Tell Us Your Housing Market Questions!
Feb 23, 2022 / Buying
Are you Interested in the local housing market? We can guide and help you decide if now is a good time to buy or sell. Home buyers, sellers or those simply curious about real estate can benefit from talking with one of our qualified real estate experts.
So tell us how can we help get the conversation started – and to get you closer to understanding the ins and outs of the current market?
Here are some questions to ask your Real Estate Agent about the Current Housing Market:
🔎 “How long will the current housing frenzy last?”
While we don’t have a crystal ball, real estate agents may have insight into these swings in the market and when they expect to see change. At the moment, many places are in a seller’s market, experiencing a high turnover of homes and an influx of competitive bids, with many properties selling over asking price.
🔎 “How has COVID-19 impacted the local market?”
With unusual circumstances in 2020, ask your real estate agent about the impacts COVID-19 has had on the specific area you are interested in. If you’re close to a city, for example, there may be more properties available with the influx of people migrating away from an urban lifestyle.
🔎 “Should I lower the listing price to sell my home faster?”
Suggests asking your agent if adjusting the listing price will help your home sell faster.
🔎 “If I am selling my home, how many days are comparable houses staying on the market? And how do their listing prices compare to the value of my home?”
Ask your agent what they’re seeing with listing prices and neighbourhoods similar to yours. Knowing how your home compares to similar listings can help you make a more informed decision to maximize value when it comes time to list it.
🔎 “If I am buying a home, how do I make my offer stand out in a seller’s market?”
Having been around the block (literally and figuratively), your agent will have insight into the strategies used to leverage an offer. For example, agents may recommend implementing an escalation clause into your offer to more easily outbid the competition. Suggest asking how to catch the seller’s attention when submitting an offer on a home.
🔎 “Are we in a buyer’s market or a seller’s market?”
Understanding the type of market in your town, city, province or country is experiencing helps inform personal decisions surrounding buying or selling – you’ll have a better grasp of what the current inventory is like and if there will be greater competition with your own transaction. A real estate agent can help shed light on which way the market is trending. In a nutshell, a buyer’s market is when the supply of homes is greater than the demand, and a seller’s market is just the opposite of that.
🔎 “If I’m selling my home, what should I do if I don’t get any offers within the first few days of it being listed?”
Ask your agent what to do if your home doesn’t receive any offers within the first few days of hitting the market. While your agent will likely calm your nerves, they will also be able to compare your situation to comparable homes for sale or ones that have recently sold to evaluate what’s next in your particular situation. It’s worth asking your agent if you have any concerns.
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