The Royal LePage House Price Survey and Market Survey Forecast (Q4) was released to media early this morning. These initiatives help us to collectively build our brand and further establish Royal LePage as The Voice of Canadian Real Estate. Consumers, the media and many organizations turn to Royal LePage for information on house price trends both nationally and in regional markets across the 

Of course, the topic on everyone's minds is interest rates and some of the changes coming. The change in the usual 5% down payment to 10% over $500,000 breaks up the down payment. You may still do the 5% down payment but only on purchases up to $500,000, after that 10% minimum down payment is required. So, if a purchase price on a property is $550,000 the minimum down payment would be 5% up to $500,000 or $25,000. On the $50,000 over the $500,000 price you would then need 10% or $5,000, so the total down payment would be $25,000 + $5,000 = $30,000. Buyer's please check with your lender not only about down payments but also make sure you are locked in at a lower interest rate as rates are sinking as well. Seller's if your home is priced close to the $500,000 mark bear in mind that these changes coming are going to affect your price point.

The question of the day lately......

What is my home worth in today's market?

But the better question that should be asked is...."What list price can the Market Bear in today's market?" Because these are two very different things right now.

Prices have dropped across Alberta not just Slave Lake and area. But that's not all bad!

***Buyers can rest assured that if buying today that they can be assured of respectable returns in the long run.  Real Estate is still the Best Investment there is, and the market will come back - it is Alberta after all!

***Sellers can still make a profit in this market but each home and seller will be unique.  Talk to your Royal LePage Realtor for your best options.

The length of time it takes to market a house will vary.  Some properties will sell in just a few days, others may require several months.  Following are the six factors that influence the time it takes to sell a property.

1. COMPETITION

Every Buyer makes his decision about which home to buy and how much it is worth by his other choices at thet iem he buys.  The supply of thier choices the Buyers will compare with your home is constantly changing each week and month. The current competition always affects the Buyers opinion of your property and what he thinks it is worth. So, the question is: What will be the Buyer's other choices at the time they are shown your property?

2. PRICE

If the property has not sold after a reasonable length of time, but other smilar properties have sold, then the price may need to be reduced.  If this is true and the price is not reduced, a sale may be delayed or prevented.

3. PROPERTY

If the property should show poorly or have major defects whcih connot be, or are not corrected, a sale may not occur until the defects are corrected or the price is adjusted to compensate for them.

4. FINANCING

The current cost of mortgage financing plays an important role in affordability to most prospective buyers.  If these costs are too high, then the financing may cause a delay or prevent the sales.

5. TIMING

Timing is the condition of the real estate market at the time of the sale. Supply and demand are the factors influencing wheather it is a Seller's or a Buyer's market.  Neither the seller nor the listing agent can change the market condition at the time the property is for sale.  It must be accepted for what it is.

6. MARKETING

Marketing techniques are being constantly tested and updated for the best results.  But, even expert marketing has limitations because marketing cannot overcome any of the first five factors if they are out of balance and remain uncorrected.  We will supply you with a constant flow of updated information which will help you determine the marketability of your property.

1.) COMPETITION:

Every Buyer makes his decision about which home to buy and how much it is worth by his other choices at the time he buys.  They supply of other choices the buyers will compare with your home is constantly changing each week and month. The current competition always effects the Buyer's opinion of your property and what he thinks it is worth. So, the question is: What will be the Buyer's other choices at the time they are shown your property?

2.) PRICE:

If the property has not sold after a reasonable length of time, but other similar properties have sold, then the price may need to be reduced.  If this is true and the price is not reduced, a sale may be delayed or prevented.

3.) PROPERTY:

If the property should show poorly or have major defects which cannot be, or are not corrected, a sale may not occir until the defects are corrected or the price is adjusted to compensate for them.

4.) FINANCING:

The current cost of mortgage financing plays an important role in affordability to most prospective buyers.  If thes costs are to high, then the financing may cause a delay or prevent the sale.

5.) TIMING:

Timing is the condition of the real estate market at the time of the sale.  Supply and deand are the factors influencing wheather it is a Seller's or Buyer's market.  Neither the seller nor the listing agent can change the market condition at the time the property is for sale.  It must be accepted for what it is.

6.) MARKETING:
Marketing techniques are being constantly tested and updated for the best results.  But, even expert marketing has limitations because marketing cannot overcome any of the first five factors if they are out of balance and remain uncorrected. We will supply you with a constant flow of updated information which will help you determine the marketability of your property.

*  ***  *******  *********   ************  **************** Slave Lake Christmas Craft Sale  Friday, November 20th ** 6-10 pm Saturday, November 21st ** 10am - 4 pm Location: Multi Rec Centre Something for everyone! Join this  exciting event in our community!  *******************  Be dazzled by crafts from around the world. Visit us to find that special item for Christmas or come just to appreciate the creativity that surrounds you. Vendors will be selling a wide array of items including wood crafts, large scale metal items, jewelry, bark carvings, furniture, wall art, hunter, sport and camping supplies, Christmas decorations, quilting, knitting, yard art, pottery, books, clothing, food items, photography, music and so much more... This craft sale is a one stop shopping spot for that very special Christmas present for your loved one... or for you :) or your home. ********************* Win a chance for a shopping spree or a tablet and bid on a fully decorated Christmas tree! Due to the generosity of individuals, clubs and businesses, the Christmas Tree Lane will be included again this year. Shoppers can bid on a uniquely decorated Christmas tree. The highest bidder takes home the tree! If you are interested, it is not too late to donate a tree. This year, we will have two shopping spree draws for $150 each. If you win, you will be called Friday night to come to the sale and spend your winnings on any vendors' items.  BRING THE KIDS! Santa Clause will be attending, so come in and take a picture with Santa Clause for only $5.00! Santa will be available from 6:00-8:00Friday night and Saturday from 11:00 am to 3:00 pm  (Provided by Slave Lake Victim Services).       Bring in the kids for FREE face painting on  Saturday from 10:00am to4:00 pm (provided by Royal LePage Progressive Realty).     Don't miss out on this exciting event! Entry fees to the sale are 5.00 for adults, 2.00 for youth (9-16) and children 8 and under enter free.   All proceeds are donated to Slave Lake Food Bank, Slave Lake Santas Anonymous, and Slave Lake Adult Education (your place for learning).   See you there!   Thank you to the Town of Slave Lake for the use of the Multi Rec Centre SLAVE LAKE ADULT EDUCATION

Some homeowners are tempted to selling their property without the help of a real estate agent (this is called a FISBO: For Sale By Owner). The reality is that selling real estate is a complex and highly specialized field. If you are like most, your home is your biggest asset. An agent will help steer you clear of the many pitfalls, and most importantly, will save you time and money. Here are just a few of the advantages of working with an agent: