There are all of those wonderful things that tell us the end of the winter season is near - longer periods of sunshine, occasional days of warmer temperatures, March Break for the kids, new spring clothing inventory at the stores, Easter eggs and bunnies for sale, and realtor FOR SALE signs popping up around every corner of every neighbourhood!
It’s not just your imagination- there are a lot of properties for sale right now, with even more coming up on the market every day. Inventory is high, buyers are few…a seller must be very competitive in the 2007 local real estate market so far in order to see that ‘SOLD’ sign. Homebuyers have had the luxury of being very particular lately with so many homes to choose from. Price is everything, and competitively priced homes are the homes that are selling.
The residential average sales price is forecast to rise modestly over the next two years. Resale housing markets in our area are definitely becoming more balanced, with little or no increase in sales prices from the fall of 2006.
Canadian Real Estate Association (CREA) Chief Economist Gregory Klump says that this is not an indication of a slump in residential sales, since mortgage rates are still low and expected to stay that way plus employment and consumer confidence is up. Klump believes that the housing market will stay strong and steady over the next couple of years.
With spring’s arrival, the current real estate market will be changing. However subtle those changes may be, if you have a realtor FOR SALE sign in front of your house, your realtor should be able to provide you with accurate pricing from week to week. At this time of the year, it is really important for your realtor to be keeping you up-to-date on a regular basis so that you can be well-informed of any changes in the market that will affect your price.
If you are considering placing your property on the market, you can have a detailed current market evaluation completed by any reputable realtor in your area, generally at no cost or obligation to you. You will receive information on recent sales activity and other properties which are currently for sale. You need plenty of information and sound advice in order to competitively list and sell your property. Besides price, you need to get your house ready to sell…but that’s another topic… which is closely related to another sign of spring: ‘Spring Cleaning’!
Tammy Dufault
Century 21 BJ Roth Realty Ltd.
