LABOR DAY

Summertime is coming to an end and there are early signs of fall.  It's time to put away our summer clothes!  Turn off the air conditioner!  Perhaps one last chance to use the barbeque.

For most of us, Labor Day signals the waning of summer.

Have you ever wondered how we came to celebrate a holiday with the odd name of Labor Day?  Someone always asks, “Why is it called Labor Day when nobody labors on that day?”

While there is some disagreement regarding the original founder of Labor Day, we know that the first Labor Day parade was held by the Central Labor Union, September 5, 1882, in New York City.  Common laborers were lobbying for recognition and appreciation for their long days and hard work (back then they received little pay and even less thanks).  Over the next decade unions in other states began to adopt the day as a day of celebration and recognition of the contributions of the common laborer.  Finally on June 28, 1894, Congress declared the first Monday in September a legal holiday.

In Canada, Labor Day has been celebrated on the first Monday in September since the 1880s. The origins of Labor Day in Canada can be traced back to December 1872 when a parade was staged in support of the Toronto Typographical Union's strike for a 58-hour work-week.

On this Labor Day, don't be a workaholic!  Take a well deserved rest and enjoy your family! If you are going to have a nice dinner on Labor day with family and friends, I am providing a nice recipe for you to enjoy.

Apple Dumplings

2 large Granny Smith apples, peeled and cored

2 (10 oz) cans refrigerated crescent roll dough

1 cup butter

1½ cups white sugar

1 teaspoon ground cinnamon

1 (12 fluid oz) can or bottle Mountain Dew soda

Preheat the oven to 350º.  Grease a 9x13 inch baking dish.  Cut each apple into eight wedges and set aside.  Separate the crescent roll dough into triangles.  Roll each apple wedge in crescent roll dough starting at the smallest end.  Pinch to seal and place in the baking dish.  Melt butter in a small saucepan and stir in the sugar and cinnamon.  Pour over the apple dumplings.  Pour the Mountain Dew soda over the dumplings.  Bake for 35 to 45 minutes in the preheated oven, or until golden brown.  Carry to the picnic and enjoy!

I hope you and yours have a fun and safe Labor Day!

BUYING A FIXER-UPPER: ARE YOU READY FOR THE WORK?

Always dreamed of renovating a home exactly to your specifications, or have you found an older house that is structurally sound but needs a lot of work inside?  Perhaps the price is right and you can't resist all that house you can get for your money.  Whatever the reason, buying a fixer-upper can be both an exciting and rewarding purchase or a financial and time consuming disaster, depending on whether you are prepared for what you have gotten yourself into.  So what should you know before buying a home that requires a little or a lot of tender loving care?

The Benefits

The benefits of purchasing a fixer-upper are obvious.  The price is usually right, and if the seller wants a quick sale because of decreased interest in the home, you may be able to negotiate a really great price.  Also, if you intend to flip the home after the renovations, the profit for the money and time you have invested can be quite considerable.  The trick to getting these benefits, however, is knowing what type of property to look for, as well as having an accurate idea of the associated costs, and realistic expectations of the time and labor it will take.

What Makes A Great Fixer-Upper?

There are several features that may make for a great fixer-upper.

Location-Buying a home in a desirable neighborhood is always a smart idea, particularly with homes that require a lot of work. Purchasing a house in a sought after area can mean a greater profit margin for resale value.

Layout And Configuration-This is especially important if you plan to sell the home after the renovations are finished.  Selecting a home that will appeal to the greatest number of buyers will get you the best price.  Also, choosing a home with a layout that flows may save you a considerable amount on the actual renovation costs because you are less likely to need custom installations and work.

Condition-Ultimately the most important consideration is the actual condition of the home. Choosing a fixer-upper with only cosmetic problems such as damaged flooring or old fixtures and appliances, and in need of only a new paint job, can often have the greatest profit margin and require much less money and time.

Overall, when purchasing a home that needs work, getting a qualified home inspector's advice and getting estimates of the cost of work to be done before making your offer can make all the difference.

