Some people believe that anything can sell in a Seller's Market, in any condition, at any time. Are these people right?
I do not think so. Potential buyers are usually informed buyers: they attend open houses, they are usually represented by a realtor and can hence compare the houses for sale in a neighbourhood with both an objective and a subjective criteria.
Even though the house inventory on the market is currently low, most buyers will NOT buy at all costs. Moat buyers look for a house where they will feel comfortable, a house they will call home, a safe haven.
As a Seller, the question I would ask myself is: " if I were to buy this house, would I want to buy it? What are the characteristics that would invite me to make this house my home, the home of my family?". If I see some characteristics that detract from its charm, I would make sure I address and fix them. And note that I say FIX them, not patch them up.
Patched-up houses do not sell... unless someone is looking for a fixer-upper....and then they'll offer a fixer-upper price... Even in today's market where many buyers, confronted with a multiple offer situation, decide to forgo the inspection.
As of tonight at 10:40pm, there are 21 houses for sale in the Rouge Wood Community of Richmond Hill, of these, 18 are detached houses.
The asking prices of these detached houses range from $869,000 to $1,499,900 while the price of the 3 town houses range from $659,000 to $678,000.
Of these properties that are for sale, 16 have been put on the market on April 10 and after.
The turnover is pretty fast, especially considering that most listing are set up so offers are reviewed at a certain date, usually a week after the property has been put on the market and an open house has been held.
If you are thinking of selling, the market is still in your favour. If you are thinking of buying.... do not want something at all costs, stick to your budget and make sure you make decisions that will result in you enjoying your new home,
Your Needs, Your Goals: My Focus.