How many days on the market is enough?
The number of days or the number of viewings? Something that I hear from Sellers from time to time after they have been presented with an offer is "I (we) don't think the property has been on the market long enough". Usually I only hear this when the offer doesn't meet their expectations. Regardless of whether the Sellers expectations are in line with current market conditions or not. Every situation is different but if 50 people have been through your property in 2 weeks is that enough time? Or if 10 people have been through your property in 3 months is that enough time? Either way whenever you receive an offer it needs to be taken very seriously and if it doesn't meet your expectations you really need to ask why as many times as it takes to determine if this is the offer to work with. Just be very cautious if you decline an offer because you don't think the property has been on the market long enough.
The market is looking strong: number of sales in September of 2013 were 63% more than the slow month of September 2012. The number of properties currently on the market is 12% down from last year. So what does this mean? Sales are way up when compared to this time last year and listings are slightly down so there is some very strong demand in the market. More homes are selling and the months of supply is lessing which helps to keep a balanced market.
Do you have a rate hold? If you do you're probably out there hustling to find something to buy. I believe people were holding rates at 2.89, 2.99 and 3.09 for 4 months. Over the next month or so most of those rate holds will expire so that should increase some of the activity we are seeing in the market. If you're considering putting on your property on the market I wouldn't wait too much longer, this is just one reason.
Get moving: if you are considering a purchase or sale this year we need to get moving and have a chat. Even if you're just toying with the idea now is a good time to get some more information from me to help you make your decision.
Who do you listen to? There are a lot of mixed messages out there. Sometimes you don’t get the full picture and because every market can be different from the next you really want information specific to your market and your investment. If you know of someone looking for a realtor please keep me in firstname.lastname@example.org 604.782.7545
Here's May's Stats Package & Sales Ratio Breakdown.