BUYING VS RENTING A HOME

When it comes to a home, you have two options: buy or rent.  What is right for one person may not be right for another, which is why it's important to know which is the best option for your individual situation. 

Why People Rent

There are a number of reasons why someone may either choose or be forced to rent, including sporadic or unpredictable income, a high debt-to-income ratio, a bankruptcy or foreclosure within the last six months, unpaid collection accounts or judgments, frequent relocating for employment or the inability to save enough money for a required down payment on the purchase of a home.

Maintenance Matters

As a homeowner, you will be responsible for any maintenance or repair issues that arise.  This is a big consideration when choosing whether to rent or buy.  When you rent, the property owner is responsible for repairs and it may not always be obvious that these issues can be very costly.

How To Know When It's Time To Buy

If you have steady income with a good employment history, can provide a down payment of at least 5-10 percent of the purchase price and are current with all debts, it may be time to consider buying a home instead of renting.  In some cases, the cost of rent may even exceed that of a typical mortgage payment.

When deciding to buy, job stability is a big factor.  If your job does not require frequent relocation and you plan to live in the home for at least 5-10 years, you may want to consider making the purchase.  If you need to relocate after that, you may have enough equity from the sale to use as a down payment on another home.

Home Buyer's Checklist 

If you can answer yes to the following questions, you may be ready for home ownership.  Your REALTOR® can help you to find the perfect home based on your individual needs.

Have you been steadily employed for at least one year, but preferably two years?

Do you plan to live in the home long enough to build equity?

Can you provide a down payment and still have enough money left to pay for closing costs, utilities and home furnishings?

Are you current on all debts, including auto loans, credit cards, etc.?

In addition to any current debts that you may have, can you afford a monthly mortgage payment which will likely include property taxes and insurance?

Do you have the time to devote to shopping for a home and comparing interest rates from various lenders?

Have you checked your credit reports for inaccuracies and disputed anything that needs correction with each of the three major credit reporting agencies?

The decision to buy or rent is a very personal one that can only be determined after a careful evaluation of your situation. A REALTOR® can show you the perfect home and a lender can tell you whether or not you can afford it, but it's up to you to make the choice as to whether or not you are ready to make the move. 

BACKYARD SUMMER ENTERTAINMENT IDEAS

When it comes to entertaining outdoors, there's no place quite like your very own backyard.  Many families enjoy the warm summer weather by spending as much time outside as possible, and one way of doing that is by making it a fun place to be.

Get Out Your Grill

The smell of a freshly grilled hot dog or hamburger… the unmistakable taste of a meal that's been prepared outdoors… the excitement of getting together with family and friends for a barbecue… these are all things that you are sure to enjoy and, if you really want to get things cooking, you will get out your grill and cook up something that your entire family will love.

A cookout is a fantastic idea for summer entertainment, which means it is perfect for both small and large groups.  Whether you prefer a quiet dinner with your family or you want to make your outdoor grilling adventure into a party by inviting your friends from the neighborhood, outdoor grilling is a fun way to make use of the summer heat.

Host A Pool Party

If you have a pool in your backyard, there's no better time than summer to put it to use.  When the sun comes out and the temperature heats up, a pool party is the perfect way to spend the day cooling down.  Before you start picking out your swimsuit, make sure that the pool is properly cleaned and ready for guests.  In addition, make sure that there are flotation units for those who need a little help in the water and towels for everyone to dry off when they step out.

Hosting a pool party also means having something to eat and drink for your guests.  Whether you've planned lunch or just a light snack for everyone, make sure that you have something on hand to curb those cravings.  If you're inviting children over for a pool party for the youngsters, make sure that you have their parents' permission beforehand.

Sports Fun

Believe it or not, many homeowners enjoy setting up a backyard sporting event and inviting everyone to join in.  Whether it's volleyball, horseshoes or just a friendly game of basketball, there's no better court than home court.  If you plan to create a sporty atmosphere, make sure that you have plenty of water on hand for everyone to drink.  It's also important to refrain from playing when the sun is at its peak, which is typically in the early to mid-afternoon hours.  Instead, wait until it cools down before heating up your backyard with some friendly sporting competition. 

