Tuesday, December 6, 2016
Judy Marsales, Broker of Record
General Real Estate Advice
We are all facing changes with how we communicate - technology dominates and personal contact is diminishing. Clearly, we are more connected globally than ever experienced in history. However, what we gain in immediacy, we have lost in the sensitivity of personal interaction.
Sellers sometimes perceive that the farther they spread the word of availability of their property, the more response they will receive and by extension, the higher the return. While this perception seems reasonable enough, it does not always translate in the real estate world. In fact, it can have the opposite effect. For example, we have seen Hamilton homes advertised in the Toronto marketplace with the common expectation of achieving a higher sale value from someone outside of the existing marketplace based on that Buyer's exposure to the Toronto market. Again, sounds reasonable but has not proven to have practical application. Is this really an opportunity for the homeowner?
When a Buyer comes to Hamilton, they often have one goal and that is to buy a home at a substantially lower value then the market they know in Toronto. They are less sensitive to the nuances of local neighbourhoods. The local buyers have more appreciation for the communities, the heritage and history which often informs their value judgment. There is an old belief that the highest price will be paid by the buyer who lives within a mile radius of the sellers' home.
Sellers should ensure that they are getting maximum local exposure for best return. A home is a very emotional purchase and sellers can benefit from the personal knowledge of local buyers. Call our office for the latest up to date local information.
May your family enjoy the warmth of the Holiday Season with good health and happiness.