Should you list your house right now?
I am being asked this question by many sellers these days and I thought that it would be helpful if I shared my answer to them. The short answer is that every seller situation is unique and different. Some sellers need to list now since they purchased before and it is now time to list. For those, I would say that there is no better time than now. Since we are in a very tight market, every buyer showing is pre-qualified nowadays. if you do have showings there is a good chance that the buyers are serious in their intentions and done the work to know that the property meets their needs. No one wants to go look at properties nowadays unless they are serious. This is a good thing so there is a good chance you will get an offer. The key as always is to price your property right. What I mean by that is that properties under a million attract more demand nowadays and sell faster. Properties more than a million tend to negotiate more and hence you need to price then accordingly. Most buyers anticipate price correction so you need to be aware of that. If you are concerned with physical showings and the spread of the virus, there are many virtual tools to help you sell without the need for buyer showings. Buyers also need to sign a declaration saying that they haven’t travelled outside the country, don’t show symptoms or have been in contact with some that are sick or show symptoms. Overall, listings are still selling albeit at a slower pace so the only thing you can do is take a chance and try.
Please Note That This Analysis Pertains to April 19-April 25.
This Week Marks The Fifth Week Where We Note The Effect of The Pandemic on Our Real Estate Market. Number of Transactions Have Been almost Flat Week over Week at Only 69 Which is Very Low For This Season. Same Week Last Year Had 291 Transactions which is More Than 80% Drop-in Activity. Sold Price to Listed Price Percentage Has stayed at 98%. Please Note That Five Weeks Ago The Sold Price e to Listed Price Was at 105%.
Please Note That Almost 70% of The Activity Has Been Around The More Affordable Properties Under The 1 Million Mark. This is Usually The Case in a Downturn. Activity Remains in The More Affordable Product and We Tend to See The More Expensive Properties Start To Drop Down in Prices as a result. Properties over 1.2 million sold at 96% sold price to listed price. We are going to Need to Continue Monitoring This Trend for The Next Several Weeks.
As a result, We Are Now into a Buyer Market in The Properties Above 1 Million. I Predict This Trend to Continue in The Next Several Months.
Take Care Everyone and Stay Healthy.
I am going to Keep You Informed…