Have a great summer!

EDMONTON EXPERIENCING ROBUST HOUSING MARKET

Sales of residential properties are up in double digit increments in all categories when compared to last year, according to the REALTORS® Association of Edmonton. Total residential sales in July were up 24.9% year-over-year with 1,875 sales (1,736 reported). Sales figures are adjusted to account for unreported transactions at month end. Prices were also up year-over-year in all categories.

The average price for a single family detached (SFD) property in the Edmonton Census Metropolitan Area (CMA) in July was $410,372, down 0.5% from June but up 3.4% from a year ago. Condominium average prices dropped 7.4% m/m but were up 2.6% y/y at $242,516. Duplex/row house prices were up 8.6% y/y (down 2.8% m/m) at $330,906. The all-residential average price in the Edmonton CMA in July was $350,726 (down 2.5% m/m, up 3.3% y/y).

“These are the highest figures for July that we have seen since 2009,” said President Darrell Cook. “Prices and sales have peaked for the year and the month-over-month numbers are lower than June but when compared to last year our market is very robust. Although listings are up over the same time last year, our inventory has slipped by almost 250 units. Going forward, some buyers may have to consider compromises to find their new home in this market.”

The sales-to-listing ratio of 68% was the result of 2,543 residential listings and 1,736 residential sales in July. The total value of real estate sales through the Edmonton Multiple Listing Service® System in July was $814 million; up 18% from July 2012. 

Environics Analytics, a Toronto-based data analytics firm, reported last week that the average net worth of an Edmontonian was $433,970 in 2012, up 1.6% from 2011 as compared to the Canadian average net worth of $400,151.*

“Despite the rain and flooding in Alberta last month, the housing market has thrived,” said Cook. “Edmonton has jobs, housing options, and an economy that is attracting newcomers to the city and ensuring that current residents have an appealing lifestyle.”

The average days-on-market was down one from July 2012 at 49 days, which means that an average sale was completed in about a month and a half.

If you would like to learn more about the market or about my services, please visit my website at: www.valeriemcconville.com

FUN SUMMER ACTIVITIES FOR HOMEOWNERS

One of the best things about owning your own home-particularly in the summertime-is the opportunity to enjoy your privacy and to entertain guests.  Want to make the most of these luxuries?  I've compiled a list of fun summer activities that I thought you might enjoy.

By the way, if you need any additional advice pertaining to real estate or to your new home, please don't hesitate to call me at (780) 700-8638 or visit my web site at www.valeriemcconville.com!

FIVE FUN SUMMER ACTIVITIES FOR HOMEOWNERS

Barbecue: Nothing says summertime as much as an old-fashioned barbecue!  Do you have friends or family who still haven't had the chance to see your beautiful new home?  Invite them over for an afternoon of sun, fun, and a tour of the house.

Camp out fun: Another longstanding tradition is the summer camp out-but this doesn't mean you have to drive hundreds of miles to find a great location.  Your backyard is a great camping spot!  Dig the flashlights, tents, and camping gear out of the garage and thrill the kids with a backyard camp out!

Cool and clean: It might not sound like fun, but having a neighborhood car wash is a great way to keep cool and make friends with the people who share your street.  Rally the neighbors and make a day of it-the kids will have fun squirting each other with the hoses, and you'll have a shiny, clean car!

Who dunnit: Throw a mystery dinner party, and invite your guests for an evening of fun and intrigue (and show off that dining room!).  Kits can be purchased at most toy stores (or via the Internet) for a reasonable price, and you'll have a wonderful evening that will be memorable for everyone!

Grab a mallet: While you may have once thought that croquet was a “sport” for fuddy-duddies, it is rapidly growing in popularity.  Show off your perfectly manicured lawn by inviting a few friends over for an afternoon croquet party.  If you're feeling really adventurous, try some horseshoes as well!