When your house is on the market, price is everything. During the market boom, this wasn’t as vital since high demand sent prices up rapidly, but the market soon caught up. Today, demand isn’t quite as hot as it once was, so houses that are priced too high may take longer to sell.
The Current Market
Currently, it’s a buyer’s market. There are large numbers of houses on the market, giving buyers a wide variety of options and reducing their urgency to buy. Today, houses are generally taking over 15% longer to sell than they did (on average), five years ago, and the listing ratio (the number of houses listed versus the number that are sold), has fallen to 34.4%.
Without a doubt, the houses that sell in a timely fashion in today’s market are those that are priced appropriately. If you’re thinking of selling your home, it’s vital that you call an experienced Saskatoon realtor for an appraisal.
According to the CREA Composite Home Price Index, which is the best indicator of market trends, a year-over-year decline of 2.4% was noted. On a more positive note, however, the marginal decline that began in July of 2015 has started to reverse! Increased sales in the spring, coupled with an increase in the number of houses on the market, have helped turn things around.
When a home is priced properly, it will almost always sell, regardless of market conditions. But, if you’re like most sellers, the goal is to sell your home for the best price in the shortest amount of time possible. Aligning yourself with an agent who knows Saskatoon real estate inside and out is the key to ensuring your home selling experience is nothing but positive.
If you’re ready to sell your home, get in touch with me and let me put my decades of Saskatoon real estate experience to work for you!