The media is increasingly reporting their is a shift to becoming a buyer’s market, some soon-to-be sellers may be wondering whether they should delay listing their homes until conditions become more favourable. When trying to assess the state of the market, make sure you are analyzing reliable data. Always use current data as in the past few weeks not past few months. Check median sale prices in your specific market as well as related nearby larger markets. Here is what an experienced real estate agent with MLS data and knowledge can help sellers as to what is happening to the market and where your market is headed.
The first step to this decision is to recognize when a market shift is taking place. Here are some very important signs that will help you determine where the market is heading:
- Homes are taking longer to sell
- Days on market have increased
- Supply – Demand
- High Supply Buyers Market – Low Supply Sellers Market
- Economic factors rising interest rates?
- List price vs. Sale price ratio
- Online page views and email inquires dropped?
- Feedback from other agent showings indicating price problem?
Sellers shouldn’t really try to time the market because nobody really knows where things are going to go over the next few weeks, or even the next few months. Though you may be reluctant to sell your home under less than perfect conditions, it’s important to your bottom line not to delay a home sale unless you can really afford to sit back and wait.
Decision to sell and when you should sell, differs case-by-case, and sellers should make that a decision based on their personal needs and desires.
