As you’ve likely heard, the real estate market in Saskatoon and area, remains very strong and many homes are selling quickly. Here are some tips on what we think you need to know as a buyer or a seller in today’s fast paced market.
Anytime you’re buying or selling a home, being prepared is important. When homes are selling quickly, like they are right now, being prepared is essential.
Be Prepared
For buyers, that means it’s really important to have gone through the mortgage pre-approval process. When interest rates are fluctuating, you should touch base with your lender every week or two to make sure that nothing has changed in your mortgage situation and everything is ready to go when the perfect home comes along.
Some homes are going over the asking price. Having confidence in your financing will help prepare you to act quickly and help make you more comfortable making an over-asked offer if the situation warrants it. When you are in an over-ask offer situation it is a good strategy to look at what you are comfortable paying in a monthly payment and work backwards to see what that looks like as a total purchase price .Your mortgage advisor will be able to help you with this process.
Time Management
Time management is key. This means not only being able to get out and look at homes as soon as possible but also being able to make a decision fairly quickly about putting in an offer on a home.
Make a plan
For sellers, there’s a few things you need to know when homes are selling at a faster pace. You might get a number of requests for showings in the first few days that your home is on the market. Having a plan to be out of the house can be very helpful. Obviously everyone’s home life varies but flexibility around showings can help get your home seen by more potential buyers.
Having all of your documents in line and your home clean and ready for showings is essential to put your best foot forward.
With some homes we are experiencing multiple offers. We will be able to walk you through this process and why one offer might be stronger than another.
One of the questions we often get asked is “when is the best time to put my home on the market?” In today's market the answer is right now! We have low levels of inventory in all price ranges and the market would love more listings.
If you are looking to buy or sell a home, we would be happy to help. Feel free to reach out to one of us with any questions you have.
See you next month!
SASKATOON REAL ESTATE MARKET STATISTICS
As of April 3rd, 2022
Total Active listings: 1000
New listings in March: 733
Single Family Homes: 560
Condos: 440
Apartment Style Condos: 311
New Listings are down -21% compared to March 2021
Sales in March: 491
Sales are down -13.4% compared to March 2021
Average Sale price: $370,133
Average Sales Price is up +2.22% compared to March 2021