The decision to sell a home is more complex then many people first realize. One of the primary issues to consider when it comes to selling your home is your market and how it will impact the sale of the property.
Selling Tips – Determining Your Market
People decide on selling their homes for a variety of reasons. In some cases, the sale is involuntary due to issues that arise in every day life such as a job-related transfer, divorce and financial problems. For a vast majority of people, however, the decision to sell is made under less trying circumstances. If you fall into this category, determining the nature of the real estate market in your area is a critical step to take.
When determining a market for real estate in a particular area, the central issue is what kind of a market is present? There are two types the sellers market and the buyers market. Each market has particular characteristics and will impact how much time and money will be involved in your selling effort.
A Seller’s Market
A sellers market is one where there are more buyers than properties being listed. It is no secret that Canada has been in one of the hottest sellers markets ever seen for the last seven years, but it is starting to cool off a little. This doesn’t mean, however, that the national trend reflects the situation in your particular area. If your area is still red hot, you are in the cat birds seat. You can list your home with a high price for your area and still reasonably expect to get offers.
Selling In A Buyer’s Market
A buyers market is one where there are more listings than buyers. In such a situation, homes tend to sit on the market for substantial amounts of time.
Anyway, if you are in a buyers market, you need to determine two things. First, do you have sufficient equity in your home to make selling it at a competitive price a worthwhile decision? Second, would it perhaps be better to wait a few years until the market falls in your favor? Unless there is a compelling reason to sell, many homeowners will wait out buyers markets. If there is a compelling reason, you need to price your home near the bottom of the market for comparable homes in your area to get a quick sale. If it is any comfort, you should be able to turn around and find a good deal in your area as a buyer.
At times, the real estate process can be a confusing one for buyers and sellers. If you take the steps to determine your market before making a specific decision, you will be better off.
[hls_Buzzinar ID=2]