Toronto’s Housing Market Is Just Like The Weather

 Toronto’s Housing Market Is Just Like The Weather

Weather is local and same goes for the housing market.  It could be raining in one part of town while 10 kilometers away the sun is still shining.  The same applies to real estate where one neighbourhood house sales are sluggish where another homes are selling the first day the sign goes up.  So here are some tips to determining your market’s housing forecast:

  • What is the selling trend?  Here you want to determine whether prices are falling or rising for not  only you neighbourhood but your housing style.
  • Is the house ready to be put up for sale?
  • Who is buying and selling in your area?  You need to know who’s your potential buyer as well as your competition.
  • Analyze your neighbourhood sales comparables.  This means looking at one year, 6 months, 3 months and current.
  • Know the true value of your home.  Have a couple of realtors price your home and don’t just go with the highest evaluation as this will certainly come back to bite you.
  • Decide if you really have to sell now or possibly wait until market conditions are more favourable.

Before you plant that for sale sign on the lawn you want to know what way the wind will be blowing.

But like any forecast the information must be reliable.  It is critical to understanding the selling or buying environment so as to avoid getting caught unprepared for today’s housing market…which can be sometimes unpredictable and forever shifting.