It's a sunny Monday morning on the first day of summer in June 2010 as I write this blog, and it's interesting to see how the Greater Toronto Area real estate market is changing. About six to eight weeks ago, REALTORS® like myself started to see a shift in the market once again. Strangely, newspapers and other media haven't really caught on yet and so the general public still thinks it's a "hot" sellers market.
But, that's not the case. More houses are now being listed for sale, and the large number of buyers that were being reported over the last few months have already bought. With more houses coming on the market and less active buyers, this means the market is changing and we're now in a balanced market. A balanced market is just that - equally balanced in favour of both the seller and the buyer. No-one has the advantage.
What does this mean for sellers? Simple. Make sure your home is correctly priced. Even overpricing the home by as little as $5,000 can mean that you'll get little to no showings and no offers. And, to give your house the advantage over your competition (other houses listed for sale), make sure your home shows it's best. It has to be sparkling clean with no smells in the house at all. No cigarette smells, no pet odours, no cooking odours, etc.
One thing sellers have to remember is that not all houses will sell. In a sellers market about 65-75% of houses listed for sale actually sell, in a balanced market that number drops to 50-60%. And in a buyers market? Only 40-50% of houses for sale will actually sell. Give yourself the advantage when selling. Hire a professional, full-time REALTOR® like myself to get the job done right. The bonus? You only pay me if I get the job done.
So, what does the changing market mean for buyers? Well, with more choice coming on the market you can usually find a house that's a little closer to your perfect dream home - and you're less likely to be involved in a multiple offer (bidding war) situation. And, as homes are more carefully and correctly priced, you'll have comfort in knowing that you're paying a fair price for the home and not overpaying.
Again, use a professional, full-time REALTOR® like myself to help you find the right home. When you work with a REALTOR® to buy a home, I'll work diligently to find a top quality home within your budget and I'll be telling you about new properties that fit your needs as they come on the market - before the new listings become public knowledge.
So, we're now in a balanced market. Will it change again? Of course! But, I can't tell you when it will change, as I can't predict the future. But, I can predict it will change. Just like life, it is always evolving.
When you're ready to sell your current home, to buy a new home or to purchase an investment property I'm here to help. I'm ready when you are.
Professional service. Expert advice.