Current Real Estate Condition in Calgary, Alberta

Calagary is considered a populous city in Canada. Before, there was a very high demand in the city and people were actually competing in buying real estate properties in the area. However, just like any other areas in the world, Calagary was not excused from a real estate crisis resulting to low sales in properties. It was in 2008 when the Calgary housing demand expericienced setbacks because pf the eroded affordabilty. The city, however, immediately recovered from this crisis.

Home sales in Calagary said to be higher as of September 2010. The number of single family home sales in September 2010 grew by as much as 10 percent—pegged at 958 sales compared to the statistics in August 2010 which was only 867. Meanwhile, the condominium sales for the month of September was pegged at 366 which was apparently higher on the figures recorded in August 2010 which was only 364.

While the demand for houses in the area has showed recovery, the impact on prices would mainly depend on the supply available in the market. The manifested return of demand in the last half of year 2009 has helped in absorbing the oversupply of resale and new homes in the city. The oversupply actually started in 2007 when there a rapid appreciation of new home buyers have caused the delay of their previous homes’ sale.

Condominiums

As for the supply of condominiums, there seems to be an oversupply of units that continued until the end of last year. And the completion of unsold units may continue in the coming months. The oversupply of unsold and unoccupied condo may persist since investor units are immediately listed for sale. However, once the excess inventory works through the marketplace, the low level of new starts may drive prices up expecially for the lower priced end in the real estate market that cannot be supplied by the single family market.
It is interesting to note that low mortgage prices and earlier price reductions have helped in improving the affordability of home ownership among residents of the city. Recently, the average home prices become closer to the average incomes of the residents. There is an apparent narrowing gap between the cost of renting and home ownership in the city, so to speak.

Smaller Communities and Affordable Options 

For some residents, smaller communities in the city have provided them affordable options. The average rates in these communities have become very attractive for property hunters who wish to find an alternative to condo living while filling the gap between the condo prices and single family prices in the city.
Aside from the rates, the traffic and commute dilemma in the city of Calgary has made smaller towns more interesting for some home buyers. The job creation efforts among different smaller communities have also made some see those properties worth investing. Right now, however, the prices of properties in the city are slowly diminishing leaving some property hunters confused on where they should invest on. Basically, it depends on the preference of the home buyers—especially on the environment and actual price of properties.

The changes and trends on the real estate industry in Calgary Alberta have given birth to more options and alternatives to home owners. Those who want to invest on real estate properties in Calgary Alberta must think carefully before shelling out their money. They should also seek advice from experts who fully understand the real estate market in the city. Otherwise, they might just end up putting their money at risk. While real estate investment is a risk itself, there should be enough precautionary measures prior the actual deal.

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Realty Express, Inc. is an experienced provider of housing solutions to home buyers based in Alberta in Canada. As family-owned business, Realty Express, Inc. aims to help people who have bad credits or low down payments who cannot qualify the bank requirements for homeonwership. Learn more about Realty Express, Inc. at www.realtyexpressinc.ca.

Why Lease to Own?

For most people who want to buy a real estate property but are challenged in shelling out a huge amount of money, lease to own option is a practical agreement in order to acquire a real estate property. The lease to own option is recommended since home buyers would have the chance to pay the amount of the property in easier terms.

Lease to own or sometines called rent to own allows a home buyer to occupy a home without having to pay the amount in full. The payment shall be settled within the agreed time frame—making it very flexible and easier for the home buyer.

The usual rent to own option required the buyer to pay higher monthly dues compared to the amount if the propert would be bough in cash. The home buyer would also be required to pay a portion of the total price of the property through the down payment.

Formal Contract

Under the lease to own agreement, a formal contract must be drafted. This should be formalized to protect the welfare of both the home buyer and the seller of the property. The contract of the lease to own agreement shall contain deatils such as the monthly rental fees, down payment, selling price, and expiration date of the agreement. Cetain contingenies and other relevant terms must also be put into writing to make everything formal about the agreement.

The home owner has the option to sell the property without having to pay a certain amount to a rela estate broker. However, the home owner must always keep in mind that advice from a broker may be hopeful in coming up with a fair and just deal. Other paymants such as the transfer fees and title insurance must be discussed prior to the contract signing between the home owner and home buyer.

The lease to buy option is apparently different from the mere rental option. The lease to buy option does not mean automatically mean the tenant would buy the property. However, it is clearly an opportunity to purchase the property in the future. The lease to buy agreement can be a very complex process that requires expertise in the field. If you are a home owner who plans to offer your property under the lease to own agreement, you may want to consult a real estate expert first so you would not end up getting screwed on the agreement. Home buyers should do the same thing.

Buying a property is a serious business, and even the smallest details of an agreement should be carefully looked into. The lease to own option is an easy way for home buyers to purchase a property under a payment set up that is very flexible. These days, buying a property that is worth thousands or millions of dollars is not that easy. Hence, the lease to own option could be a highly viable agreement that home buyers must grab. However, they should clearly understand the contract of the agreement before they shell out any hard earned amount from their part.

The Need for a Real Estate Lawyer

In some cases, property owners and home buyers would even hire a real estate lawyer to explain the details and draw the necessary documents. There are cases when the sellers would give the option money to real estate brokers or agents are full commission. However, the help of the real estate lawyer should not be replaced by the advice of a real estate broker or agent. It is still best to look into the legal matters before entering such a serious and big real estate deal. The lease to own option is very advantegeous. You just have to know the basics and seek help from experts.

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Realty Express, Inc. is an experienced provider of housing solutions to home buyers based in Alberta in Canada. As family-owned business, Realty Express, Inc. aims to help people who have bad credits or low down payments who cannot qualify the bank requirements for homeonwership. Learn more about Realty Express, Inc. at www.realtyexpressinc.ca.