If you are selling a home and want to know how to increase your chances:
1. Presentation and staging are key. I have viewed homes recently where homeowners had given up. The home was dirty and not presented. It didn't sell. The fresh smelling, wonderfully clean and staged home sold. Cut the lawn, pull the weeds, clean the windows and do what is necessary to make it show as 'move in ready'!
2. Marketing. Your home needs to be well marketed. Check out the video for my recent sale. Going the extra mile to get a home noticed is necessary.
3. Price. Know your comparables and run the numbers regularly. What the market was doing 60 days ago when you may have listed your home is not the same market we are in today. Work with a Realtor who will keep you informed.
If you are considering the purchase of a new home, but are waiting to see what happens consider the following:
1. By the time you know the bottom has hit it will be too late and you have a better chance to negotiate a good deal when there is a belief the market is going down than when the market is going up. It all depends on what you collectively believe based on media headlines and what your neighbour's recent sales experience was like.
2. Mortgage rates are low and have dropped again over recent days/weeks (depending on your financial institution). If you are pre-approved and locked at a low rate, have you considered what it will cost if the rates go up and you lose your low rate?
3. In the current market you generally have the time to view homes, take some time to review and make a choice you are comfortable with. A hot market is a hard time to buy with buyers forced to make decisions on the spot. Take advantage of this time to find the 'right home'.
4. Some folks believe the prices will still fall, however, we are watching homes expire rather than sell at a lower price. There is just a level below which people are not willing to sell. Now that this is happening the inventory of homes is decreasing. Supply and demand rules will quickly apply.
Wondering where to start? First talk to your mortgage broker and run your numbers so you understand the cost of buying now vs at an increased mortgage rate. Knowing your personal numbers and circumstance is the first best step. Next talk to a Realtor and get some information on your preferred neighbourhood and market and start getting the information you need to make the right informed decision for you.
Media headlines are great, but what really matters is what we all believe. If you heard today the market was rebounding would you be buying? Would you be selling? Give me a call or send me an email if you are ready to make the move!