Current market conditons should always be considered when trying to decide if it's the right time to buy or sell real esate. Here's how the month of May looked in Lethbridge:
Total # of Listings (Month) - 696 (Up 33% from 2007)
Total # of Listings (YTD) - 2784 (Up 38% from 2007)
Total # of Expired Listings (Month) - 101 (Up 274% from 2007)
Total # of Expired Lisings (YTD) - 473 (Up 224% from 2007)
Total # of Sales (Month) - 273 (Down 32% from 2007)
Total # of Sales (YTD) - 1156 (Down 22% from 2007)
So, what can we interpret from this data?
Well, the number of expired listings continues to climb as sellers and REALTORS® alike are perhaps failing to realize how important it is to set a realistic list price when faced with stiff competition and a limited number of qualified buyers. Gone are the days of pulling a price out of a hat and hoping for the best. And based on the fact that total sales for the month are down substantially (last month, they were only down 14% from the previous year as opposed to 32% this month) we can assume that buyers are taking their time. They are realizing a shift in their favour and adjusting accordingly.
So what can a home seller do to be positioned correctly when it comes time to sell? Well, it simply doesn't matter how well you home shows and how fantastic your location is if your price is still not in line with current market conditions. There are a limited number of qualified buyers at this time, so when one of them walks through your home with the intent to purchase, make sure that your home appears to have the highest perceived value.
The moral of my story is, "When selling your home in a buyers market , you may only get one chance to make a first impression!" Make your home one of the most appealing amongst it's competition and find a qualified REALTOR® who knows how to help you do this!
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