I feel like we've been experiencing quite a chill in the real estate market this entire last year. I definitely didn't get that busy fall activity that we would normally expect. When we look at the statistics, we have seen a significant decrease in sales and new listing numbers. Sales are down 17.7 % when compared to the same time last year. That's a significant reduction. What's important to note though is that prices as still holding in most places. They may not be rising as quickly as they were, but they're no longer decreasing compared to last year.
What does this mean?
Well, it means that the market is still well balanced. It may not be in favour of Sellers as it was, but houses are still acquiring a fair price.
What's important in this climate is to be PATIENT.
I see so many listings come on the market, doing price reductions, cancelling, changing agents, when Sellers really just need to trust the process. Buyers are not as quick to make a purchase. They know that there isn't as much of a rush, but also they are much more prudent considering all the recent mortgage and interest changes.
Just because your house didn't get an offer within the first two weeks of listing, doesn't mean that you're doing a bad job. As long as you're getting calls, requests for showings, and some people through your open house, eventually one of those potential buyers will come back and say they're ready to give you an offer. Who knows, maybe your buyer is the person who's just waiting for their own house to sell first.
Everyone knows that winter slows down even more as people concern themselves with the holidays, and probably would rather not move in the cold, but houses still do sell. It just takes TIME.
Trust the process, and just make sure you have the right agent and exposure. It is still important for your listing to remain fresh and in people's minds when they're ready to buy.
A good agent will also have adjusted their expectation of how much time and money they need to invest to sell your home.
Please feel free to contact me if you have any questions.