With the current real estate market retrenching as a result of economic factors, it is imperative to talk to an expert when considering a real estate transaction — a full-time professional REALTOR® provides advice on how to best market your property.
A U.S. 2008 home buyer/seller study puts Winnipeg’s market in perspective. According to the study, the average period of time a home remained on the market south of the border was slightly less than six months.
In the U.S., sellers were satisfied when homes on average sold in approximately 5.5 months. As of the end of November in Winnipeg, REALTORS® were able on average to sell a home within just 24 days.
A number of MLS® areas averaged three weeks on the market, and in some instances only two weeks. Old St. Vital (north of Bishop Grandin between St. Mary’s Rd and St. Anne’s Rd) averaged just 12 days on the market — 207 of 230 listings, or 90 per cent, sold.
Things may have slowed down compared to earlier in the year, but this traditionally is a slower period for real estate activity. Combined with a healthier supply of listings, it only makes sense there will be a lower sales-to-listings conversion ratio at this time of year.
While Winnipeg’s real estate market over the last few years has been amazingly consistent in maintaining a high volume of house sales, there will always be changing dynamics and varying price ranges among different MLS® areas.
November statistics highlight how things can change within a year. In November, 15 per cent of all sales were under $100,000, whereas in June only eight per cent of sales were in this price range. Conversely, the over $300,000 price range comprised 12 per cent in June and nine per cent in November. One development this past month has been a drop off in some upper-end neighbourhoods in comparison to earlier in the year, as a result, the lowest price ranges had higher total sales.
The situation could change next year, but only a market expert can provide the knowledge and insight on how best to proceed with your real estate transaction.
A REALTOR® can provide information by comparing similar homes on the market, buyer demand for a specific property type and style in a given neighbourhood and the current interest rate
environment.
Winnipeg real estate remains a solid long-term investment. The city has a well-diversified economy, a low unemployment rate and affordable housing relative to other Canadian markets. But that doesn’t mean there will not be market fluctuations and adjustments.
Whatever the market conditions — buyers’ market, sellers’ market, balanced market — you do need to talk to a REALTOR® to determine your best strategy to meet your real estate goals.
First and foremost, REALTORS® are highly-skilled professionals whose most valuable asset is their concern for your best interests. REALTORS® know how to sell your property at the best possible price.
A comprehensive knowledge of the housing market is perhaps the most powerful weapon in a REALTOR®’s arsenal. A REALTOR® will assess your property and use a sophisticated comparative analysis to determine a fair selling price.
Once an initial estimate has been made, a REALTOR® will offer a number of valuable tips on how to increase the value of your property to speed up the sale of your home. Often, minor repairs are all that is needed to make your home a top draw.
Your REALTOR® will develop an overall “marketing plan” for your property to reach the specific buyer interested in purchasing your home.
Advertising in WREN, hosting open houses, communicating with other REALTORS® and listing on MLS® are among the effective tools used by REALTORS®.
A REALTOR® prescreens applicants before showing your home. This entails separating the “lookers” from the “buyers.”
Once a suitable buyer is found, the often tedious and complicated negotiation process begins. During this process, REALTORS® are an immense help. They have been through this procedure many times and know the finer points of offers and counter offers. Indeed, many homeowners who do not use a REALTOR® get stung at this stage. A buyer without professional advice is seriously hindered and a seller is at distinct disadvantage.
Having a REALTOR® on your side keeps you at “arm’s length,” greatly reducing the anxiety involved in selling, allowing clear and objective decisions to be made. Once the price is set and you come to an agreement, numerous legal and financial arrangements are involved, which can quickly overwhelm the average homeowner. REALTORS® are adept at getting you through this process with a minimum of fuss.
REALTORS® also must adhere to a strict code of ethics and business conduct.
The Winnipeg real estate market delivers good selection and value for what is typically the largest investment of your lifetime.
Information provided by The Winnipeg Real Estate News.
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