If I've said it once, I've said it a hundred times - the real estate market changes each and every year, every month, every week. We are currently experiencing inventory levels not seen in 2 or 3 years and as a result, the competition is fierce and pricing for this market is difficult at best and frustrating for everyone. Even well priced homes - homes that have seen numerous price reductions over the last 2 months - are sitting on the market unnoticed. Valuing real estate is not an exact science, and the same house can bring 10 - 15000 more or less depending on timing in the market. In tight inventory times, which we experienced earlier this year, pushed prices up. The surge in listings over the last few months is pushing those same types of homes down.
Several people have asked me if sales are down - they are NOT DOWN! In fact, year to date, sales dollar volumes are higher than this time last year. Unit sales are pretty equal to this time last year, but the overall dollars are up...so prices did rise over the year and now we're seeing buyer push back because buyers have more to choose from.
The simple laws of supply and demand are constantly at work in every real estate market - so, if your agent gave you a price 2 months ago - that price might be different today if you are still on the market - and it might be different again 2 months from now.
I re-evalulate every listing I have every 2 weeks based on the sales in that time - so, the hard part is telling a seller that they missed the peak market and now have to settle for something less. But let's face it folks - something less in a market that is one of the highest in the country and the province is still a good price.
We all want "the most we can get" - that's just human nature, but my recommendation in the current market is to price yourself as "best in show". So, look at your competition and beat them on price by just a little bit - and you might be the one the buyer chooses when he or she has 5 to choose from.