When sellers think of hosting an open house, they may think of strangers walking through every room of their house and the costs incurred in the preparation of the event. They can often forget the many benefits that come with an open house.

In a competitive property market such as Regina, an open house is a tried and tested method of generating needed visibility for your property. In this article, I, Jennica George, offer my take on the benefits of hosting an open house.

The Benefits of Hosting an Open House

Set Your Property Apart

While creating an appealing online listing for your properties, complete with photos is an important step in the marketing process, it doesn’t allow people to fully envision themselves living in the space.

From my experience as a realtor and interior designer in Regina, an open house is a perfect opportunity to convince the prospective buyer that your property is their new home. The idea behind a professional property showing is to allow prospective buyers to get a better idea of what they could do with the property if it were theirs.

If you are worried about the time and effort required to host an open house, you can leave it up to me. I have the experience and resources to implement a professional staging and I’ll be by your side through the entire selling process.

Breaks Down the Tension

Having an open house allows prospects to see the space in real-time and it allows them to ask any questions they may have about the property. Being able to address their concerns head-on helps them feel more secure when deciding to make an offer. Getting an appraisal for your home is also a good idea.

I can offer tours of the property, highlighting the standout features and amenities, and answer questions. Before the day of the open house, I will conduct several walked through the home to familiarize myself with the layout and the various amenities.

An open house also allows prospects to see how much interest there is in the property. This allows them to assess what kind of offer to place.

Calm First Time Buyers

The home buying process can be a daunting experience for a first-time buyer. They don’t know where to start and at times, would like clarification on certain details. By attending the open house, not only can they envision themselves living there, they can learn more about the buying process.

As your property partner, I’ll make sure to guide them through how the process works. You can rest easy knowing that your prospective buyers are in the most capable hands in Regina.

Meet and Greet Opportunity

Have you built up a good rapport with your neighbours? This is the perfect time to have them swing by. You can ask them to introduce themselves to a few ‘serious’ buyers. The introduction will work wonders. Your neighbours can sell the neighbourhood better since potential buyers will be more inclined to take their word.

If you have great neighbours, it’s only a matter of time for the potential buyers to become excited with the idea of living next door to them too.

Save on Marketing Costs

The costs of marketing and property showings are a common concern for many property owners. However, a solid investment in the market can reap wonderful rewards. With an open house, you can forego having individual showings that typically involve calling up a professional cleaning service and incurring the cost of utilities.

To guarantee a high attendance on the day of the showing, proper advertising of the open house is necessary. Many buyers make use of brokerage websites and social media platforms to search for property deals in an area. Some of the websites that I use to advertise my Regina properties include Kijiji, Realtor.ca as well as Instagram, Facebook ads, and Twitter.

Speaking of high attendance, I advise my clients to schedule their open houses on the weekend. Your potential buyers are likely people who have jobs and tight schedules during the week. It’s only on the weekend that they have the time to go looking for a home.

Potential for Free Advertising

Speaking of neighbours, they could offer free advertising and marketing of your property. Your neighbours will be concerned about your departure and would only want a neighbour as good as you. Your neighbours will likely know of someone looking to buy a house so they can help with getting the word out there too.

Show Off Neighbourhood Amenities

A property is only as good as the neighbourhood it’s in. People want to know that the community they’re setting up roots in is safe, comfortable, and filled with opportunity.

An open house is a perfect opportunity to sell the locational benefits of your property. I include printed takeaways that contain information on the top schools, transportation routes, and highly rated eateries and establishments in the area.

If prospects are excited about living in the area, there’s a better chance that they’ll put an offer in on the house.

Conclusion

Holding an open house comes with many benefits to sellers. It’s an opportunity for people to envision themselves living in the home, learn more about the neighbourhood and ask questions about the property and buying process.

Serving areas in and around Regina as well as Emerald Park/ White City and Lumsden, I, Jennica George am an experienced realtor that you can call upon for property brokerage services.

Get in touch with me today and book an appointment. We can discuss your need over a cup of tea or coffee!

