As home prices increase, buyers get more picky – and it makes sense.
If they have to pay more, then they want more for their money.
This should have some lasting effects on the market:
- The sellers who upgrade their home to sell will be rewarded.
- The gap between the turn-key homes vs. fixers should widen.
- The home-selling failure rate will increase.
The stats show that we’ve had more listings this year, but fewer sales:
NSDCC Detached Homes between Jan-Sept.
Yes, the ‘re-freshing’ of listings does pad the Total Listings count, but it’s been a constant problem and helps to make the point – it’s getting harder to sell.
For sellers who don’t want to lower their price, there is an easy answer.
Do more to upgrade your home!
This is why financed buyers should consider a fixer – there is less competition, especially from cash buyers who have a better shot at the hot buys.