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New property listed in Cathedral RG, Regina

We have just listed this great property at 3332 Pike AVE in Regina.
Located in the heart of Regina's desirable Cathedral neighbourhood, this little bungalow is perfect as a starter or investment property. Very clean and recently renovated, this home features a large living room, updated kitchen, two good sized bedrooms, and a four piece bath. The basement appears solid and dry, and contains the laundry and storage. The yard is fenced, and features a large deck which is perfect for enjoying summer evenings, numerous trees and a single detached garage. This is a great property in a very exclusive location! Don't miss it!
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New property listed in Coronation Park, Regina

We have just listed this great property at 32 Cleland ST in Regina.
Welcome to 32 Cleland Street. This fully renovated 1963 built 950 square foot 5 bedroom, 2 bathroom bungalow and 14’x24’ single detached garage sit on a generous 7249 square foot irregular shaped corner lot in Regina’s Coronation park subdivision which is conveniently close to schools, parks, grocery, restaurants and bus routes. You enter this home into the bright east facing living room that has a beautiful feature wall and shares laminate flooring throughout the main level with the exception of the bathroom. The open concept dine-in kitchen has tile back splash, included fridge, stove and built in dishwasher and 2 tone cabinets. The main floor is completed with the large primary bedroom, 2 additional bedrooms and the main bathroom which has a corner jet tub, custom tile shower and wainscoting, and granite top vanity. The basement had been braced on all 4 walls with proper engineers certificate available, has spray foam insulation, a new sewer and water line, and then was fully developed with a good sized rec room, a storage room under the stairs which has the updated 100amp electrical panel, the laundry-in utility room with included washer and dryer as well as a high efficiency furnace, a 3 piece bathroom, and finally 2 additional bedrooms with proper egress windows. The basement has new carpet in the rec room and bedrooms. The exterior of this home has fresh paint, updated shingles, soffits, fascia, a new front deck with composite decking, and most windows have been replaced. The yard has a fully fenced back yard that has plenty of shade from mature trees, a gorgeous large waterfall/pond, a fire pit area, as well as underground sprinklers and additional parking in front of the garage.
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New property listed in Arnhem Place, Regina

We have just listed this great property at 2428 Lindsay ST in Regina.
Welcome to 2428 Lindsay St. This little bungalow boasts a perfect location, only a few minutes walking distance to Wascana Park, steps away from schools and only a short drive to Regina's bustling East end with all its shops and amenities. The home shows very well, with a nicely open floor plan with a good sized family room, open kitchen with updated cabinets, counters, and backsplash. Down the hall are two bright bedrooms, and a renovated four piece bathroom. The basement appears solid and dry, houses the laundry and could be developed for extra living space. The yard is perfect for summer entertaining, is fully fenced for your children and pets, and features a convenient one car garage, and additional parking under a car port. This home is in excellent shape, and is ready to move in! Don't miss is!
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New property listed in Lakeridge RG, Regina

We have just listed this great property at 4482 NICURITY DR in Regina.
Welcome to 4482 Nicurity Drive! This 2007 Dundee built 1,226 square foot 3 bedroom, 3 bathroom 2 story house and its oversized 24’x28’ double detached garage sit on a generous approx 35’x131’ lot in Regina’s Lakeridge subdivision which is very close to shopping, restaurants, grocery bus routes and so much more. You enter this home into the porch with the front entry closet and continue into the bright south facing living room with hardwood flooring and gas fireplace with tile surround and pine mantel. You continue on to the dine-in kitchen with maple cabinets, tile backsplash, included dishwasher and stainless steel fridge, stove, over the range microwave. The main floor is completed with the rear mudroom and closet with the conveniently located and included stacked front load washer and dryer and a 2 piece bathroom. The 2nd floor has the primary bedroom with a large custom designed walk-in closet with professionally installed shelving, as well as the main 4 piece bathroom and 2 good sized secondary bedrooms. The basement is also completely professionally finished with a rec room, a den, a 3 piece bathroom and the utility room. The yard is beautifully landscaped and features a 2 tier deck as well as an extra concrete surround around the garage and on the east size of the house to help with water mitigation. The yard includes a PVC storage shed as well as extra storage in another shed that is cleverly built on the east side of the garage. The oversized garage has plenty of additional power and built in shelving as well as 8’x7’ door that leads through to the back yard. This home also features central air conditioning, a reverse osmosis water filter, a water softener, an oversized (rented) water heaters as well as central vacuum. This home has been meticulously maintained overall and is in move-in ready condition.
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New property listed in Washington Park, Regina

