So many people I know are relying on macro market information to determine weather is a good time to make a move or not. My opinion is that it does not matter what the market is doing if your situation has changed and need to move to improve your lifestyle either because need more space, move to a new area for a new job, rightsize or downsize or decided that could work from home full time and move to that vacation home were only using few weeks during the year. Below is a chart which gives you an overview of the health of the market in GV area month by month. Does it tell you just by looking at it that is good time to sell ? Comment here
Real estate should not be that complicated as some people make it to be. From my ten years selling real estate and another ten years as investor I learnt that two things affect the market: a. supply vs. demand b. availability of money. Supply and demand is reflected above on the Months of Inventory aka M.O.I. which is the amount of time it takes to sell every home if no other properties come on the market. Availability of money either borrow from bank or from bank of mom and dad is indirectly related to the stock market. There are many other external factors that no one person has control over which could affect the interest rate and demand for real estate like employment, government housing policies and/or economy which gives an over all trust in the market. That is called 'bull market' which is not good time to buy if you have investor mindset.
However, if you are moving for the aforementioned reasons and you need to sell before buying it's best to look at stats below. This screen shot is just an example but, I have other stats broken down by property type and specific neighbourhoods. The stats below is better gage to get a sense if properties are selling and price ranges. As a seller, is important to know that value is in the eye of the beholder and if receive low offers only choice is to say NO thank you. That is why preparation is the key including to engage an agent the sooner made a decision to make a move. Real estate fees are the same, if work with an agent for 3 weeks or 5 months. An experienced and professional agent in your market area will help you with getting the house ready for sale, pricing strategy and all logistics associated with real estate transaction.
Micro market analysis is easier to answer the question " How is the market" from the page above e.g. Kits condo have 43% chance of selling in the month of May. To narrow down even further look on the left of the page the chances of selling a 2 bedroom is 14%. That been said, every property is unique and appeal to certain buyer(s) because it is a match just like " dating "
The message is not to be hung up on " Is this good time to sell ? " and focus more on 'Why I am moving?' or 'How a move would improve my life' ? Find an agent you connect with and s(he) is working for your benefit and plan-strategize your move.
Planing is key for success ! Feel free to contact me with any questions, comments/feedback or particular information may need.