How is the fall market doing?
Well it’s a confusing one right now. With all of the news of average home prices climbing ever steadily and the glow of crazy multiple offers, sellers are understandably excited but may be pushing too hard on their asking price. At the same time as sellers are trying to capitalize on the market values, buyers are also enjoying a lot more selection.
Homes that are priced appropriately are selling and transactions are ticking along just nicely. Sellers who aren’t taking the competition out there into consideration and just want to ‘try’ to see if they can get a crazy price are probably still on the market.
It is during these market conditions that sellers need to really focus on their goals. If they need to sell, they need to consider all factors and not simply aim for a price they want but rather the price they can get.
While it may seem tempting to just list your home at the ‘dream’ price and see what happens (and just drop the price later if you don’t get it, this strategy is proven to backfire more often than not. No matter whether you re-list the home with a new price, the longer the house sits on the market, the less you will typically get.
How can you avoid the over pricing trap?
You need to know your market inside and out. A comparative market analysis should be completed right before your listing – not two weeks earlier. You need to know what you have to sell them home for to reach your goals but that must be balanced with what the market will sustain. Just because you need or want a certain price does not mean buyers will pay you. A buyer isn’t going to pay you a number that serves your wants any more than you would sell your home to them under market value.
For the full Toronto Real Estate Board Market Watch, click here.
Want to know what your home is worth? Or when your neighbours are selling?