We have been in a buyers market for the last few years, meaning, there is a large supply of homes on the market and limited buyers for different reasons. Inevitably, this drives values down as sellers get competitive with their pricing. It’s been difficult for many sellers to get ideal results as list-time has been much longer and sale prices are ultimately reduced (in comparison to prior years)… but why are certain homes still holding good value and selling quite fast? Some homes are plotted on a unique/ superior piece of land or location which helps hold strong demand. Others have great attributes like the size of the lot, extensive garage space, very spacious en-suite bathrooms, or just very functional styles/floor-plans. Some sellers have exceptional pride of ownership and keep their home in impeccable order. If you’re planning to sell and you don’t have some of these mentioned attributes, the reality is, you must price exceptionally. Along with good marketing exposure, price will have to be your competitive advantage over the competition. This becomes tough for people who don’t have large amounts of equity in their home, but the fact is, it’s all about timing. Your home is only worth what a buyer is willing to pay in the current market, and if you need to sell in that particular time period… you will need to bring something to the table. If only we could predict these changes in the market! It’s unfortunate for people who purchased in 2013 and planned to sell in 2018 (for the most part), but it is what it is. If you don’t NEED to sell… in some cases, it’s best to just hold on. Warren Buffet has an investing principal that states ‘buy low, sell high’. Seems simple, but when you can’t predict the market, life hits hard, and plans change… sometimes we find ourselves buying high and selling low. We just have to be honest with ourselves as the market doesn’t care about our personal inconvenience/ financial loss.
When listing, make sure you find a good realtor who is knowledgable within your market area. Like any industry, not every person operates on the same level of expertise.
Thanks for reading and have a great weekend.
Ryan Tomyn