Spring has arrived in cottage country. As I write my note for this season, I can’t help but think about the Seller. The proverbial question: What is my cottage worth? Well, in today’s market, you should explore this question to the fullest. The market has changed, making it even more important that you are asking questions and receiving well researched and accurate information.
This April, the spring market is shaping up to be a real Seller’s market. The market is strong and there are a lot of buyers searching for properties in our area. Our inventory has
dropped pretty dramatically, about 29% as I write this note. This spring I’m seeing cottages and rural homes come on the market, and being sold before they are exposed to an open marketplace. We’ve also seen multiple offers and properties sell for more than list price. We know that this is common place in the GTA and other markets, however it isn’t a common phenomena in cottage country…until now!
So, what does all of this mean for the Seller? Whatever the reason for selling your beloved home or cottage, nobody wants to leave money on the table. And you shouldn’t! When thinking about selling, you will begin to formulate a value for your property. Perhaps this value is based on a price that you had in mind last year after watching the market, or maybe you received a professional opinion. You have also heard that the market is good. A lot of thought (and emotion) go into the decision to list, and sometimes it just feels easier to list your property for a price that will obtain a quick and hassle free sale.
Here’s my analogy about this whole situation. We may have a long standing relationship with our doctor. However, if we are ill and are recommended a specific treatment, to be prudent, we may seek a second or even third opinion. This isn’t an uncommon practice when making a final decision that may significantly affect your quality of life. Should you not do this with your family resources? I believe strongly that it is very prudent to do so. It is the duty of your Realtor to give you an in-depth analysis of the current market and substantiate the information that they are providing to you. Ask questions, and make sure that your Realtor knows their stuff! We are being hired to assist you with a very important process and you want to make sure that your best interests are being served. And back to my earlier point; in a Seller’s market, make sure that your home or cottage is being fully exposed to the market so that you are not leaving money on the table.
In my opinion, this is the strongest market we’ve seen in cottage country in ten years. I’m not suggesting that you should put a speculative price on your home or cottage because that likely won’t lead to a sale. But, there is a supply and demand issue. So listen very carefully and discern the information that you are receiving. After all, there is a real potential in this market to come out of your sale with more than you may have anticipated. Make sure that you are properly represented by a professional who puts your best interests first!
RE/MAX PARRY SOUND-MUSKOKA REALTY LTD., BROKERAGE