What are Market Conditions?

  • The real estate market is always changing. It helps to understand how market conditions can affect your position as a seller.
  • You can count on us to decipher & simplify current market conditions.

 

Buyer’s Market

The supply of homes exceeds the number of buyers (supply is greater than demand). In this market prices tend to drop and the homes stay on the market longer. Thus your home may take longer to sell and you will have less negotiating power in terms of the selling price. Fortunately you will be in the driver’s seat when making an offer on your next home.

Seller’s Market

The number of buyers exceeds the number of homes on the market (demand greater than supply). In this market prices are increasing and homes sell quickly. As a seller you will probably have more negotiating power and obtain a higher selling price for your property. It is wise to purchase your house first, before selling current one.

Balanced Market

The number of homes on the market is equal to the number of buyers (supply equals demand). In this market, prices are stable and homes sell within a reasonable period of time. It is a calm atmosphere with buyers having a satisfactory number of homes from which to choose.

Setting A Price

The single most important decision you will make is to determine the correct asking price.

Once you’ve achieved a realistic sales price, you can count on your property being professionally marketed and promoted to bring more buyers to your door. You can also expect to sell your home for the best possible price in the least amount of time.

Benefits of Pricing Right
  • Your property sells faster, because it is exposed to more qualified buyers.
  • Your home doesn’t lose its “marketability.”
  • The closer to market value, the higher the offers.
  • A well-priced property can generate competing offers.
  • Other Real Estate Professionals will be enthusiastic about presenting your property to buyers.

The Value of Your Home

Value is determined by following features —
# of Bedrooms / Washrooms / Sqft / Upgrades / Parking spots / Locker / Maint Fee / View / # of days in hand to sale / # of properties in market at the time.

Your agent can provide you with current real estate market conditions and explain their impact.

Overpricing your Home

Many sellers believe that if they price their home high initially, they can lower it later.

Often, when a home is priced too high, it experiences little activity. Gradually the price will come down to market value, but by that time it’s been for sale too long and some buyers will be wary and reject the property. On occasion, the price is dropped below the market value because the seller runs out of time. The property sells for less than it’s worth.

Missing The Right Buyer

You may think that interested buyers “can always make an offer,” but if the home is overpriced, potential buyers looking in a lower price range will never see it.

Those who can afford a home at your asking price will soon recognize that they can get a better value elsewhere.

Early Activity

As soon as a home comes on the market, there is a flurry of activity surrounding it. This is a crucial time when Real Estate Professionals and potential buyers sit up and take notice.

If the home is overpriced, it doesn’t take long for interested parties to lose interest. By the time the price drops, a majority of buyers are lost.

Show Your Home

First impressions are lasting impressions. You will want to make sure the buyers looking at your home are left with the best possible impression. As your REALTOR®, we can help you achieve that goal.

Interior Of Your Home

 

  • Chipped plaster and paint touched-up and replaced
  • Doors and cupboards properly closed
  • Leaky taps and toilets repaired
  • Burned out light bulbs replaced
  • Squeaky doors oiled
  • Mirrors, fixtures, and taps cleaned and polished
  • Seals around tubs and basins in good repair
  • Floors cleaned, garbage containers empty
  • Inside of closets and cupboards neat and tidy
  • Appliances cleaned
  • Countertops neat and polished
  • All lights turned on
  • Air conditioner turned on in warm weather
  • Fresh air in house
  • Fireplace lit in cooler weather
  • Halls and stairs cleaned
  • Drapes opened during daylight
  • Carpets freshly vacuumed
  • Fresh flowers in various rooms
  • Jewelry and valuables locked safely away or taken with you
  • Valuable property, such as objects of art, vases and figurines out of reach, out of sight, or locked away
  • Pets absent, where possible, or contained during the showing, and litter boxes clean
Exterior Of Your Home

 

  • House in good repair
  • House number easy to read
  • Eaves troughs, down spouts and soffits in good repair
  • Garage/car port clean and tidy
  • Litter picked up
  • Cracked or broken window panes replaced
  • Lawns and hedges cut and trimmed, garden weeded and edged
  • Walks shoveled and salted
  • Boot tray inside front door
  • Doorbell and door hardware in good repair
  • Porch and foyer clean and tidy