I recently had a client call me a bit confused about the state of the market. They kept reading all the doom and gloom in the media, but then their neighbour sold for a very healthy amount in under a week.
“How could this be? I thought the market was WAY down?”, they asked.
Is What They Say in the News Really Happening?
The media loves negativity. It sells – plain and simple. And, after the insanity that was Spring 2017, sales/price figures are ripe for the picking in today’s GTA real estate market.
FACT – Sales are way down and prices have dropped 10+% year over year. This leads people to assume that the market is in a terrible condition.
REALITY – Sales are way down because people realize the insane run we saw is over and are simply not selling their homes anymore. Many have chosen to renovate instead or wait for the market to rebound. Prices are down because the steam was taken out of the market through rule and mortgage changes.
However, people are still buying and homes are still selling quickly. BUT, there is a caveat to that. If your home is overpriced and doesn’t show EXTREMELY well, you’re going to sit on the market until you wise up.
Price your home well (even below market to garner multiples – yes, they’re still happening) and stage it properly and watch it sell quickly and for a healthy amount.
Is it That Simple?
Yes, it is. We are not in the kind of market where well-priced homes that show great sit for 60 days. In fact, we are not even close to THAT kind of buyer’s market. We are in a market where buyers have more choice and are waiting for the right home at the right price.
So, if you’re worried about the market and selling your home, you should only be worried if your expectations are still completely out of whack. Don’t have that nicely upgraded home? Have that well updated home and still want to make top dollar for it? Either way stage it and price aggressively.
The moral of the market is that homes are still selling, selling well and selling quickly. You won’t find that in the year over year numbers because now is the time for the media to seize on their clickbaitiest of titles.
What about the Condo Market?
This is going to need its own post entirely. Everything talked about above and in the news is in regards to the FREEHOLD market. The condo market right now is INSANE!
Multiple offers, low inventory, double-digit year over year increases.
The condo market has not slowed down at all. In fact, the fair housing rules put in place last April have only fueled the fire.
But, you don’t really hear a whole lot about that in the news right now, do you?
What’s in Store for Q2 in 2018?
Well, that’s touch on that in a couple of weeks when the numbers come out and we can compare some trends over the last few months.
So, stay tuned or sign up for the blog OR market updates!