As a REALTOR® I often get asked the following questions. "How's the market?" "Is it a good time to buy?" " When's the best time to sell?" Those are not easy questions to answer with a short response. I often respond by saying " If only I had that crystal ball". But then my 22 years of working every different type of market there is, and many times over, kicks in and rather than generalizing I ask what specific information they require for their needs. I am going to try to give the Cole's Notes version of my answers to these questions in this space. This by no means covers a complete discussion on these matters.
How's the Market?
Are you thinking of marketing your home? Are you asking about what's happening in your neighbourhood, the city, all of Canada? Fortunately I have access to those statistics at my fingertips. Most people are curious as to whether the market is slanted in favour of the buyer or seller or whether is is balanced and healthy.
Is it a good time to Buy?
Are you thinking of buying in the near future? If you are looking to purchase a home in the next few months visit your bank or a mortgage broker and obtain your pre-approval. You will receive a guaranteed mortgage rate for 90 - 120 days. If rates go up, your rate is locked in. If they go down you will get the lower rate.
Rather than worrying about about whether it is a good time to buy, just determine if it is a good time to buy - for you. Do you have a down payment saved up? Do you want to build equity? Do you want to stop paying rent? Are you looking for an investment property? Looking for a renovation or decorating project?
When's the best time to Sell?
There is no best time. Life events dictate that people have to buy or sell at any time of the year. The spring market may be more brisk with buyers shopping for homes but you will have more competition for those buyers. To attract those buyers your home must be priced right and show well.
Many people mistakenly believe that they shouldn't market their home in November and December. You may have less showings during the holiday season but the buyers looking are usually serious about purchasing plus those who have sold their homes in the fall are looking for their new home.
I can't convey enough that a well priced home that shows well WILL SELL in any type of market. But that is a topic for another column...
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