I did a deal in Milton a few days ago. The reason the deal happened is that my clients moved from a small townhouse to a larger detached. It was way larger - almost double the size.  Believe it or not, they made the move for about $350,000 more and they doubled the size of their home. So today I'm talking about "the gap". The gap between a townhouse and a fully detached has really shrunk. That same townhouse back in February, was about $1.1M. But that same detached back in February was about $1.5M. So you can see that the gap is lessening, which is something to consider.

If you're thinking of making a move UP, now might be a good time to do it. Most people are struggling though - right now the market is not good (to be honest). The listings are piling up. There are buyers out there, but there aren't as many as there were. The thing is that the supply is really increasing. When you get increased supply, you get decreased demand, and then you get lower prices. So houses that were $1.5M (like I said earlier) are now $1.2-$1.4M. There are pockets where things are doing okay, but in general, I'm seeing homes listed for a week, then they're terminated and relisted at a lower price. And it's usually a significant price drop - some even between $100-$150K.

So my advice right now is if you're selling - anything - you've got to price right. That's the main thing - you have to price right. I've said this in videos years ago: the market right now is like catching a falling knife - you don't want to be waiting and waiting and waiting and catching it at the very end when it's really accelerated and it cuts your had fully.  You've got to get it early. In other words, you've got to be ahead of the crowd right now - you have to anticipate "droppage".

I had an agent the other day who had interest in one of my listings and I asked her what was holding her back from putting an offer in and she said her clients were saying, "why should I buy it now, when in a month or maybe two months, the price is going to be $100,000 less?" So that's what we're deling with right now. In other words, if that's the thinking and if your house is worth $1.5M and all the comps are selling at $1.48-$1.55M then maybe list it at $1.45M, anticipating that it's going to come down and you're going to be ahead of the curve. And those other people that are listing at $1.5-$1.55M right now are going to start following you, listing at $1.45M and then at $1.4M, if you know what I mean. So that's my advice - be ahead of the curve. Don't lag behind the curve, trying to chase the market - chase it, chase it, because you're going to end up selling for less.

I take great pride in my real estate work and in being able to advise others whenever I can. So, if you have questions, please give me a call!