This may sound like a strange statement, but watching the real estate market in this city is like watching waves washing up on the shore. The beginning of the year is traditionally smooth waters, before things pick up into a frenzy from March to June, there’s usually another lull through the summer months, and fall brings an echo of the spring market. But as climate change has more and more of an effect, those patterns of waves are getting harder to predict. Is the real estate market taking after the climate, or vice versa? Or am I just reaching really far with my analogies? (It’s been known to happen).
ANYHOO, the fact is that, while the numbers have yet to be reported, I can hazard a guess that this will go down as a record January. Just the other night, I was in a bidding war for a home that was large and in a great neighbourhood, but needed major cosmetic work throughout, was located on a main street, and had no parking. My clients and I took a good look at the comparable sales that have happened and decided to bid slightly above where the sale should realistically land….and were outbid by nearly $70K.
This has actually been the norm this month, and in my opinion, points to a larger trend where both buyers and sellers are attempting to outsmart the market. Those sellers who may have waited until spring to sell their home are trying to capitalize on the buyers left out in the cold (pun intended) by December’s lack of new listings. Buyers are out early trying to get into the market before the anticipated flood of home buyers in the spring. So where does this leave you?
Well, if you’re a home buyer, it MAY be worth waiting for a bit to make a purchase. This, of course, is dependent on a number of factors: what price range and location you’re searching within, whether you’re looking for a condo or a freehold home, and whether or not you’re on a specific timeline. If you’re a seller, though, it’s likely worth getting your home on the market RIGHT NOW in order to make the highest gains.
This is, I realize, a big decision, so if you’d like to discuss your options and hear the thoughts of someone who is tracking this info daily, feel free to contact me. I’m happy to meet with no obligation to you at all.
Now, back to the climate change analogy, and how this could all be because we’re having a warmer winter than usual….actually, I’ll save that for another blog post. ☺
* = may or may not be an actual Van Halen album title. But c’mon, it really should be, right?