The arrival of March traditionally brings new real estate activity to markets all across the country. This is the time of year when families are most likely to purchase a new property so they can ensure an easier relocation during the summer. As a result, almost every community will see an influx of buyers looking for new homes. If you are wondering about taking advantage of this market or you happen to know someone who is, give me a call. I can help navigate this year’s spring market, and ensure any purchase and/or sale goes smoothly.
Sales eased across all product types in February. While year-over-year price growth remained relatively stable in both the detached and attached markets, apartment prices remained three per cent below last year’s levels. The housing market continues to adjust to a number of factors including the labour market, rising lending rates and changes in lending requirements.
|Feb. 17||Feb. 18||Y/Y % change|
|Months of supply*||2.43||3.74||54.03%|
|Average DOM||42 days||45 days||8.38%|
|Months of supply*||4.03||5.5||36.29%|
|Average DOM||50 days||55 days||9.76%|
|Months of supply*||5.91||7.24||22.46%|
|Average DOM||66 days||68 days||1.87%|
*Months of supply: The ratio between inventory and sales which represents the current pace of sales and how long it would take to clear existing inventory.
**Benchmark price: The monthly price of the typical home based on its attributes, providing the best measure of price trends.
Remove Emotion When Selling
Most real estate experts agree that being too emotionally attached to your home can lead to poor decision making, such as over-pricing the listing and making hasty choices based on feelings rather than facts.
Of course, removing emotion from the home selling equation is easier said than done. After all, it is your home. It’s only natural to be emotionally connected to it. So, how do you ensure that emotions don’t get in the way of selling your house quickly and for the best price? Here are some strategies:
- Think of selling your property as a business transaction only. Focus your emotions on the new home you’ll be moving into soon.
- Stow as many personal items as possible, such as trophies and family pictures. Turn your home into an attractive product.
- If a buyer makes a negative comment about your property - “I hate the deck colour.” - don’t take it personally.
- Avoid judging offers to buy your house based on whether or not you like the buyer.
Finally, whenever you make a decision during the home selling process, ask yourself: “Am I making this decision based on fact or emotion?” If the answer is “fact” then, chances are, you’re on solid footing.
Make Your House "Picture Perfect" For Buyers
When you walk into a nice hotel room, what do you usually notice first? It may be the large, often beautiful picture hanging above the bed. You’ll probably find a smaller, equally attractive picture hanging in the bathroom. Often there will be at least two more adorning other walls.
That’s no accident. Hotels know that pictures are the simplest, surest way to make a good-looking room look great.
The same thing holds true when preparing your house for sale. According to home staging experts, hanging a few quality pictures can transform the look of just about any room - even a washroom!
Chances are, you already have pictures hanging in your home. Do you need more? That depends. If you have a room that seems dull, and there is open and empty wall space, try adding a picture. You don’t have to buy one or hang one - just have someone hold up an existing picture. If the look of the room improves, consider adding a picture in that spot.
Pictures don’t have to be expensive; they just need to be of good quality. Many retailers sell good-looking, nicely-framed pictures at affordable prices.