When meeting someone and talking about Real Estate the first thing that they will ask is "How Is The Market?" Depending the time of year, mortgage rates etc the market itself changes and can drastically change over night.
The last few months we have definitely been in a Buyer's Market where listings were staying on the market longer and the price levels were more negotiable. Sellers were put in a situation to price their homes to bring buyers in and they continued to sit on the market as there was ample competition for similar homes in turn making buyers homes sell for lower prices and they sat on the market longer.
Mortgage Rates can play a big factor into how the market is moving- depending on the interest rates and terms available for buyers can impact how quickly they are willing to purchase.
Like with anything the market has appeared to change over night and has reverted into a Sellers Market. This past week new listings have come up all over and have been snagged just within Days On Market and at a higher price.
This past week our team sold our listing in Tottenham sold for 98% of list in just 2 days! Our listing at 35 Culham Street in Oakville sold for Over asking FIRM at $487,900.00 in multiple offers in just 4 days of being listed! Our listing in Milton sold in 4 days as well and is currently in a conditional sales period for 99% of list price!
The Real Estate Market is for ever changing and when the market is HOT its HOT!
Advice for Buyers:
Be specific about your needs and wants in a home- understand that not everything on your wish list will fall into the price point, neighbourhood or type of home that you want. There will always be give and take. When dealing with a Seller's market it is best to look at the properties objectively as to "what is a quick fix?". In a Seller's Market listings fly off the shelves and often are sold before buyers even get a chance to see them. It is imperative to work with a Buyer Agent as they have inside information which is at their access close to 3 days prior to the public. Working with a buyer agent gives you the ability to preview homes before everyone else does and have hidden information at your finger tips.
Be realistic about your expectations- in a sellers market the possibilities of going into competition are very high. Don't miss out on an opportunity to snag your dream property! It is not a waiting game in a sellers market!
Advice for Sellers:
Even though a Seller's Market indicates high prices and quick sales your home still must be priced accordingly. Listen to your Realtor and the advice that they provide to you on price points, effective staging, marketing methods etc.... Over pricing your home can lead to longer days on the market and can result in less showings and activities from prospective buyers. Pricing your home effectively can result in a fast sale-closer to asking, or the potential for multiple offers and going over list! After all if a comparable house is priced significantly lower in a quick market don't make the mistake of over pricing your listing and watching all of the SOLD signs go up around you!
Having proper representation throughout your real estate transaction is crucial to an effective sale and an enjoyable experience. Working with a representative who knows the market place, effective offer and counter offer methods, and who has your best interest at heart who you can trust will help benefit you.
At The Fresh Approach Real Estate Team we put our clients first. We focus on relationship building with our clients first and foremost. For our sellers we effectively market your home and price it accordingly for a smooth quick transaction. For our buyers we effectively establish your wants and needs in a property and guide you through many different facets of communities and neighbourhood aspects to determine the best home for you! We work with our clients to present their interests properly to finding their dream home!
If you have any questions about your home value and would like a comparative market analysis and strategic selling plan contact our team today. If you are a buyer looking to purchase a home contact our team for up to date information on recent sales and differing price points between communities.
Make Your Approach The Fresh Approach.
The Fresh Approach Team with Keller Williams Realty Solutions,
Allana Thompson, Christy D'Oliveira, Kyrsten Feere
Allana- firstname.lastname@example.org 416-567-2018
Christy- email@example.com 647-261-8910
Kyrsten- firstname.lastname@example.org 905-577-2608