Well, it’s finally happened...the scales have shifted, the tide has turned...the market has changed. It seems that some people are standing, looking like a deer in the headlights, not sure of what to do or what to think. And really, it’s not all that bad!!
If you are a Buyer, here are our suggestions for this the market:
Your agent should be able to provide you with several homes that fit your criteria. There is ample supply and several choices that will probably make the decision difficult for you. You now have an opportunity to be selective.
Your offers can be conditional as opposed to the past several years of bidding wars. In the past, most buyers were making their offers firm, without conditions. Now, you have an opportunity to make sure there are no issues with your financing, for example. As well, you have the ability to inspect the property, and make an informed decision on the quality of the house.
One other point that most have not considered for some time: if you own your home, sell before you purchase your next. Or, at the very least, get your home listed on the professional market while you are looking. It is now more conducive to sell first, and then buy.
If you are a Seller, here are our suggestions for this market:
Just because the scales have “tipped” in the favour of the buyer DOES NOT mean that you will not be able to sell your house.
There is ONE (and we mean ONE) Key Factor that will ensure that your home will sell quickly, and for the best value....PRICE IT CORRECTLY!! Of course it has to appeal to the buyer. Your home must be clean, inside and out. Curb appeal still goes a long way. You must prepare your home for an offer.
It is one thing to say homes in the neighbourhood are selling for a certain price, however, you need to ask yourself; “how does my home compare?” As a Seller, you will need to ensure that your Agent has provided you with the best (and current) market information. The facts should include: what has sold in recent weeks, as well as, what is currently for sale. You need to be aware of your competition.
If you are a Buyer and/or a Seller, and have questions about this rapidly changing market, please contact us. We are always current with our information!
Did you know?
THERE ARE RENOVATION
LOAN GRANTS:
SHOULD I BUY REAL ESTATE AT THE TOP OF THE MARKET?
Understanding the Offer to Purchase Form is essential once your house hunting expedition is a success! You have found the perfect home, one that satisfies your needs, most of your wants- and best of all, fits your pocketbook. Now comes one of the most important phases of your home-buying experience: making an offer to purchase the home.
Home value sometimes referred to as "Value in Use", is best described as the probable price at which a home trades in a free, competitive, and open market and is synonymous with the market value.
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition. Experienced sales people know that you only have one shot at impressing potential buyers, so take some time to prepare your home for showings. You will be rewarded with a faster sale and a higher offer.
