The Business of Real Estate

THE BUSINESS OF REAL ESTATE

Real Estate is a funny game. Almost everyone you talk to has an opinion on the market. And go to a party or social gathering and mention you are in the biz and all of a sudden you are deluged with multiple questions. What’s the market like? How much is my home worth? What did Joe’s place sell for. How much are interest rates going to go up? Or down? And why is that? So many questions and so few answers. So you will need to check back on a regular basis to stay on course. First off. The market is stable. After the fluctuations of the last few years it seems we are headed towards a balanced situation. Which is a good. The crazy days of overbidding are behind us. There are still instances of multiple offers but nothing wacky like the last few years. In some cases the final winning bid might be a few thousand over ask but not crazy like it was a few years ago. Also, we are starting to see accepted offers with conditions again. Conditional on financing, Inspection or Lawyers approval. Things that we haven’t seen for years. And those are important pieces. They all seemed to be dropped just to close the deal. And that is not fair to both parties, especially the buyer. So, things are starting to even out which is great. Should lead to a more balanced landscape. After all, the most important thing is the satisfaction of both the buyer and the seller. Emphasis is placed on customer satisfaction rightfully so. Listings are still on the low side but that should be rectified once the BOC drops interest rates to where they should be. Until then it is always up to the consumer to just make sure they are working with the right representative and have been given full information on market tendencies. That makes a difference.