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During the February peak the market indicated a ballpark listing supply of less than a month.
In September listing inventory increased substantially: Overall just under 4 months supply, with a low of 2.7 months in St. Catharines to about 6.3 months in Fort Erie, all others being in between. Selling within one week is virtually no longer there.
So What Are the Takeaways?
- First and foremost, why are you selling? You need a good reason to sell. This can best be discovered through a needs analysis with your REALTOR®. Without a strong reason for selling, the list price can typically be reflective of wishful thinking.
- Second, in a tight market pricing is critical. The list price has to have the ability to attract buyer attention. This means a well-prepared valuation by the agent and the seller’s flexibility and cooperation to price the listing aggressively.
- Third, one needs to exercise patience and adjust the price if needed. A successful sale is a team effort between you and your REALTOR. Pricing is the first essential marketing step.
