Happy New Year everyone! I’m sure we aren’t the only ones who are happy to welcome 2021 with open arms.


In our last market update we predicted that early 2021 would bring reduced inventories and a strong sellers market in Saskatoon. We want to share with you, if our predictions were right and what this means to you as a buyer or seller.


Sales in December


We ended 2020 with a very strong month in the Saskatoon Real Estate Market. There were 274 home sales in December, which means that sales were up 35% for the month compared to December of 2019, which only saw 203 home sales. That’s 71 more sales during this time.


December Saskatoon Real Estate Stats


In December, we also saw 347 new listings posted to the MLS, which means listings were up 14% for the month compared to December of 2019, which only saw 304 listings posted.


The average sale price in Saskatoon right now is $345,358 which is up 3.4% compared to December 2019.


As we predicted in our last market update, inventories are at an all time low. Back in December, we predicted...

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We’ve made it to the last month of 2020, and what a crazy year it has been. Looking back over the last 12 months it feels like we’ve been on a crazy roller coaster ride. This is especially true when you review the past year in the Saskatoon real estate market.


2020 started out pretty strong from January through March and then when COVID-19 hit in April, it felt like the market came to a standstill. At that time, we weren’t sure what the rest of the year in real estate might look like in Saskatoon.


After another slow month in May, I don’t think either of us could have predicted the rocket-like trajectory the market would take for the rest of the year.


The month of June kicked off the strong market in Saskatoon and it continued to get stronger each month after that. Our monthly sales were consistently and significantly higher in comparison to the sales in 2019.


This past month was no exception. There were 358 sales in November 2020 compared to 243 sales in November...

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Should I Refinance My Mortgage?


I think we can safely say that 2020 has been a strange year. A year of lockdowns due to a pandemic, financial support from the government, and the lowest interest rates in recent history. This has led to a rise in the number of homeowners who are considering refinancing their mortgage. According to a recent poll, approximately 20% of Canadian homeowners say they plan to refinance their mortgage in the next 12 months.


Like all financial decisions, it’s important to look at the bigger picture, which includes reviewing your goals.


First Things First -- What’s a refinance?


A refinance alters the terms and conditions of your mortgage – it’s essentially a new mortgage. Specifically, you are increasing the amount of your mortgage, whether to pay off consumer debt, finance a renovation, invest, or to get a lower rate.


Here are a few reasons to opt for a refinance:


  1. Decrease your overall monthly debt payments by using the equity in your home...
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The housing market doesn’t come to a standstill during the holidays. In fact, we’ve found that December is actually a great month to sell your home. Although, selling your home through the holiday season can come with a few additional things you should consider. In addition to all of the regular things you need to do to prepare your home to sell quickly, like cleaning, depersonalizing and decluttering, you will also need to consider whether or not to decorate for the holiday season.


We think that the holidays are a perfect time to showcase the warmth and character of your home to prospective buyers. We don't think that you need to avoid decorating altogether, but that you should follow some simple tips to ensure your house looks it’s best for prospective buyers.


Here are some tips for decorating for the holidays when you are preparing to sell:


Less is More


Follow the “less is more” theory when it comes to decorating this season. Too many decorations can be ...

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Revisiting Fixed Vs. Variable Mortgages


It’s the classic rate decision many mortgage shoppers are faced with. And it’s only been made more complicated since the start of the pandemic. Towards the latter half of 2019, variable rates were flying off the shelves with rates as low as prime – 1%. A lot has changed since then.


In March, fears over the COVID-19 pandemic and the subsequent lockdown forced most banks and other mortgage lenders to cut their fixed rates from 3.95% to 2.45% within the span of just one month. At the same time, variable-rate discounts were scaled back to just prime – 0.15% to 0.25%. By the summer fixed rates were setting historic lows. That led to a dramatic shift in mortgage selection by borrowers.


Why the shift in mortgage preference?


First, the fixed rate mortgage is among the most competitive mortgage products on the market. And many believe variable rates have no more room to fall, given that the Bank of Canada’s overnight target rate...

