How do you sum up a real estate market that is so inconsistent?
- Homes not selling for months
- Homes recieving multiple offers
- Little inventory in some areas
- Too much inventory in others.
What is the consistent part of the market? Answer. The Buyers
Put yourself in the buyers position. You've heard your friend/family member paid "X" amount of money below the asking price for a home. What do you now expect when you go to buy? The same thing? Of course! You don't want to over pay when buying in the same market.
The problem is, one street/neighbourhood/complex/builing in one area can greatly differ from another. Even a unit in the same building with the same square footage could sell for a drastically different price. It's hard to reason at times. For instance:
There could be one building in the same neighbourhood that has many diferent features then most buildings in the same neighbourhood - units rarely come available. If a home comes available in that building, likely, you'll have a number of buyers after that one unit, and the unit will sell for a higher price with little reduction on the asking price.
But if you are trying to buy it, and at the same time wanting the same price difference as another building that is in the same area but has numerous units for sale at any given time, you can seriously run into problems and miss out on a ideal home, and better investment.
With in reason every sale is unique, but at the same time similar. Am I confusing you? Right, because I think buyers can also get confused. And at with a similar effect, the sellers can get confused.
There are many sub areas that have limited supply right now. And it's important to find out which areas are hot or cold when buying and selling. ( If you would like more information on these areas, and get a market picuture, contact Alex for a detailed report. )
What can you do when wanting to buy or sell?
Get a Realtor that you not only trust wholeheartedly, but that can professionally give you a balanced and experienced overall picture of the market you plan to buy or sell in. Get as much up to date information so you can make a informed decision when buying or selling.
Are you thinking of buying or selling in this up and down market? Contact Alex today - 604.626.1483