When we lived on the east coast, I used to hear “if you don’t like the weather, wait it will change quick”.
Similarly, the red hot market of the first quarter of 2022 turned on a dime and the real estate market went into a free-fall for months. That dramatic reduction of house prices was caused by consistent interest rate hikes brought on by inflation.
Well, the market has changed again. Over the last two months the market has come ‘off the bottom’ with values rebounding because of predictable interest rates and
pent up demand in some price ranges. Most importantly, the craziness of the first few months of 2022 is behind us. We are now in more balanced market which is best for buyers and sellers.
Finally, the one surprise to me is the increased demand for residential investment properties. While our family has been investing in small single family rental properties for years, a lot more people are now also looking at this investment avenue. Thinking of becoming a landlord of a townhouse or small home? Give us a call and we can discuss the good and the bad points!
Good luck with the draw to support your favourite small local business.
David Weir BA, CD
Since January of 2023 until now, the median list price has gone up over $75K and the median days on market has dropped from 30 to 15 days*.
For all types of real estate, we can provide you a Market Evaluation with up-to-date statistics so you can make informed decisions on your assets.
Want to know more about your specific situation? Give us a call and we will let you know what your holdings are worth today.
Weir professionals – helping you live your life.
*based on local MLS Statistics from QDAR
There are few certainties in this world, but there are surefire ways to sell your property faster regardless of market conditions. These strategies have been proven time and time again. So, if you’re thinking of selling this year, take a good look at these recommendations:
Clean and tidy up. Making your home “guest ready” is the easiest way to ensure buyers are impressed during a viewing.
Declutter. The more spacious your home looks, the more impressive it will be to buyers. You can box items and give them away, sell them or put them in storage.
Price it right. Deciding on the right listing price is crucial. If it’s too high, you’ll discourage otherwise qualified buyers from seeing your home. If it’s too low, you might send the wrong message to the marketplace.
Optimize curb appeal. The better your home looks from the street, the more buyers will become interested. First impressions are important.
Stage your home. You don’t need necessarily need to replace furniture. However, studies consistently confirm that a well-staged home sells significantly faster than a comparable un-staged property.
Leverage the latest marketing and selling tactics. You want the marketing of your home to bring in the most qualified and interested buyers. You then want sales strategies that turn those buyers into offers and negotiation skills to turn the right offer into a sale.
SCAMS ARE ON THE RISE
The more consumers increase their use of online shopping using a variety of sites and payment methods, the more susceptible they become to fraud, including false threats or enticements from scammers posing as retail, bank and credit card companies.
With personal profiles being shared more frequently, it stands to reason that hackers will gain increased access to email addresses and other contact information. In addition, the scammers’ methods of “phishing” for personal information has become increasingly sophisticated, with correspondence that is often difficult to distinguish from legitimate business communications.
Disguised as a legitimate business or bank, they can send phony alerts that act like an electronic Trojan horse. The consumer is tricked into divulging additional more sensitive data such as an account number or a password. We all need to be wary of any unexpected emails and phone messages that may implore us to act on impulse by clicking or replying.
Always ensure you are not giving away personal information to criminals.
SHOULD YOU DO A MAJOR REPAIR BEFORE SELLING?
There’s no doubt about it. The more “move in” ready your property is, the more attractive it will be to buyers. There is always an advantage when buyers can imagine living in the home without having to make any major repairs or improvements — at least for the short term.
But, does that mean you need to get every big issue dealt with before you
sell? Not necessarily.
For example, your flooring may need replacing soon. Sure, that may influence the interest-level some buyers have in your property. Yet, homes sell every day with these kinds of issues.
What it comes down to is cost-versus-benefit. Painting, for example, costs little (compared to other types of improvements), yet can make a big difference in how your home appears. So, the benefit is high compared to the cost.
On the other hand, redoing your kitchen is an expensive undertaking.
Although you’re likely to add value to your home as a result of the
renovation, you might not get your entire investment back when you sell.
So, consider each improvement you’re thinking of making based on its
cost, how much more you’ll get for your home, and how much more
quickly you anticipate your property will sell.
If you would like to enter to win a $100 gift certificate to the small business of your choice
(regardless of where you live) – we want to hear from you!
We watch our channels closely and want to reward our followers for their continued patronage.
There are a couple ways to enter!
Each follow, reaction and suggestion are an additional chance to win.
Your chances are way better than the 649!
One $100 gift certificate to your local business of choice will be awarded to a lucky Team Weir subscriber once
per month. February’s winner will be announced on our Facebook and Instagram channels on June 30th.