Are you looking to buy a home in the near future? Or, do you currently own a home and simply want to learn more about how property tax works in Regina? Whatever the reason, if you’re looking to buy a property, you need to understand the associated taxes.

Recently, property owners in Regina have witnessed a rapid increase in property taxes. In 2018 alone, property taxes shot up by 4.5 percent. And while property tax is applicable on all types of real estate, the specific amounts vary depending on certain criteria, including location and assessment value.

But is there a chance that you could be overpaying your taxes? Or, could you be eligible for a tax abatement? Well, let’s find out! The following is everything you need to know about property tax in Regina.

Expensive Properties are Subject to Higher Taxes

As already mentioned, property taxes will vary based on various factors. One such factor is assessment. This means that a more expensive property will have higher property taxes. This is based specifically on the city of Regina’s assessment.

An example of this would be a property valued at $269,900 in Rosemont. This property will have taxes of $2,637 every year. On the other hand, a homeowner in Lakewood Addition will need to pay about $6,000 in property taxes every year.

You Can Challenge the City’s Assessment

The assessment on your property should always be lower than your home’s value. It should never at any point be above it.

No standard difference exists between market value and the assessed value. So, if the city has done an assessment that exceeds the home’s selling price, you should fight the assessment. In such a case, you’d need to request that the city of Regina conduct a reassessment of your property taxes for that year.

Check to See if You Qualify for a Tax Abatement

Are you building on an infill lot? If you are, chances are that you qualify for a tax abatement. Regina encourages improvements in older neighborhoods and will approve a certain number of infill properties every year.

So, if you’re building an infill, you may be eligible for a 5-year tax exemption. The application for the exemption can be made once you have acquired the building permit and before the occupancy limit has been issued.

Improvements to Your Regina Home Will Attract More Taxes

Are you considering adding a deck to your property? Or, are you currently finishing the basement area of your property? You should know that those ongoing improvements will increase the value of your home. And remember that the higher the value of the property the higher the property taxes.

There are several reasons this makes pulling permits for improvements so crucial to the city. First and foremost, they require permits in order to ensure that any improvements being done meet the code. And secondly, to ensure that they are able to keep track of properties for tax reassessment purposes.

You Could Qualify for a Tax Incentive Program

Plenty of condos are available in Regina and some are even offered with a 5-year tax abatement program. Some home builders like Porchlight Developments offer a tax incentive program. You should check with them to see if you qualify.

Tax Payment Options

There are a variety of options when it comes to the payment of taxes. Such options include paying your taxes in full or paying them through a monthly payment plan called a Tax Installment Payment Plan Service (TIPPS).

If you choose to pay them in full, then you must do so by June 30th by any of the following three ways. You can do it online, in person at City Hall, or by mail. Please note that you cannot pay your property taxes using a credit card.

If you choose to pay using TIPPS, then you’ll have to do so in 12 monthly installments. You can enrol in the payment plan at any time. If you choose to do so for the following year, then ensure you have paid off your account balance by December 15th.

Please note that all payments you make using the Tax Installment Payment Plan Service are non-refundable.

Updating a Property Tax Account

The City of Regina gets an owner’s mailing address when you registered with the Information Services Corporation. You have two options when it comes to updating your mailing address. You can do so online via eProperty, or by filling out a form to change your mailing address and send it to the city.

The other requirement when updating a property tax account has to do with your school tax declaration. This is a declaration of faith. It applies to all properties under your name. You can do so online, or by completing an individual or organization declaration form and mailing it to the city.

Under The Education Act, if you don’t complete the school tax declaration with the city, you’ll be deemed to be a taxpayer of the public school system.

Property Tax Penalties

Outstanding balances after the tax deadline will attract a late fee penalty of 1.50%. However, if you participate in the TIIPS program, no penalties will apply.

If you fail to pay your property taxes after December 31, your property will be in arrears. Consequently, you’ll be penalized at 1.75 percent per month. What’s more, the address of your property, as well as the outstanding amount, will be included in a Leader-Post advert of accounts with tax arrears. This will be done in accordance with the Tax Enforcement Act.

