One third of the year has passed, and the real estate market in Niagara is humming along. Thing is though, it is a very different sounding hum. Compared with the first 4 months of 2008, 2009 has seen a steady number of sales, but the activity is heavy in the under $250k market, while homes priced higher tend to be sitting for a while before finding a buyer. Low interest rates make this a great time to buy a home for sale in Niagara, and many first time buyers are taking advantage of the economic climate to do just that - take their first step into home ownership.
Stats Time:
Let's compare Jan-Apr 2009 to Jan-Apr 2008 looking at sales by price category.
Under $100,000 121 in 2009 167 in 2008 27.5% drop
$100,000 - $200,000 850 in 2009 1088 in 2008 21.9% drop
$200,000 - $350,000 514 in 2009 708 in 2008 27.4% drop
$350,000 - $500,000 71 in 2009 105 in 2008 32.4% drop
$500,000 + 20 in 2009 41 in 2008 51.2% drop
* Stats taken from Niagara Association of Realtors website
As you can see, the least effected price range is the $100-$200 thousand starter homes. Homes asking more than $500,000 are looking at a list of potential buyers that has been cut in half. So what do you do if you are looking to sell your home in this climate? Three key things:
1. Choose the right Realtor - one who understands the market, and is willing to work with you to make sure your home is marketed correctly.
2. Exposure - make sure that as many potential buyers for your specific home are exposed to your property. This does not necessarily mean "Blanket advertising" or putting an ad in every marketing vehicle or medium, but rather "Target Advertising" or aiming directly at the people who are looking for this specific type of home. Again, working with the right Realtor is key.
3. The most important element in the marketing and sale of your home in this market is PRICE. Price it right! Look at it this way... you will be saving on the purchase of your next home because of the market, so expect to price the home you are selling sharply, and you will find a buyer. It is a bit of give and take. The houses sitting for months are likely priced according to a market that has disappeared. It is not spring 2007... those days are gone.
All in all, it is a time of optimism in Niagara. Our real estate market is really much better than many similar sized markets in Canada, and way better than most similar U.S. markets. So, take advantage of an opportunity to lock in fantastic interest rates, price your home correctly, buy smartly, and remember... make your move with Mulder!
Stats Time:
Let's compare Jan-Apr 2009 to Jan-Apr 2008 looking at sales by price category.
Under $100,000 121 in 2009 167 in 2008 27.5% drop
$100,000 - $200,000 850 in 2009 1088 in 2008 21.9% drop
$200,000 - $350,000 514 in 2009 708 in 2008 27.4% drop
$350,000 - $500,000 71 in 2009 105 in 2008 32.4% drop
$500,000 + 20 in 2009 41 in 2008 51.2% drop
* Stats taken from Niagara Association of Realtors website
As you can see, the least effected price range is the $100-$200 thousand starter homes. Homes asking more than $500,000 are looking at a list of potential buyers that has been cut in half. So what do you do if you are looking to sell your home in this climate? Three key things:
1. Choose the right Realtor - one who understands the market, and is willing to work with you to make sure your home is marketed correctly.
2. Exposure - make sure that as many potential buyers for your specific home are exposed to your property. This does not necessarily mean "Blanket advertising" or putting an ad in every marketing vehicle or medium, but rather "Target Advertising" or aiming directly at the people who are looking for this specific type of home. Again, working with the right Realtor is key.
3. The most important element in the marketing and sale of your home in this market is PRICE. Price it right! Look at it this way... you will be saving on the purchase of your next home because of the market, so expect to price the home you are selling sharply, and you will find a buyer. It is a bit of give and take. The houses sitting for months are likely priced according to a market that has disappeared. It is not spring 2007... those days are gone.
All in all, it is a time of optimism in Niagara. Our real estate market is really much better than many similar sized markets in Canada, and way better than most similar U.S. markets. So, take advantage of an opportunity to lock in fantastic interest rates, price your home correctly, buy smartly, and remember... make your move with Mulder!
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