How come Easter is so late this year and Spring has not finally sprung? My rose coloured glasses tell me that we have been happily sitting outside at Easters gone by. We wish all our clients and friends a Happy Easter and a lovely long weekend catching up with family and friends. Lots of Easter egg hunts in our cities this weekend – watch out for all that chocolate!
On the real estate front, this could be a quiet weekend, although Mondays at the end of long weekends are often surprisingly busy. Our market in general is still unpredictable, but is moving quickly at entry level. Provided that they are priced fairly and the building is in good shape, one bedroom suites under $400,000 are flying off the shelf. As these sellers move up in the market, we should slowly see the ripple effect in action and maybe even a little stability at least in the first two levels of our market.
On completing several market evaluations this week, we realise that there is a total disconnect between the price tags on active listings and the actual sale prices in the same neighbourhoods. The interesting aspect of all this is that the market priced listings are selling quickly. There are just so few of them! Apparently the statistics are not convincing enough (fewer than 2 in 10 selling!) Until sellers realize that this is not fake news, our inventory will continue to grow and stagnate with overpriced listings. Serious buyers are experts in their own price range and pass over the obviously overpriced. Most often comment heard from sellers ignoring all media reports and statistics is “Well buyers can always make an offer”. Why would they want to take on a potentially losing battle when they can find a home they like comfortably in their price range? Yes, our market is in transition, but the facts speak for themselves and there is no mystery about the present – only the future!
So….the takeaway for buyers is don’t be afraid to make that offer if you would buy the home were it priced at market. And…the takeaway for sellers is that we are no longer in 2016 or even in 2017! Get the right price for April 2019 and avoid today’s pitfall of following the market down as we are seeing so many sellers doing right now.
Enjoy the long weekend with some promised sunshine. We always have you covered and are happy to interpret those statistics as they affect you. Your interests are ours.