Eric Malcolm - RealEstate

🏡 30 Days of Real Estate Facts — Day 9!
Your home is listed for $700,000… but that doesn’t necessarily mean it’s worth $700,000.
And if you’re thinking about selling your home in Calgary, this is something you really need to understand.
The list price is simply the price a seller is asking for the property.
Market value is a little different.
Market value is influenced by what buyers are actually willing to pay for a home, based on things like recent comparable sales, the home’s condition, location, features, and what else buyers have to choose from at that time.
And here’s where things can get interesting…
A home can be listed too high, and buyers may simply move on.
But it can also be listed too low, which might attract a lot of attention—but doesn’t automatically mean the seller will get the result they want.
So when you’re deciding what price to put on your home, the question shouldn’t simply be:
“How much do I want for my house?”
A better question is:
“What does the current market support?”
And that can change from one community to another.
What makes sense for a home in Mahogany may not be the same as what makes sense for a similar-looking home in Seton, Heartwood, another Calgary community or Airdrie.
That’s why pricing a home isn’t just about looking at what your neighbour listed for.
It’s about understanding the market right now and how your particular property fits into it.
That’s Day 9 of my 30 Days of Real Estate Facts.
If you’re a homeowner wondering what your home could realistically sell for in today’s market, send me a message with “VALUE” and I’ll show you how I would approach the analysis.
And follow along—I’m sharing another real estate fact tomorrow.

🏡 30 Days of Real Estate Facts — Day 8!
Think you have to pay off your mortgage before you can sell your home?
You don’t.
You can sell your home even if you still have years left on your mortgage.
When you sell, the mortgage is typically paid out from the proceeds of the sale, along with other amounts that need to be settled as part of the transaction.
But here’s the part homeowners need to pay attention to:
Selling before your mortgage term ends can potentially come with a mortgage penalty or other costs.
The amount can depend on things like your mortgage type, the terms of your mortgage, how much time is left in the term, and your lender’s specific calculations.
So if you’re thinking about selling, don’t just look at what you think your home is worth.
You also want to understand what you’ll actually walk away with after paying off your mortgage, selling costs, and any applicable penalties.
That’s where a net proceeds estimate can be really useful.
It can help you answer the question:
‘If I sold my home today, approximately how much would I actually have left?’
If you’re curious what that number might look like for your own home, that’s something I can help you estimate before you ever decide whether you’re ready to sell.
That’s Day 8 of my 30 Days of Real Estate Facts.
If you’re a homeowner who’s been wondering whether selling makes sense while you still have a mortgage, follow along for more practical real estate information.

🏡 30 Days of Real Estate Facts — Day 7!
Did you know your deposit and your down payment are NOT the same thing?
This is something that can be confusing, especially if you’re buying your first home.
Your deposit is money you provide as part of the purchase agreement, typically after your offer is accepted. It shows the seller that you’re serious about the transaction, and the amount and timing of the deposit are set out in the agreement.
Your down payment, on the other hand, is the portion of the purchase price that you’re contributing toward the purchase rather than borrowing through your mortgage.
Here’s where it gets interesting:
Your deposit can form part of your down payment.
So, for example, if you’re purchasing a $500,000 home and you provide a $10,000 deposit, that $10,000 isn’t necessarily an additional $10,000 on top of your down payment. It can be credited toward the amount you’re putting toward the purchase at closing.
So remember:
Deposit = part of the purchase transaction.
Down payment = the amount you’re putting toward the purchase price rather than financing through your mortgage.
They’re related, but they’re not the same thing.
And if you’re buying a home, it’s important to understand exactly how much money you’ll need—and when you’ll need it.
That’s Day 7 of my 30 Days of Real Estate Facts.
If this was new information for you, let me know in the comments and follow along for tomorrow’s fact!

The leaves are changing, Fall is in the air. Here are a few tips to get you off to a good start. Follow for more great tips

🏡 30 Days of Real Estate Facts — Day 6!
The seller says, ‘I’m not lowering the price.’ Does that mean you’ve run out of things to negotiate?

There may be other terms of the offer that can be negotiated.
For example, a buyer and seller may negotiate things like the possession date, inclusions, conditions, repairs or credits, and other terms that are important to the transaction.
And here’s why this matters:
A deal isn’t always about getting the seller to accept the lowest possible price.
Sometimes, getting the right terms can be just as important as getting the right price.
For example, maybe the seller won’t reduce the price by $10,000—but they may be willing to include certain items, address a repair, or accommodate a possession date that works better for you.
So when you’re making an offer on a home, don’t just ask:
“How much can I get them to reduce the price?”
Ask:
“What terms would make this deal work better for me?”
And this is where having a Realtor you trust can be valuable—someone who can help you identify opportunities, understand the terms, and negotiate with your interests in mind.
That’s Day 6 of my 30 Days of Real Estate Facts.
Follow along for tomorrow’s fact—and if you’re buying a home, tell me: What would matter more to you—the lowest possible price or terms that better fit your situation?

