As you may have noticed, real estate prices have been on the rise in the Waterloo Region! People have been noticing homes selling for well above their worth / asking price. Last week alone, I had 2 properties sell for over $30,000 the asking price. The week before, I had a property in Cambridge sell for over $80,000 more than the asking price. So why is this happening? A few people think that homes are being undervalued, thus making it appear as if they are selling way over asking — but this is not the case at all. It comes down to the basic law of supply and demand!
Supply and demand cause real estate prices to both rise, and fall. When the demand for real estate is high – more people want to buy and there are not many homes available, the prices tend to skyrocket.
Later on, when the number of available properties increases, or when less people are looking to buy, the prices usually drop.
The supply and demand in real estate is not an easy balance, but knowing when to sell is important. A good realtor can guide you and help get you top dollar for your home.
If you have any questions about real estate or think it may be time to sell, do not hesitate to contact me. I would be more than happy to provide you with a free home evaluation!