The most common question I get is, "how is the market". I guess this is similar to asking a friend about the weather. Perhaps an answer is not needed or perhaps the person asking really wants to know. In any event, I always respond in the same polite way. "That depends on where you live and what your plans are. What are your plans?"
Let's pull apart this answer.
"That depends on where you live" - Yes, location and style of house are always the most important factors when considering the condition of the "market". During our recent down turn, there were a number of category of homes and locations that sold very well while adjacent neighbourhoods and home styles suffered. To illustrate, the Central Okanagan contains 28 unique sub-areas such as Dilworth, Lower Mission and Black Mountain etc. Multiply this by 13 distinct home styles such as bi-level, rancher, two story etc and the combination affect creates a factor of 364. With 364 combination's to choose from, buyers will flounder quickly. Part of being a good Realtor is helping buyers quickly vet style and location choices. In this regard, an effective and knowledgeable Realtor can save buyers and sellers hundreds of hours. No one likes cleaning their house and buyers don't like viewing properties that "don't fit" their needs.
"What are your plans" - Real estate sells when markets are high and low. What creates the difference is the needs, plans and desires of the buyers and sellers. Interestingly enough, some of the best decisions to buy and sell occur when markets are in "flux". It takes guts to buy when everyone else is sitting on the sidelines and often history will confirm this to be the bottom of the market. Likewise, it takes tremendous strength to sell when others are not and lately it takes guts to lower your asking price to secure an offer. However, sellers today who actually sell are rewarded with a lot of choice on the buying side.
Realtors who can truly understand your plans and goals are better able to help you make choices. There are no good or bad choices. Just actions. And, when you make choices based on good market information and with the support of a Realtor who truly understand your concerns, your chances of success increase dramatically.
Stay tuned for insider secrets part 2.
Regards, Dean
Thanks for sharing your insight and knowledge.
ReplyDeleteYou share a great point that many people dont even think about or consider when buying a house.