As bidding wars continue to be common in the red hot Calgary real estate landscape, buyers need to be prepared to make multiple offers on attractive properties. While there is no way to guarantee you’ll win a bidding war, there are a few strategies you can employ to improve your chances:

• Write a personal letter to the homeowner. Talking about how important it is for your child to walk to school, how the floorplan reminds you of your childhood home, or any other personal spin you can put on your offer can pull at a seller’s heartstrings and give you a leg up.
• Have your mortgage pre-approved. You should take this step regardless of market conditions, but especially in a seller’s market.
• Offer as large a down payment as possible.
• This is not an option for most people, but the ability to pay cash is certainly an advantage.
• Pare down your conditions. Insist on an inspection, of course, but maybe make the window in which to get it done a little smaller. Skip the appraisal if you can, and make your possession date as convenient for the seller as possible.

Bidding wars can sometimes stoke the competitive fires within buyers and make them want to win at all costs; it’s important to trust your Realtor’s advice and judgement on what a property is really worth, and when it may be time to let it go. But if you’re embroiled in a bidding war, the tips above can help your chances of being successful.

Interesting article from the Herald recently on the growing number of first-time home buyers. You’d think the record prices would deter first-timers from jumping into this red-hot market, but increasingly low interest rates combined with a healthy amount of confidence have led to the majority of properties changing hands in 2013 going to newbies.

I expect this trend will carry forward through 2014, as mortgages can now be had for less than two percent.

It’s nice to see the ‘housing bubble’ talk die down in the media lately: for close to a decade it’s been all the rage to predict how we’re on the verge of a US-style meltdown thanks to high personal debt loads and unsustainably low interest rates. Just wait till the good times get a little less good, they said, and it’ll be foreclosure sales left and right. Well, that kind of talk might sell magazines and get people to tune in at 6:00, but it’s just not the reality, especially in Calgary.

The steady population growth, solid employment situation, and smart city planning all lead to ours being a very livable city. I mean, in Toronto or Vancouver if you work downtown but live in the ‘burbs, you’re in for a multi-hour commute each day, but here, thanks in large part to a well designed c-train system, few are en-route for more than 45 minutes. Heck, our largest community (Tuscany) buts right up against the city limits, and when the new station opens this fall transit riders will be in the core in about 25 minutes.

So bravo for Calgary residents realizing the great value our city holds and jumping into the housing market. Obviously, making up 55 percent of the sales means first-timers are essential to the healthy and sustainable that we enjoy, and so it’s vital for everyone’s property values that we see real estate in Calgary for what it is, and not through an alarmist, sensationalist filter.

Ordinarily I can get a little annoyed by people posting on Facebook about the weather: yes we all have windows, we’re aware that it’s unseasonable in some way, this is not brand new information to anybody. Sure, it’s a Canadian tradition to be obsessed about forecasts – things can change drastically day-to-day around here, unlike, say, Mexico, where it’s pretty much always sunny and beautiful and where I’d like to be right now – but it just seems unnecessary to broadcast one’s limited opinion on the weather to friends and family. Still, I can hardly blame anyone for expressing their frustration with our latest batch of snow in any way they can. I mean, seriously: it was 20 degrees last Wednesday, and looked like mid-December by Saturday? Not cool.

What’re you gonna do, though, besides put off removing the winter tires for a couple extra weeks? One thing you can do with this extra indoor time is to make a list of maintenance projects your home needs, and get cracking. Paint door jambs, change your furnace filter, check the hot water tank, and so on. Maybe you’re due for some new appliances, and now’s a great time to research and shop. Doing these little jobs as they come up doesn’t take a whole lot of time, but staying on top of minor maintenance keeps you from having an indomitable to-do list a couple years from now.

As for the snow, be careful with the shovelling – it’s wet and heavy, after all – and keep an eye out in your basement for signs of water leaking in. Then close your curtains and pretend you’re in Mexico.

Well, the view out my window this weekend would seem to contradict my previous post’s allusion to the snow being gone and it being time for yard work to commence, but I guess that’s just the way 2014 is playing out, weather-wise. It sure hasn’t cooled our red-hot market, with year-over-year prices jumping a whopping ten percent. The average days-on-market numbers are better than they’ve been in years, which is great for sellers: the quicker a home sells, the more likely it is to be at or over asking price.

In more good news, Calgary, Toronto, and Vancouver were named the three most resilient cities in the world for real estate development, according to a Grosvenor Research report. Our relatively well thought out city planning, and large migration numbers are the main factor for Calgary’s positive showing here.

Easter weekend has passed, and I enjoyed both spending some quality time with my family, and eating a sugar-coma-inducing amount of chocolate. I hope you had similar fun!

