When selling a house, pricing it correctly is one of the most important steps. If the house is priced too high, it can linger on the market for months without any chance of selling. Even worse, if the price is too low, it will certainly sell, but the seller could be leaving tens of thousands of dollars on the table.
If anything, the housing market has improved, with prices consistently going up and properties selling at a good rate. Why have all these experts been wrong? It isn't all about dollars and cents and what can give the best return on investment. Instead, emotions play a large role in the home-selling process, and they may ultimately prevent or at least delay any slowdown in Canadian real estate.
A radical deceleration in house prices could have a comparable impact upon people's psyches, let alone their finances. After years of unbridled appreciation in the value of their primary asset (.ie. their home), many have developed an ardent confidence based upon the expectation of a continuance of this trend.
We constantly hear headlines proclaiming the 'Toronto Housing Market' is this or that, but in fact, each neighbourhood within the city has its own housing market, as unique as its culture. Understanding the many factors that shape housing prices in each of these markets, as well as knowing where prices are trending, is an important part of a successful home purchase.