When selling a house, how much does the real estate market affect your experience and chances of success? What helpful tips can you garner from the real estate market when you go to sell a home in Saskatoon and surrounding areas?
The local real estate market has everything to do with how successful you’ll be when selling a house. The trends in the market will dictate who will see your home, how much they’ll offer, and how much you’ll ultimately get paid. It’ll also influence how long it’ll take for you to sell your home, which can be a question of demand and local competition (not to mention the property itself).
Understanding the local real estate market can go a long way toward helping you with selling a house. When you go to sell a home in Saskatoon and surrounding areas, look first to the market and use it to guide you in your journey.
Homes Are Getting More Expensive
One trend that has been dominant in the market for an extended period of time is higher prices.
Home values have risen considerably over the past few years, ever since the recession, and as a result, there are advantages and disadvantages generated by this trend for sellers.
One advantage is that you’ll probably get more for your home now than you would have a year or two ago (and beyond). For example, in East, South, North, West, and Downtown Saskatoon, prices went up by 5.1 percent in May 2015. The median sales price for those areas is now $355,000. In other areas of Saskatoon, like Martensville, Warman, and others, median sales prices rose by 1.7 percent to $318,200 in May.
The disadvantage is that demand is falling a bit as a result of more expensive homes. This could mean that waiting to list will result in fewer buyers on the market and more competition. When you sell a home in Saskatoon and surrounding areas, those factors matter.
Demand Is Falling Relative to Supply
Another general trend is that demand is falling relative to supply.
This is an inevitable result of higher prices. There are more homeowners interested in selling a house in a hot real estate market to take advantage of higher values. As a result, new listings have grown in all areas, which results in a higher inventory. Meanwhile, there have been fewer sales as fewer buyers are investing in the market.
To sell a home in Saskatoon and surrounding areas means knowing when to time your sale. More competition and fewer buyers, means it might be more difficult for you to sell if you wait much longer to get into the market. Talk to a real estate agent to decide on the right time to make a move in today’s market.