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With the cooler temperatures outside, you would normally expect to see the real estate market cool off...but that is not what we saw this past month.


In October we saw 430 home sales, which is a super high number for this time of year. This is actually the same number of sales we saw in September.


430 Home Sales


Historically at this time of year, things begin to wind down, social activities begin, and the market starts to cool off. For example, in October of 2019, we only saw 307 home sales. So that means for this October we are up 41.5% in homes sales compared to last year.


We commonly hear from clients that they think they should wait until spring to get their home on the market...but we want to show you why we think December is actually a great month to sell your home.


To prove our point, we wanted to collect some historical, end of the year data...and after digging around a bit, we found a trend that we had to share.


Sales to listings ratio


We went back a few years, and decided to look at sales to listings ratios. Sales to...

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It’s officially Autumn and the leaves are falling and the temperatures are dropping. You’re probably wondering what this change in season means for the Real Estate Market in Saskatoon? Is it still a good time to buy or sell your home?


We’re going to share what we think you need to know about the market going into the fall and winter season of 2020.


First, we will quickly review the stats that just came out for the month of September. As we predicted, they continue to trend upwards.


Strong Fall Market


There were 430 sales last month, which is a high number for this time of year. That’s actually 40.7% more sales compared to September of 2019, and 12.2% more sales for the year compared to this time last year. Although you should note, that it’s still less sales than August, where we saw 461 sales. This shows that even though we are seeing a slight decrease in sales due to the fall season, which is typical, we are seeing a much stronger fall market than we did in 2019.


This is also...

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Why it is important to get preapproved? Is preapproval the same as a ratehold?


Preapproval and ratehold are used interchangeably quite often but they can mean two very different things. It is dependent on how your mortgage broker manages them.
A true preapproval is complete when your income and down payment documents have been reviewed and your credit reviewed.


A ratehold is completed when the application is submitted to the lender. Sometimes, with rateholds, the income and down payment documents have not been reviewed.


Preapprovals with income and down payment documentation, have a much better chance of turning into an approval with the lender. It takes out the majority of the surprises in the deal. Part of our responsibilities as mortgage brokers is to review documents and look for any issues that might arise and to give advice on what is required in the documentation. There are even a few lenders that will actually underwrite the preapprovals which means they will review income and down...

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Thinking of selling? In today’s complex market, selling your home requires knowledge of the local market, experience to know what works, and lots of creativity and enthusiasm. Here’s a look at what you can expect from Tait Real Estate when you list with us.


At Tait Real Estate, we have a 10-step real estate listing marketing plan.


  1. Professional Photography
  2. MLS Listing & Realty Executives Exposure
  3. Open Houses
  4. Social Media Paid ads
  5. Website Featured Listing
  6. Blog
  7. Video Marketing
  8. Email Marketing
  9. Professional print materials
  10. Kijiji Ads and point2 syndication

Photography

1) Professional Photography


If we know one thing, it's that professional photography is incredibly important! That's why we always include listing photography by a professional real estate photographer to highlight all of the wonderful features of your home. Professional photos will get your home sold faster and for a better price, every time.


2) MLS Listing & Realty Executives International


The MLS is the most comprehensive...

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Do you want your hot water heater to live a long and well functioning life? If so, you need to know how to maintain it on a regular basis.


Check out the video ⬆️ where Ross Tait, from Tait Real Estate in Saskatoon, SK explains why it’s so important to regularly maintain your hot water heater.


Tait Real Estate is a family-run real estate team based in Saskatoon, SK, Canada. They are top real estate agents in Saskatoon. They both have extensive construction and renovation knowledge which allows them to guide their clients through the most important purchase of their life with confidence.


Contact Tait Real Estate if you are looking to buy or sell in Saskatoon.


Jamie Tait
306-203-0004
jtait@realtyexecutives.com


Ross Tait
306-230-2336
rtait@realtyexecutives.com

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