusive package for the right tenant. It is in a fantastic, central location close to shopping, transit and the Universities!

With the calculated and frenetic way I have been tracking Kijiji items each night and each morning, seeking them out, then stockpiling them and adding up my savings….maybe crazy AND ambitious – don’t judge me. 😉

In honour of this exciting venture, I would like to give away a $50 GIFT CARD for RONA – proudly, Canadian.
All you have to do is “Like” my REALTOR(R) page on FACEBOOK by August 1/ 15 – this is when we hope to have our first renter set up and living in the unit. https://www.facebook.com/melodykilbank?ref=hl

I will announce the winner here, on the blog.

Stay tuned for all of the action (no drama!) and the transformation at each stage.

All About You. Really.

Melody “Kijiji Queen” Kilbank

Alberta Budget Sets Increase in Fees!

Sat, 11 Apr by melodykilbank

Keeping you informed:

This statement came from the Alberta Real Estate Association (March 27/15) of which all REALTORS® who are licensed and practice in Alberta are members!

“Budget 2015 includes significant hikes to fees paid by real estate consumers beginning July 1, 2015, including registering new land titles and mortgage documents.
The Alberta Real Estate Association (AREA), the provincial, professional association for Alberta’s 10,000 REALTORS®, was not one of the real estate association stakeholders consulted on these increases.
AREA appreciates the fiscal challenges faced by government and recognizes that, after this increase, fees related to real estate transfers remain lower in Alberta than other provinces. We have asked Service Alberta to confirm what sources they are quoting when expressing that real estate associations were among the stakeholders who identified that there was ‘room for these fees to grow’.”
Increases to fees are certainly never welcomed and the table below details the impact of these increases on the fees for a $500,000 home with a $400,000 mortgage:

Fees Prior to July 1, 2015
($50 + $1 per $5,000 increment)
Land Title Registration $150
Mortgage Registration $130
Total $280

Fees After July 1, 2015
($75 + $6 per $5,000 increment)
Land Title Registration $675
Mortgage Registration $555
Total $1,230

Though the increase as of July 1st represents a hike of more than 400% for the real estate consumer, the cost of real estate transfers in Alberta remains lower than other provinces. This can be attributed to the continued avoidance of a Land Transfer Tax in Alberta at either the provincial or local levels.”

All About You. Really.

Melody Kilbank, RE/MAX Real Estate
102-12650 151 Ave, Edmonton, Alberta T5X 0A1
Tel: 780-457-3777 Cell: 780-893-9987 Fax: 780-457-2194
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