Are you thinking of selling your home this year? If so, you might be paying extra attention to housing market news covered by the regional and national media. While that news can be helpful information, it can sometimes say little about what’s happening in your particular neighbourhood. In fact, it’s possible for there to be a balanced market nationally or regionally, while at the same time your street may be experiencing a hot seller’s market! That’s why it’s important to understand what’s happening in your local “micro” housing market when you’re selling your home. What do you need to know about your local real estate scene? Here are a few questions to ask yourself:
• Is our neighbourhood a seller’s, buyer’s, or balanced market right now?
• If we list our home this month, will there be any competing listings in our area? If so, how many?
• How long is the average listing in our area taking to sell? A week? A month?
• How much are properties like ours in the neighbourhood selling for?