If your account is still in arrears by April of the following year, a tax lien will be registered by the City of Regina. The city will then have authority, under the Tax Enforcement Act, to pursue taking your property’s title.

Tax Exemptions

Non-profit organizations are exempt from the payment of taxes. To qualify, non-profit organizations must comply with all the requirements under the City’s Community Non-Profit Tax Exemption Policy.

Summary

As a property owner or soon-to-be owner, it’s important that you familiarize yourself with property tax rules and exemptions.

If you have a specific question in regards to property tax in Regina get in touch with Jennica George right away. I’m an experienced realtor that can make your real estate experience a walk in the park!

The sales and prices of real estate across the country are surging.

Unsurprisingly large urban centers like Toronto, Montreal, and Vancouver are behind the push. However, recently trends have changed due to the effects of the Covid-19 pandemic and low interest rates. The combination of these two factors has resulted in a surge in demand in more rural places and small towns and cities across the country.

Admittedly, the national averages on housing prices can be misleading at times. You may get caught up in those numbers and think that all markets across the nation are properly represented by that value. However, this isn’t always the case.

The truth of the matter is that some smaller markets are be doing quite well despite what the national averages might suggest. Take Saskatchewan, for instance. The province usually tends to be an outlier in regards to national figures.

However, even with its number presenting below the average price of houses in surrounding provinces, Saskatchewan continues to post remarkable figures.

Below, we’ll look at Regina’s housing market and how it fares in comparison to other markets.

A Look into Regina’s Housing Market

Admittedly, the real estate market in Saskatchewan isn’t quite as steep as other parts of the country. Be that as it may, it’s still heating up. Regina, in particular, has seen a surge in residential sales since the start of the year.

According to the Saskatchewan Realtors Association (SRA), real estate sales in Regina soared by up to 70%. Specifically, the market saw an increase in sales from 213 in March of 2020 to 362 in March of 2021.

This is not only a huge increase in a 12-month period for the city of Regina. However, if we look further back we see a 50.2% and 48.7% increase over the 5-year and 10-year average respectively.

What’s more, this growth didn’t stop in March. It continued through to April as home sales in Regina increased even further to 392 during that month. This was an increase of over 172% when compared to the same period last year.

As for the year-to-date sales, they shot up by a whopping 91% compared to the first four months of 2020; surging from 621 units to a staggering 1,186 units.

And with the sales increasing, so did the housing prices. According to the measurements conducted by the MLS Home Price Index (HPI), the price for a single-family home rose by around 8.5% during that period. That is, from $241,300 to $261,800 for a benchmark single-family home.

While this increase isn’t as extreme compared to what other larger markets have experienced it is still quite notable.

You might think that higher prices would have an impact on people’s buying habits. However, even with increasing home prices, demand has managed to remain consistent. This can be chiefly attributed to the volumes of homes being sold, which for Regina more than doubled.

In the period spanning April 2020 and April 2021, the sales volume went up from $43.9 million to $135.0 million, representing a 207.3% increase.

The right equilibrium between market demand and supply is key to keeping housing prices low. The number of active listings in Regina have gone down slightly. Nonetheless, levels remain robust enough to ensure there won’t be any drastic increases in prices in the near future.

But while active listings have fallen slightly, they still represent a 129.8% increase over last year. According to the Saskatchewan Realtor Association, the listings rose to 655 from just 285.

Typically, in Regina, a house will stay on the market for an average of 52 days. But as things stand, a home will now stay for 12 days less on average based on current real estate market trends.

What is Driving Demand for Regina Real Estate?

Currently, those driving up demand in the Regina real estate market are move-up buyers. This is expected to continue through to the end of this year. The most popular property type with move-up buyers is the one-storey detached home.

Typically, young couples make up the largest proportion of first-time home buyers. And this demographic is usually particularly interested in single-detached homes. In Regina, single-detached homes normally cost anywhere between $250,000 and $350,000.

The condominium market in Regina, Saskatchewan is mostly popular with single homebuyers. And although the demand for condos has fallen slightly, other markets appear to be faring well. Families, on the other hand, remain keen on buying homes with more space. But while the supply has been on an upswing, the same cannot be said about the demand.