102 West Coach Wy Sw

Upscale Morrison-built home with a fabulous floor-plan. Original owners have kept the home super-clean and in top condition.  Lots of upgrades including high ceilings and top-notch finishings.  Cooks-kitchen with lots of granite counter-space, built-in appliances, and a large gas cook-top and upgraded maple cabinets. There’s also a big pantry that leads from the large mudroom off the 3-car garage.  Luxurious living room with a stone fireplace and soaring 2-storey lofted ceilings. The flex room would serve well as a den or a formal dining room. Upstairs the large sunken bonus room is wired for home-theatre sound. The bonus room and the master bedroom both have vaulted ceilings. Dual sinks, a large tile shower, and a separate jetted tub ensure serenity within the ensuite. There are built-in speakers throughout the home and on the back patio.  Professionally landscaped with irrigation system and a cedar fence and pergola, plus a paving stone patio. Bonus – no sidewalk to shovel here.

81 Eversyde Co SW

Fully renovated and in pristine condition. Situated on the best lot in the whole complex with a sunny SE rear exposure. The kitchen was completely redone within the last few years including new cabinets and granite counters, quality stainless steel appliances including a convection range, and a reverse osmosis water system. The bathrooms were redone at the same time with matching materials. Other upgrades include hardwood flooring, new doors, door casings and baseboards, new light fixtures, new blinds, and of course fresh paint. This is a great floorplan with an breakfast-bar kitchen and 3 bedrooms up. The unspoiled basement awaits your storage items or development plans.

To view full listing details, more photos, floorplan and virtual tour visit my webpage.

Finally, finally, the last of the snow in Calgary is melting off lawns; the only downside being what an ugly, matted mess front yards across the city now look like. It’s time to get to work.

• Use a sturdy metal rake to get rid of as much thatch and other debris as possible. This in itself will go a long way toward sprucing up your curb appeal.

• Spread fertilizer, using a lower nitrogen concentration for the spring than in the fall (or start your Nutri-lawn service).

• Mow your lawn frequently to strengthen roots for the summer.

• Begin your watering routine, using an upside down frisbee to gauge when you’ve sprinkled enough.

Eventually you’ll need to start taking care of weeds, and letting the grass grow a little longer to survive the summer months, but for now these simple steps will make you proud to bring visitors in the front door again.

As our market continues to favour sellers, there are more and more homes being sold for higher than asking, in remarkably short periods of time. In February, one out of every five properties sold in Calgary went for above list price, and buyers in March have been even more aggressive; I set up five showings for a condo last week on its first day on the market, and it sold within 24 hours.

This is the reality right now: supply is low, and demand is high, especially in attractive locations. But there are real downsides associated with getting caught up in a bidding war, of which I strongly caution you to be aware.

It’s easy to fall in love with a home when you tour it for the first time: if the seller’s done a good job presenting his property in its best possible light, it can look absolutely flawless. Stepping away for a couple of days, looking at other homes, then coming back to that first property can be a real eye opener, as the inevitable compromises and areas for improvement become more apparent. Unfortunately, when the market is as heated as it is right now, you simply don’t have the luxury of time to consider other options, since your offer will probably come in at the same time as several others. If you like a place, you’ll need to move fast, but be sure to keep your head on straight.

In the midst of a bidding war, logic can quickly go out the window, replaced by a desire to ‘win’ at all costs. That’s called game theory in economics; another name for it is the “winner’s curse.” Buying more home than you can afford, or removing important conditions like a home inspection, are actions that might secure your new property but be highly regrettable later. Even when time is a factor, it’s important to think hard before you act.

Your Realtor has his finger on the pulse of the market, and knows what sellers are expecting right now; he can help steer you to success without compromising your family’s financial well being. Listen to this expert, and heed his advice – make sure when a seller accepts your offer, it’s a reason for celebration and not a Pyrrhic victory.

Close to SAIT, a quick trip across the Peace Bridge from downtown, and walking distance to some of the city’s trendiest restaurants and coffee shops, Hillhurst is a young couple’s dream community, evidenced by the fact that nearly 80 percent of its residents are single or couples. Hillhurst is celebrating its centennial this year, making it one of the city’s oldest communities. Nearly 6,300 people live in the community, which measures a little under one square kilometre.

Aside from great eating and drinking, Hillhurst residents take full advantage of the 20-acre Riley Park, as well as an active community association that organizes youth soccer, an annual comic book sale, flea markets and seniors groups. The community hall is one of Calgary’s bigger ones, with two licensed kitchens, a gym, board rooms, three halls, craft areas, and more; they even have their own bouncy castle to rent out for birthday parties.

Hillhurst was among the communities affected by 2013’s flood, and the community association offers extensive resources regarding flood recovery on its website. Much of the area is back to pre-flood condition however.

With both public and separate school options for elementary through high school, Avenue Magazine’s annual survey declared Hillhurst the fifth-best neighbourhood in Calgary for 2013.

To see homes available in Hillhurst, do a Quick Search.

To get a complete market report on Hillhurst, or any other neighbourhood you are interested in, use our quick and easy market report request.