Navigating the real estate market can be a challenge at the best of times. Moving is complicated and buying or selling a property involves a myriad of negotiations, paperwork and legal contracts. When the market shifts, things can get even more challenging. These two sentences sum up the current market perfectly:
- Sellers are nervous about the value of their home and how long it will take to sell.
- Buyers can get cold feet, and many are holding off to see what happens next.
If you’re thinking of buying or selling a home in Milton, a local real estate expert is more important than ever. The last two years have been hectic, to say the least. For a while, new agents felt like they could do no wrong. Every listing had multiple buyers lined up as far as the eye could see. They could almost always be sure of a fast and easy sale, usually far above the asking price, as bidding wars and low supply pushed up the cost of housing. Now everything is changing, and we are no longer in a seller’s market. Inexperienced agents have never had to work through different conditions, and many don’t know how to deal with it.
For the best results, you need someone who has developed negotiation skills and the finely-tuned instinct that comes from working in every type of market imaginable.
How An Experienced Agent Helps Sellers
Many homeowners are struggling right now. The new reality is confusing. It can be discouraging, especially on the heels of such a fast-paced market that we saw earlier in the year. New real estate agents are also struggling to price and market homes strategically to attract the attention of potential buyers.
The initial listing price is critical. This factor, more than anything, can often mean the difference between the house sitting on the market or selling quickly. How do you know the perfect range where buyers are intrigued, but you still earn the maximum value for your home? An appraisal is an excellent place to start. It will take into account any recent updates you’ve performed on the house, as well as the square footage, lot size, number of bedrooms and bathrooms.
However, an experienced agent will go much further. They will dig deep into the micro-market of your neighbourhood, finding out how many houses have sold in the past few months and for how much.
Want more information about how to enjoy a successful sale? These tips should help:
- The Barnett Seller’s Guide: Free Download
- How To Sell A Home On Behalf Of Your Elderly Parents
- Is Now A Good Time To Sell An Investment Property?
It’s important to have realistic expectations when setting your listing price. You may not earn as much by selling now, but you’re still in an excellent position. Finding your new home after you sell has become less competitive. Plus, any equity you have built up over the years can now be applied to your new property, which will also cost less.
The Importance Of Effective Marketing
A targeted and comprehensive promotion strategy becomes even more critical when the market shifts. It didn’t matter as much when the market was on fire. Back then, a simple listing on the MLS was often all it took for buyers to find your home.
Now that there are more options to choose from, you need to work harder to get your listing out there. Your real estate agent should be well-versed in social media advertising, print marketing, and online promotions. However, a network of other agents might be the most valuable resource of all, especially with fewer people in the market. A network provides access to a hidden pool of potential buyers but is something an agent only has after years of experience in the area.
Why Buyers Need A Local Real Estate Expert
On the one hand, the market is more favourable to buyers than it has been in a long time. Prices have decreased, and more “For Sale” signs are popping up every day. You no longer have to get caught up in emotional bidding wars. You can just move on to the next listing. More homes available means you never have to settle for something unsuitable just to break into the market.
We’ve reached a balanced market, a condition we haven’t seen in quite some time. That’s the good news.
The challenge now is that higher interest rates can offset any savings you might enjoy as the market settles. Depending on where rates land, you might end up paying more over time even though the house costs less. A mortgage broker can help you find the best rate possible. If you know you’re going to buy in the next few months, getting pre-approved and a rate hold now will protect you from any further rate hikes.
Why buy a house in Milton? It’s a great place to live with many fun activities to enjoy with your family. Like these:
A local real estate agent is essential to prevent you from overpaying for your next house. Many homeowners are still trying to command the high prices from the market peak back in February, and it can be hard to know which ones are listed at a fair value. Your agent will help you sort through all of the listings and negotiate for a suitable home at the right price.
Do you want to make your next decision based on facts and logic so you get the best possible terms? The Barnett Real Estate Team has served the Milton area for over 30 years, and we are happy to guide you through the current market. Reach out to us today to chat about your goals.
