CHAPTER 2 First Steps to Home Selling o Home Selling
Understand the Current Market
A market in which homes normally sell in no more than six months of the listing is considered balanced or neutral, which means a good number of homeowners are selling and buyers are purchasing; therefore neither has an upper hand. In Alberta ever since the end of the recession in 2008, this has generally been the case however, market shifts can—and do—happen. A variable, for instance, like a major company entering — or moving from — the area will tip the scale toward homeowners to create a swift market or toward buyers to make a slow market. The typical selling time in a swift market might be 30 days or less, while that of a slow market may be up to nine months. Typically, any number below 4 months is considered a “seller’s market.
Real Estate is Local - Each Community is so different
Location! Location! Location! is the most crucial consideration in real estate and a major factor, if not the predominant one, in real estate pricing. Novice (and not-so-novice) home sellers alike must know the considerations — such as location — that determine a home’s price. Setting the price at which to sell your home is not a simple formula, nor mathematical. Many elements factor into the decision. Throughout this book, you will read examples of similar and similarly situated houses that sold for very different prices, along with the reasons for the disparities. A calculated home 5
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