We have just listed this great property at 928 RAE ST in Regina.
Welcome to 928 Rae St. This 1912 built 783 square foot 3 bedroom, 1 bathroom 1 ½ story home is on a 25’x125’ lot in Regina’s Washington Park subdivision. This house has a lot of its major renovations completed but still needs some work to be completed before it can be lived in. You enter the home into the porch that leads to the living room and then the dining room. The location for the future kitchen is next on the main floor and it is completed with a good sized bedroom. The second floor has the primary bedroom as well as one additional bedroom and finally the 3 piece bathroom. This home has newer shingles, a high efficiency furnace, a 100 amp electrical panel and a sump pump.
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New property listed in Broders Annex, Regina

We have just listed this great property at 2337 LINDSAY ST in Regina.
Welcome to 2337 Lindsay St. This 1948 built 671 square foot 2 bedroom 1 bathroom bungalow sits on a 25’x125’ lot just north of College Ave on a quiet block in Regina’s Broders Annex subdivision, close to schools, grocery, parks and bus routes. You enter this home into the bright west facing living room with original hardwood floors. You continue on to the dine-in kitchen with an included fridge and stove. The main floor is completed with 2 good sized bedrooms and finally the main 4 piece bathroom. The basement is mostly finished and has a large rec room, a den, as well as the laundry-in-utility room with included washer and dryer. The electrical panel of this home has been upgraded to a 100 amp panel and this home also has a radon mitigation system in it. The fenced backyard has a nice sized deck, some raised garden boxes, a firepit, a 12x22 garage (that only had wooden doors) as well as 1 more additional parking spot.
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New property listed in Lakeview RG, Regina

We have just listed this great property at 3351 ANGUS ST in Regina.
Welcome to 3351 Angus St. This 1921 built, 961 square foot bungalow sits on a 31’x100’ lot on a low traffic street on a beautiful block in Regina’s very desirable Lakeview subdivision. This provides for a neighborhood where many neighbors can be seen enjoying their front yards and socializing with others. This character home is located close to Wascana Park’s walking and bike trails, as well as shopping, and bus routes. When you walk in the front entry way you will notice the well-kept hardwood floors and other character touches such as the original glass handles door handles. You will fall in love with the classic wide oak trim that exists throughout the main level. The large living room boasts lots of natural light through its west facing windows and a wood burning fireplace. The main level also has a dining room, the kitchen with included fridge, stove and microwave, 2 nice sized bedrooms, and a 4 piece bathroom. As classic as the exterior and main level are, the other true value of this home is its basement. In 2012 the basement was fully renovated to ensure a sound and dry foundation for a new regulation 2-bedroom basement suite which provides income for the home. Before entering the basement suite you pass by the shared laundry area at the foot of the stairs with included washer and dryer. The 2-bedroom suite contains a kitchen with included fridge, stove and microwave, a living room and a 3-piece bathroom. It is currently rented to 2 very good tenants that instantly help to reduce the costs of ownership. Most of the basement has raised vinyl plank flooring that provides an air cushion from the new concrete floor. The backyard is sheltered and private with a combination of perennials, grass area and stone patio that leads to the single detached single car garage and parking for an additional 2 vehicles. Other features include central air and new windows in the bedrooms and kitchen. The shingles, soffits, fascia and eaves were replaced in 2014.
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New property listed in Washington Park, Regina

We have just listed this great property at 866 ROBINSON ST in Regina.
Welcome to 866 Robinson St. This 1912 built 815 square foot 2 bedroom, 1 bathroom home sits on a 25'x125' lot in Reginas Washington Park subdivision and would make a great rental property or a way to get into owning a home at a low price! You enter this home into the bright east facing living room with laminate flooring. You continue past the dine-in kitchen with newer cabinets and included fridge and stove to the first bedroom. You pass a den on the other side of the hallway and are then lead to the 4 piece bathroom. The back porch serves as the laundry room and finally there is another bedroom at the back of the home. This home has newer shingles, vinyl siding and is quite low maintenance overall.
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New property listed in Washington Park, Regina

We have just listed this great property at 1163 King ST in Regina.
Welcome to 1163 King St. This excellent 1225 square foot home features three good sized bedrooms, large living room with bay window, fully renovated kitchen with plenty of brand new custom cabinets, stone countertops, and stainless steel appliances. The master bedroom features a stunning master bath with tiled floor and surround. Numerous upgrades in the home including, new furnace, A/C, flooring, trim and paint throughout, water and sewer lines, ductwork, and much much more. Large lot with massive double detached garage. This home is not to be missed. Call to view today!
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9 Tips for Buying and Selling Your Home at the Same Time


9 Tips for Buying and Selling Your Home at the Same Time


Selling your home when you still need to shop for a new one can feel daunting to even the most seasoned homeowner––especially when the demand for new homes keeps rising, but the supply feels like it's dwindling.¹ You're not alone either if you're already feeling drained by the complex logistics of trying to sell and buy a new home all at once. 


