Realtors Association of Central Alberta (RASCA) real estate report for the first half of 2009 came out yesterday complements of Don Friesen and supported what I have been reporting to all whom who have asked "hows the market?" over the past 6 months. Town of Drumheller shows 2009 home sales averaged $224,928 with 64 sales compared to 79 sales in the same period last year. Interestingly the average price increased by 3.4% over last year at this time. Average selling time was 115 days. As of reporting date Drumheller had 68 homes on the market with an average of 11 sales per month in 2009. Rural sales in Drumheller area averaged $181,217 with 23 sales.

This report does confirm that sales are occurring in Drumheller and pricing is holding strong however just listing your home will not guarantee a sale. Experience, price accuracy, and an aggressive marketing plan are ways you can increase your sale probability. Although the market has experienced a drop in sales the Chambers Real Estate team is happy to announce that both our sales volume number and gross volume of real estate sold has gone up for the first 6 months of 2009, and we would like to thank all of those who have chosen our experience to sell their home.

A property survey or real property report shows the boundaries of the property and indicates the lot size.  It includes a written description of the property.  It resembles a map and are carried out during the original construction of a house and are provided to the buyer at that time.  However, if the house you are buying is older you may find that the original survey is invalid.  

Surveys indicate right of ways and easements.  Rights of ways detail the right of others to access certain areas of the property.  Easements are a right that's assigned to the property and cannot be removed very easily, if at all.  Surveys may indicate issues such as a fence located outside the property line or an overhanging roof from a detached garage and in these instances, the buyer can ask the seller to correct the problem before closing.

If you are thinking of buying a home, you may be wondering if you need an up to date property survey.  It's definitely in your best interests to have one, however title insurance may suffice.  Your lawyer will most likely suggest that you purchase title insurance anyway.  

Over time, you may want to add a fence, a deck or extension and then you will require a new survey.  Many times such changes have occurred since the last survey making it out of date and therefore it has little value in the real estate transaction, but could still be suffice for your own needs.

With all the talk of doom and gloom in the recent months, you'd think all real estate investors are hunkering down, clinging to their property titles, and praying that the evil forces of market dynamics don't snatch their profits away.

The key to not just surviving but THRIVING as a real estate investor in challenging times, experts agree, is to base buying and selling decisions not on national or even provincial generalities, but on specifics relating to each region, city, neighborhood and even street.  That, plus keeping your expectations realistic, avoiding high risk fix and flip scenerios, and focusing on investments that you plan to hold for the long term, while generating positive, passive cash flow.

For more real estate investing advice, contact The Chambers Real Estate Team at Century 21 Power Realty.  Both Gary and Kim have personal experience in investing in a variety of markets and would be happy to help you find the real estate investment properties that will suit your needs.