The Market Slowed. . . So What Now?
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Photo Courtesy of Listing Realtor: Chris Bibby
I rarely address market conditions. When people ask what I think, my response is typically, "hold on, while I dust off my crystal ball". I leave the market assessments to the experts - analysts, bankers, economists and realtors. After all, we all have different filters through which we see data.
The market has slowed, are we in for a crash? Many economists would have you believe thus. However, in looking at the TREB numbers, we disagree. What we are seeing is a more balanced market - where there is adequate supply to meet the demand. It is no longer a city of insane price jumps where houses are rising in value at hundreds of dollars a day, and buyers are scrambling to just. . .get. . . in.
"We are in a period of flux that often follows major government policy announcements pointed at the housing market. On one hand, consumer survey results tell us many households are very interested in purchasing a home in the near future, but some of these would-be buyers seem to be temporarily on the sidelines waiting to see the real impact of the Ontario Fair Housing Plan. On the other hand, we have existing home owners who are listing their home because they feel price growth may have peaked. The end result has been a better supplied market and a moderating annual pace of price growth," - Mr. Syrianos.
That's all fine, but what does it mean for our clients, homeowners who are putting their house on the market now?
Firstly, competition. Think of real estate like walking down Queen Street. All the stores are open. A buyer can go in anywhere and there is no guarantee that they will walk into yours. And everyone knows, the first step to selling a property is just to get people in the door. How do you do that? Presentation & Photographs!
The photos get buyers booking appointments and coming in the door. Invest in good photos. Don't skimp out here.
Presentation. Ask yourself, are you willing to spend a little bit of money, to turn around and make more on the sale? Staged homes sell for more, faster. Can you afford to let your property sit? Perceived value is very important, and nothing shows the value like clean fresh paint, and a thoughtfully designed interior. For more home-staging tips, please check out:
Home Staging Check List: How to Create a Stunning Entrance
Home Staging Check List: How to Stage Your Living Room
Home Staging Check List: The Den
