Local Market Update
After a very brisk winter and spring season we have started to slow as the summer comes to an end. August sales were down sharply and contrast a solid June and July sales report. So why the suddan slow down? It could be caused by a few different factors, some local projects have completed. Also final approval on new projects are still pending. This pause in the market does have some benefits. Firstly it allows for buyers to look without the pressure of making snap decisions. A more informed buyer is ultimately a happier buyer. This market does put pressure on pricing. So as we have seen prices have been retreating in the past few weeks. New listings need to consider carefully pricing. Some things to remember when pricing. Where you are moving to does not effect the value of your home here. In other words just because where you are moving to is more expensive, that has no bearing on your price now! Also a house is only worth what someone is willing to pay. Always consider all offers. Never discard an offer without careful consideration. Even is you sign back a full price always be considerate of the person who took time to do an offer. Maybe they will come up in price....you never know. The market can change quickly. Houses that were comparables one week, maybe out of date the next. The real estate market is a living organism. It moves and changes quickly and by the time realtors notice is has changed, it may have already changed again. Hang onto your hats. It can be a crazy ride. But frequent communication with your realtor will keep you on top of what is going on. Some things to think about when selecting a realtor. How long have they been a realtor? How many listing do they currently have? They might be to busy to give you the service you require. How many commercial listings do they have? Commercial takes up a lot of time and there are only 24 hours in a day. Are you working with a single realtor or a team? If it is a team you need to know who is on the team and who will be working with you. What is the marketing plan for your listing? What specifically will that realtor do to get the word out about this for sale listing? All the best as you consider either buying or selling. The greatest investment you can make, I believe, is into the real estate market. Nothing like owning a piece of terra firma.