Searching for a new home can be exciting, but many homebuyers admit that it can also be stressful, especially if you live in an unpredictable market with plenty of competitors. Unfortunately, waiting out a competitive housing market isn’t always the best idea either since homes are in notoriously short supply across Canada, and listings are expected to remain limited in the most coveted neighbourhoods for some time.² 


That doesn't mean, though, that you should just throw up your hands and give up on moving altogether. In fact, as a current homeowner, you could be in a better position than most to capitalize on a seller’s market and make a smooth transition from your old home to a new one. 


We can help you prepare for the road ahead and answer any questions you have about the real estate market.  For example, here are some of the most frequent concerns we hear from clients who are trying to buy and sell at the same time.



“WHAT WILL I DO IF I SELL MY HOUSE BEFORE I CAN BUY A NEW ONE?”


This is an understandable concern for many sellers since the competitive real estate market makes it tough to plan ahead and predict when you'll be able to move into your next home. But chances are, you will still have plenty of options if you do sell your home quickly. It may just take some creativity and compromise. 


Here are some ideas to make sure you're in the best possible position when you decide to list your home:


Tip #1: Flex your muscles as a seller. 

In a competitive market, buyers may be willing to make significant concessions in order to get the home they want. In some cases, a buyer may agree to a sell and lease back agreement (also known as a "sell house and rent back" option) that allows the seller to continue living in the home after closing for a set period of time and negotiated fee. 


This can be a great option for sellers who need to tap into their home equity for a downpayment or who aren’t logistically ready to move into their next home. If you're dealing with an investor rather than a traditional buyer, you may even be able to negotiate a lengthy lease and lower rent payment than your current mortgage.³ 


However, leaseback agreements can be complex, with important legal, financial and tax issues to consider.⁴ At minimum, a carefully-worded contract and security deposit should be in place in case of any property damage or unexpected repairs that may be needed during the leaseback period. 


Tip #2: Open your mind to short-term housing options. 

While it can be a hassle to move out of your old home before you’re ready to move into your new one, it’s a common scenario. If you’re lucky enough to have family or generous friends who offer to take you in, that may be ideal. If not, you’ll need to find temporary housing. Check out furnished apartments, vacation rentals and month-to-month leases. If space is an issue, consider putting some of your furniture and possessions in storage. 


You may even find that a short-term rental arrangement can offer you an opportunity to get to know your new neighbourhood better—and lead to a more informed decision about your upcoming purchase.


Tip #3: Embrace the idea of selling now and buying later.

Instead of stressing about timing your home sale and purchase perfectly, consider making a plan to focus on one at a time. Selling before you’re ready to buy your next home can offer a lot of advantages. 


For one, you’ll have cash on hand from the sale of your current home. This will put you in a much better position when it comes to buying your next home. From budgeting to mortgage approval to submitting a competitive offer, cash is king. And by focusing on one step at a time, you can alleviate some of the pressure and uncertainty.



“WHAT IF I GET STUCK WITH TWO MORTGAGES AT THE SAME TIME?”


This is one of the most common concerns that we hear from buyers who are selling a home while shopping for a new one, and it’s realistic to expect at least some overlap in mortgage payments. But unless you have a large enough income to comfortably carry two mortgages, you may not pass Canada's beefed up mortgage stress test until you have a contract on your first home. (You can use the Financial Consumer Agency of Canada's Mortgage Qualifier Tool to check your odds.⁵)  


Assuming you can secure financing, however, it's still a good idea to examine your budget and calculate the maximum number of months you can afford to pay two mortgages before you jump on a new home. Potential stopgap solutions, such as bridge financing, can also help tide you over if you qualify. 


If you simply can’t afford to carry both mortgages for any amount of time, or if you are concerned about passing the mortgage stress test, then selling before you buy may be your best option. (See Tip #3 above.) But if you have some flexibility in your budget, it is possible to manage both a home sale and purchase simultaneously. Here are some steps you can take to help streamline the process:


Tip #4: As you get ready to sell, simplify. 

You can condense your sales timeline if you only focus on the home renovations and tasks that matter most for selling your home quickly. For example, clean and declutter all of your common areas, refresh your outdoor paint and curb appeal and fix any outstanding maintenance issues as quickly as possible. 


But don't drain unnecessary time and money into pricey renovations and major home projects that could quickly bog you down for an unpredictable amount of time. We can advise you on the repairs and upgrades that are worth your time and investment.


Tip #5: Prep your paperwork. 

