Real Estate Curve

When considering to sell your home remember than a agent has the latest tools and skills to determine how much your home is really worth. Your neighbor may tell you that he or she sold the same house on the street 3 months ago for x amount of dollars more but may not know what is actually happening with the current economy and latest buyers trends. Determining the value of a house is a tricky process, many factors must be considered. For example the time of the year, hot or cold market, buyers trends, economic health, job loses, house upgrades/updates, quality of work done to home, the current condition compared to recent sold (and not compared to currently listed properties). There is a lot more factors to consider, is it a corner house, or is there a school near by etc…There is a whole lot of other to consider. Contact a local agent to find what your home is actually worth in today market.

I am an agent working in the GTA area, based on what I see not all homes are priced or sell accordingly to the market right now(January 2009). People do get good deals with $40,000 - $60,000 lower purchase prices but only from the vendors that really have to sell.

There is alot of people still selling their homes way above the market value, their frame of mind is that if they don’t sell for what price they want to won’t sell at all. Some people made the mistake of buying first and then selling their home, at this time of the market if you buy something and your house isn’t selling, then you will have to reduce the price until you get it sold. This is not a typical way it should be but if you are stuck with 2 properties a price reduction is the only way. As I say to alot of people if something is priced right it will sell.

Based on some stats from the Greater Toronto Area, real estate activity has hit a curve downward. Basted on the very first 2 weeks of January 2009 sales went down 50% as compared to the first 2 weeks of 2008.

What does this mean for all of is that buyers are affraid to invest their hard earned money. Buyers are affraid to lose property value if the housing market will take a further curve in sales activity. As buyers you want the price to fall, as a seller that owned real estate for a years and made money with equity they want the market to go back up.

What will happen we shall see.