As the spring market evolves in Victoria, it has become very clear that there are lots of buyers out there for both houses and condos, but a seller has to work very hard to attract them. Buyers are usually the most informed in regards to the market, and they know that inventory levels are high and that the number of properties selling is down compared to last year. With that knowledge, buyers have the luxury of taking their time and looking for the perfect property before making a decision. In reality, some buyers take things too far and are missing some amazing deals! But, the smart buyers are watching the new inventory as it is released to the market and snapping up great buys before others are even aware of them.
Sellers can DEFINITELY sell their property quite easily in this market, but many sellers are missing the chance to do so by listing their homes at above the current market value. Granted, with prices down over last year, it can be hard for a seller to see the reality of the market, but it is critical to their success. We are always reminding sellers that, yes, they will sell their home for less right now. But, on the other hand, they will buy their next property for less as well. In most cases, this means that sellers can move up to a better home with it costing them less to do so now than it would in a hot market. Not sure how that works, just give us a call and we would be happy to explain it in detail.
If I could give one word of advice to sellers it would be that now is not the time to let themselves be courted by an advisor who advocates a listing price for their property which feels suspiciously high. Wishful thinking will definitely not make a property sell, especially today. Get several opinions of value, check the credentials and success statistics of those making any pricing claim, and if in doubt, hire a professional appraiser, or two, to help align your listing price with the reality of the market. If you are even just a tiny bit over the market price you will surely be passed by in favour of many other opportunities for buyers.
Are we feeling negative about the market? Definitely not! The average days on market for a home to sell is well below the average of the past years. It just takes the right agent, the right marketing strategy, and the right price!
Here are the results from the last 30 days:
Over the last 30 days, 250 single family houses were sold, up by 4 houses from last week. The median price is down $2,500 to $515,000. The average house was on the market for 35 days. In the same time period, 121 condos were sold, up by 5 condos from last week. The median price is up $1,550 to $271,500. The average condo was on the market for 56 days. There are now 2,007 houses for sale, up by 64 from last week. Condo inventory has risen by 18 to 907 suites.
(h)(s)
