If your home is ready and you are prepared to sell – NOW is the right time!
Real Estate Markets are local and dealing with someone who knows the market will give you great guidance to better understanding pricing your home and hunting for a new one. When we talk about market, we are referring to both the current time period and the geographical area. This data combined will give a good picture of your local market.
As we continue to survive through this pandemic with virtual tours, zoom meetings and working from home; Real Estate is remaining strong and essential.
Currently we are standing in a sellers market. What does that mean???
It means we are facing record low inventory levels. There are more home buyers than home sellers. Furthermore, mortgage rates are low. This results in a competitive sellers’ market, which often ends in “bidding wars”.
Great proof of this is the reported statistics from the Real Estate Board of Fredericton which are breaking records monthly. Active residential listings haven’t been this low (the month of December 2020) in more than 2 decades! (see chart below). This normally leads to the average price of homes sold typically being higher than asking price.
Real Estate Board of Fredericton reported 42.2 % decline comparing December 2020 to December 2019 active residential listings.
That being said, it doesn’t mean you would ask for an unreasonable price for you home. However, a good option is to make sure your home is priced competitively. This will capitalize and create a multiple offer situation, raising the price of your home naturally. Currently homes are selling in the matter of hours and days rather than weeks and months.
Presently on a buying side it is very important you are not getting into a situation where you overpay for a home.
As this pandemic continues, we are consistently thinking of new ways that are “outside” the box. I am here to protect you, guide you and help you any way I can selling or buying in this market. We will succeed and survive through this together.
If you have any questions with any of this information please reach out to my assistant Deidre Astle (506) 471-9590, or myself at the information below. Wishing all you a happy and healthy week 😊