The market is the arena in which your home will compete and therefore the more you know about it the better prepared you will be. Once your home hits the market you are the “new kid on the block” and you have everyone’s attention. Its important to remember that this time is extremely “precious” and crucial in the selling process because statistics shows us that a home’s first 3 weeks on the market generate the most activity and interest.
Ever notice how after a couple of weeks on the market “for sale” signs in your neighbourhood seem second nature and less noticeable? That’s because the impact lessens with time, and after the 3 week mark not only does activity seem to decline but so does interest. Once the “stale bread syndrome” starts to kick in, prospective buyers start to wonder what’s wrong with your home and expect price reductions.
It is extremely important that you are well aware of the marketplace at various stages of your sale: before entering the market, upon entering the market and during the selling process. This is where the “right” Realtor plays a key role as your partner. Timing is everything in real estate and although market trends are important predictors of what is to come, having a local expert that closely monitors your neighbourhood is crucial. Supply and demand is what drives the market, prices and sales volume, and as local inventory changes so will the competition.
Here are the key factors you MUST know before putting your home on the market: