The slow pace of sales continued across all product types in March. In the first quarter of 2018, total sales were 24% below long term averages. Although the economy continues to improve, it hasn't been enough to offset the affect of higher lending rates and more stringent conditions on the market.
In spite of the declining sales numbers, prices continue to remain stable for attached and detached homes. It's clear that many buyers/sellers are taking the "wait and see" approach to the real estate market.
As has been the case for the better part of the last three years, the apartment market continues to struggle with over-supply issues with the benchmark price down nearly 3% from last year.
|Mar. 17||Mar. 18||Y/Y % change|
|Months of supply*||1.98||3.61||82.00%|
|Average DOM||38 days||37 days||-1.27%|
|Months of supply*||2.9||5.27||82.00%|
|Average DOM||46 days||53 days||15.00%|
|Months of supply*||5.31||7.72||45.24%|
|Average DOM||56 days||64 days||15.99%|
*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.
5 Tips for Selling Your Home Quickly
There are several reasons why you may need to sell your home quickly. For example, a job change may require a speedy relocation to another city, or you may have purchased another property and don’t want to be stuck too long with two mortgages.
Here are some tips that can help get the sold sign on your front lawn sooner:
- Be realistic with price. If you set the listing price higher than the current market value of your home, then you’re not going to get many, if any, viewers. You want the list price to be attractive, which means listing at the current market value.
- Get things fixed. You probably don’t have time for a major renovation. So just make sure everything in your home is in good working order. Deal with any obvious maintenance issues, such as a leaking faucet or a gate hanging precariously on one hinge.
- Ensure your home shows well, inside and outside. Eliminate clutter. Trim hedges. Make sure every room has adequate lighting. Imagine that a special guest is visiting your home, and clean up and prepare accordingly.
- Be flexible with viewing times. You want as many potential buyers as possible to see your home. So, don’t restrict viewing times to just Saturdays. Make sure your home is as “available” as possible for showings. This may cause you and your family some inconvenience, but the reward will be selling your property sooner.
- Work with a real estate agent like me who understands the area and the local market well. I will be able to recommend a variety of strategies that will help sell your home faster, and for a good price.
Of course, there’s no way to guarantee that you’ll sell your home within the time frame you want. But these tips will certainly increase the chances that you will.
How to Be a Savvy Home Viewer
You will want to make the right purchasing decision for you and your family. So, it’s wise to be savvy when viewing properties for sale. Here are some ideas on how to do that:
- Bring a notepad. Take notes, not only of the home’s characteristics, but also of how you feel. For example, can you imagine yourself happily cooking up a storm in the kitchen? Do you see yourself entertaining family on the back deck?
- Bring a measuring tape. Will the furniture you plan to bring fit? Your dining room suite? Your home fitness equipment?
- Ask about maintenance. Is the property in a good state of repair? Will anything need to be replaced soon, such as the windows?
- Check out the area. Do other homeowners take good care of their properties? This shows pride of ownership. How is the noise level? Is there a playground, or another area feature nearby?
- Make a list of compromises. For example, are there only two bathrooms instead of three and, if so, can you live with that?
- Make a list of bonuses. What features does the home have that are not a necessity, but would be nice to have? For example, an entertainment bar in the recreation room.
- Remember your budget. Is the price within your range? Can you afford to buy this home?
The savvier you are when viewing properties on the market, the more likely you will be to find your next dream home.