Check out this week’s market updates and the market snapshot for Calgary in the month of August.

🏡 30 Days of Real Estate Facts — Day 5!
Looking for the cheapest home you can find?
Be careful—the lowest price doesn’t always mean the lowest cost.
A $400,000 home could actually cost you more than a $450,000 home. Here’s why. When you’re buying a home, the purchase price is only part of the story…
When you’re buying a home, it’s easy to focus on the purchase price. But the home with the lowest asking price could end up costing you more over time.
Why?
It could need major repairs or renovations. It might have higher property taxes, condo fees, insurance costs, or utility expenses. And if it’s an older home, you may need to budget for things like the roof, windows, furnace, or other major components.
So when you’re comparing homes, don’t just ask:
‘Which one is cheapest?’
Ask:
‘What will this home actually cost me to own?’
For example, a home that’s $20,000 less expensive may not be the better financial choice if it needs $40,000 in immediate repairs.
Now the focus may be to purchase a home that allows you to personalize it to your needs, and you have or have access to the required skills to get the work done. That’s not necessarily the focus in this particular episode, though.
The emphasis here is to understand that the purchase price is just one piece of the home-buying equation.
So if you’re shopping for a home in Calgary or surrounding areas, look beyond the listing price and consider the total cost of ownership.
LOOK BEYOND THE LIST PRICE
That’s Day 5 of my 30 Days of Real Estate Facts. Follow along for tomorrow’s fact—and let me know in the comments:
Would you rather buy the cheaper home and renovate, or pay more for a home that’s move-in ready?

🏡 30 Days of Real Estate Facts — Day 4!
A home can be in great condition and STILL be worth less than what you’re paying for it.
That’s because a home inspection and a home appraisal are two completely different things, and confusing the two could leave you with a pretty big misunderstanding when you’re buying a home.
A home inspection is primarily about the condition of the property. A professional inspector examines accessible parts of the home to identify potential issues with things like the roof, plumbing, electrical, heating and other major components.
An appraisal, on the other hand, is about the property’s value.
A lender may order an appraisal to help determine whether the property provides sufficient value to support the mortgage they’re considering.
So think of it this way:
Inspection = What condition is the home in?
Appraisal = What is the home worth?
And here’s the important part: A home can pass an inspection and still appraise for less than the negotiated price.
They’re two completely different assessments, and understanding the difference can help you make more informed decisions when buying a home.
If you’re learning about the home-buying process, follow along because I have 26 more real estate facts coming.
That’s Day 4 of my 30 Days of Real Estate Facts.
I’ll see you tomorrow with another one!

🏡 30 Days of Real Estate Facts — Day 3!
“Did you know your credit score can affect your home-buying journey?
When you’re applying for a mortgage, lenders look at several factors to determine whether you qualify, and your credit history and credit score are part of that picture.
Your credit profile can influence things like the mortgage products you qualify for and the interest rate you may be offered.
But here’s something important: having a less-than-perfect credit score doesn’t automatically mean you can’t buy a home. Lenders look at your overall financial situation, and different lenders can have different criteria.
So if buying a home is something you’re thinking about—even if it’s not happening for a while—it’s a good idea to understand where your credit stands early.
That way, you have time to address any potential issues before you’re ready to apply for a mortgage.

“Have you ever wondered what lenders look at when you apply for a mortgage?” Let’s talk about it in the comments.

That’s Day 3 of my 30 Days of Real Estate Facts. I’ll see you tomorrow with another one!”

🏡 30 Days of Real Estate Facts — Day 2!
“If you have a mortgage pre-approval, does that mean your mortgage is guaranteed?”
Not necessarily.
A lot of buyers think that once they’ve been pre-approved for a certain amount, they’re officially approved to buy a home up to that price.
But a pre-approval generally gives you an estimate of how much you may be able to borrow based on the information your lender has reviewed at that point.
Once you actually find a property and make an offer, the lender may still need to review the specific property, your financial information, and the details of the transaction before providing final mortgage approval.
So don’t assume that a pre-approval means every property within your approved price range will automatically qualify for financing.
That’s Day 2 of our 30 Days of Real Estate Facts. See you tomorrow with another one!”