You'll also save valuable time by filing as much paperwork as possible early in the process. For example, if you know you'll need a mortgage to buy your next home, get pre-approved right away so that you can shorten the amount of time it takes to process your loan.⁶


Similarly, set your home sale up for a fast and smooth transition by pulling together any relevant documentation about your current home, including appliance warranties, renovation permits, and repair records. That way, you're ready to provide quick answers to buyers' questions should they arise. 


Tip #6: Ask us about other conditions that can be included in your contracts. 

Part of our job as agents is to negotiate on your behalf and help you win favourable terms. For example, it’s possible to add a contract condition known as a "subject to sale" or "sale of property" (SOP) condition to your purchase offer that lets you cancel the contract if you haven't sold your previous home.⁷ This tactic could backfire, though, if you're competing with other buyers. We can discuss the pros and cons of these types of tactics and what’s realistic given the current market dynamics.



“WHAT IF I MESS UP MY TIMING OR BURN OUT FROM ALL THE STRESS?” 


When you're in the pressure cooker of a home sale or have been shopping for a home for a while in a competitive market, it's easy to get carried away by stress and emotions. To make sure you're in the right headspace for your homebuying and selling journey, take the time to slow down, breathe and delegate as much as possible. In addition:


Tip #7: Relax and accept that compromise is inevitable.

Rather than worry about getting every detail right with your housing search and home sale, trust that things will work out eventually––even if it doesn't look like your Plan A or even your Plan B or Plan C. Perfecting every detail with your home decor or timing your home sale perfectly isn't necessary for a successful home sale and compromise will almost always be necessary. Luckily, if you've got a good team of professionals, you can relax knowing that others have your back and are monitoring the details behind the scenes.


Tip #8: Don't worry too much if your path is straying from convention.

Remember that rules-of-thumb and home-buying trends are just that: they are estimates, not facts. So if your home search or sale isn't going exactly like your neighbours' experience, it doesn't mean that you are doomed to fail. 


It's possible, for example, that seasonality trends may affect sales in your neighbourhood. So a delayed sale in the summer or fall could affect your journey––but not necessarily. According to the Canadian Real Estate Association, the housing market used to be more competitive during the fall and spring and less competitive during the winter. But it's not a hard and fast rule and real estate markets across Canada have seen major shifts in recent years.⁸ Every real estate transaction is different. That's why it's important to talk to a local agent about your specific situation.


Tip #9: Enlist help early.

If possible, call us early in the process. We'll not only provide you with key guidance on what you should do ahead of time to prepare your current home for sale, we'll also help you narrow down your list of must-haves and wants for your next one. That way, you'll be prepared to act quickly and confidently when you spot a great house and are ready to make an offer. 


It's our job to guide you and advocate on your behalf. So don't be afraid to lean on us throughout the process. We’re here to ease your burden and make your move as seamless and stress-free as possible.



BOTTOMLINE: COLLABORATE WITH A REAL ESTATE PROFESSIONAL TO GET TAILORED ADVICE THAT WORKS FOR YOU


Buying and selling a home at the same time is challenging. But it doesn't have to be a nightmare, and it can even be fun. The key is to educate yourself about the market and prepare yourself for multiple scenarios. One of the best and easiest ways to do so is to partner with a knowledgeable and trustworthy agent.


A good agent will not only help you evaluate your situation, we will also provide you with honest and individually tailored advice that addresses your unique needs and challenges. Depending on your circumstances, now may be a great time to sell your home and buy a new one. But a thorough assessment may instead show you that you're better off pausing your search for a while longer. 


Contact us for a free consultation so that we can help you review your options and decide the best way forward.



Sources:

  1. Canadian Real Estate Association (CREA) National Statistics -
    https://creastats.crea.ca/en-CA/
  2. Scotiabank Global Economics Housing Note - https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.housing.housing-note.housing-note--may-12-2021-.html 
  3. CBC News -
    https://www.cbc.ca/news/canada/toronto/housing-real-estate-toronto-market-sell-stay-rent-1.4075093 
  4. Appraisal Institute of Canada - https://www.aicanada.ca/article/possible-valuation-issues-with-life-lease-housing/
  5. Financial Consumer Agency of Canada -
    https://itools-ioutils.fcac-acfc.gc.ca/MQ-HQ/MQ-EAPH-eng.aspx 
  6. Government of Canada - https://www.canada.ca/en/financial-consumer-agency/services/mortgages/preapproval-qualify-mortgage.htm
  7. RBC Bank -
    https://www.rbcroyalbank.com/mortgages/selling-buying-home.html 
  8. Canadian Real Estate Association -  https://www.realtor.ca/blog/are-spring-and-fall-housing-markets-a-thing-of-the-past/20405/1361 
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