How's The Market?

As a REALTOR® I often get asked the following questions. "How's the market?" "Is it a good time to buy?" " When's the best time to sell?" Those are not easy ques­tions to answer with a short response. I often respond by saying " If only I had that crystal ball".   Joking aside, after 24 years of selling real estate, I've helped clients buy and sell in all types of markets.  Buyers' market, sellers' market, balanced market, recession, high interest rates, multiple offer markets, I've seen them all, many times over.  The above questions are very broad and it is necessary to be more specific to give a definitive answer to each.  Here are my questions back to you if these questions are on your mind.

How's the Market?
Are you thinking of marketing your home? Are you asking about what's happen­ing in your neighbourhood, your community, all of Canada? Fortunately I have access to those statistics at my fingertips. Most people are curious as to whether the market is slanted in favour of the buyer or seller or whether is is balanced and healthy. They also are curious as to what the average days on market to sell is.

Is it a good time to Buy?
Are you thinking of buying in the near future? If you are looking to purchase a home in the next few months visit your bank or a mortgage broker and obtain your pre-approval. You will receive a guaranteed mortgage rate for 90 - 120 days. If rates go up, your rate is locked in. If they go down you will get the lower rate. With all of the recent changes in mortgage qualifications it is imperative that you work with an experienced mortgage lender.  First things first.  Order a credit check online to see if there is anything showing that may affect your ability to obtain mortgage financing.

Rather than worrying about about whether it is a good time to buy, just determine if it is a good time to buy - for you. Do you have a down payment saved up? Do you want to build equity? Do you want to stop paying rent? Are you looking for an investment property? Looking for a renovation or decorating project?

When's the best time to Sell?
There is no best time. Life events dictate that people have to buy or sell at any time of the year.  Divorce, retirement, a growing family, job transfers are all major reasons for listing.  The spring market may be more brisk with buyers shopping for homes but you will have more competition for those buyers. To attract those buyers your home must be priced right and show well.

Many people mistakenly believe that they shouldn't market their home in November and December. You may have less showings during the holiday season but the buyers looking are usually serious about purchasing plus those who have sold their homes in the fall are looking for their new home. On the other hand some buyers feel that they can find a "steal of a deal" at this time of the year.  Sometimes I will suggest that you "cease action" on your property over the holidays and bring it back on in mid January when the buyers are back looking at homes. 

I can't convey enough that a well priced home that shows well WILL SELL in any type of market.

　

If you are thinking of buying or selling real estate in the Oakville, Ontario area, please check out my websites below for information and advice. Then contact me for professional help with all your real estate needs.

www.oakvillepropertiesforsale.com