It is so hard to believe that we are just about halfway through the year. 2023 has proven to be rolling along just as fast as it rolled in. As real estate professionals we are constantly asked, “so how is the market doing?” We found the best way to answer this question is to ask a few more questions first.
How is the market doing for sellers? If you are selling, what are your plans with the equity? If you are buying, are you looking to buy? Are you buying your primary residence or an investment? How many years do you think you will keep this property? And of course, one of the most important questions, what price band are you looking to buy/sell in?
As much as the media, and even the general public, want you to believe the general real estate statistics they put out, the hard truth is that the market conditions really do depend on the PRODUCT. We have said it a few times in the past, real estate is VERY supply and demand driven. When there is a lot of competition for a specific property being sold, a seller can only push their value so high, to keep in line with their competition. It is important to remember that a buyer is going to be looking not only at your property, but all the other similar ones. They are going to be looking at just how well you measure up. If you don’t have to sell and there is an opportunity to hold off on putting the house on the open market, during a season of time where you are one of ten, instead of one of five, you may want to wait and list after a few of your competitors have sold.
It is so important for your real estate broker to really get to know not only the product they are going to be selling, but their client and their clients’ goals/plans/dreams. This holds true for buyers’ brokers as well. We usually tell our buyers that we need to get them into six properties before they can feel good about pulling the trigger and putting together an offer. This exercise of getting into homes helps a buyer have clarity on what they thought they had to have and what they can actually live without. It also helps elevate any reservation on putting in an offer once they find the “one.”
The real estate agent/client relationship is one of our absolute favorite parts of our job and there is a lot that goes into that relationship behind the scenes. If you are thinking about selling or buying, we would love an opportunity to meet with you and help guide you towards where you want to end up!