What Should We Expect Moving Forward?

Experts expect the Regina real estate market to continue posting positive numbers. This is according to a recent report released by the Canadian Mortgage and Housing Corporation (CMHC) in May 2021.

Summary

There you have it, an overview of Regina’s housing market. If you have more questions, please get in touch with Jennica George. I am an experienced Regina realtor who can help you buy the home you want, in the neighbourhood you want, for the price you want it at.

Whether you are buying or selling your home, the process requires energy, patience, and experience in the real estate industry. Most people often seek the services of a real estate agency to ensure that the process goes smoothly.

With so much value attached to the property, you can’t select any real estate agent. It is recommended that you hire a trusted and experienced professional who can guide you through the buying/ selling process.

In this post, you’ll learn how to confidently choose a real estate agent.

Hiring the Right Real Estate Agent

When looking for a real estate agent you should look for someone with local experience and industry knowledge. But you also want to ensure that you find someone that you trust. Buying and selling homes is a stressful and emotional process so you want to find someone who will have you back every step of the way.

Here are some things to look for when hiring an agent:

Full-time Agents

Many part-time real estate agents in Regina are great at what they do. But the difference between a part-time and full-time agent is the convenience and availability they offer. If you’re needing to buy or sell a home relatively quickly a part-time agent might not be able to meet those time constraints.

A full-time agent, however, will work with your schedule and be more available to answer your questions throughout the process.

Local Expertise

You should only hire an agent who knows the area and its neighbourhoods like the back of their hands. You want someone who has interacted with the area and knows its dynamics. Their experience can come in handy when negotiating the best price for your property or advising you on neighbourhoods to buy in.

Agents You Click With

Your real estate agent is your representative. For you to close on a property, you must be on the same page in terms of prices, ideal property, and other pertinent issues. This requires some level of coordination and communication.

When you find an agent that understands your wants and needs the home buying/ selling process is made easy. What’s more, when you have this connection you can feel more confident in your decisions when buying/ selling your home.

Someone Who Offers Advice

Your real estate agent should be in a position to offer changes, suggestions, or advice that will make the buying or selling process easier. The best agents in the business will offer you sound advice, based on their experience to ensure that you find the right home or sell for a great price.

Questions to Ask a Real Estate Agent

Truth be told, buying a property will be one of the most significant investments of your life. Therefore, it’s important to choose the right real estate agent. Here are some questions you should ask a potential real estate agent:

How much experience do you have?

In a typical interview, the experience would refer to how long the particular individual has been in the business. But this isn’t the only way to see a real estate agent's experience. To better gauge, an agent’s experience, test their knowledge of the local market and the price of homes compared to your property.

Before the interview, do some research on your local housing market as well as on the area's economic performance. As you interact with the agent, gauge their answers. If they have many years of experience and can prove that they understand the market and stay up-to-date on any changes to it then this is a sign that you can trust the agent with your time and money.

What does your marketing plan look like?

Don’t receive a one-paragraph answer for this question. Expect a detailed breakdown of what your agent is going to do. The plan should include creative and tested solutions that will make your property stand out from others on the market.

Thanks to the internet and developments in technology, digital marketing is a crucial part of the marketing process. The agent should have web listings that use high-resolution images and video tours to advertise the property. A good real estate agent will know how to market your property in ways to attracts plenty of buyers.

What is your commission rate?

Generally speaking, real estate agents typically charge around 6% in commission. This is divided between the buyer’s agent and the sales agent. The commission is however not set in stone. You can bring out your negotiation skills and get the best price possible.

In the negotiations, inquire about the budget and any sales-related expenses that the agent will be required to pay.

Can you provide any references?

This is one that many homeowners or to-be purchasers forget. Once you get the names of previous clients, reach out and ask about the quality of services that you can expect from the agent. An agent with plenty of satisfied clients is one you can trust.

In Conclusion

Finding a trust worth real estate agent is so important when looking to buy or sell a home. If you’re looking for a trusted real estate agent, teach out to Jennica George and book an appointment today!