Sellers who prepare their homes properly for sale can still get a great price. On the other hand, buyers can find good deals if they’re patient and diligent.
Whether you’re a potential buyer or seller, it’s essential to understand that the national commentaries we see in newspapers, online and on TV are broad-brush in their approach. Your questions around property prices should be directed to the relevant local neighborhood and refer directly to the size and style of property you wish to purchase or sell.
Below are some key questions to be answered as you prepare to purchase property or make a sale. Your agent should know the answers and be able to counsel you on the best approach in your local market conditions.
How do values compare with 12 months ago for the size and style of property in this neighborhood? In a nutshell, this answer will illustrate whether the local market is holding its value.
How many properties are on the market locally compared with historical averages? If the neighborhood is awash with homes for sale, price ambitions will suffer. However, in most cases, the volume of properties for sale still has not returned to pre-pandemic levels. This continued lack of supply is bolstering values.
What is the average time a property takes to sell? The speed at which properties are selling is a key indicator of demand. Nationally, the median time currently stands at 32 days. That’s still super-quick.
How are buyers responding to the local market conditions? For sellers, this will indicate whether you will likely achieve your asking price. For buyers, the answer will suggest you can negotiate a discount, or you might be in a battle with others to win the property.