by Linas Kilius | June 5, 2017
The real estate market over the past couple of months has been anything but predictable. We’ve seen drastic price swings in areas as there have been large shifts in supply and demand, especially in many pockets in the Greater Toronto Area. Through the Spotlight Marketing Program, we’ve seen a record number of price changes on listings over the past month, just yesterday, Eryn and I were discussing a listing that came to the market with one price, had a price reduction a week later, and then had a price increase a couple weeks after that.
The market can be so price volatile that it can be difficult as a real estate agent to assess the value of a home. When home prices are in constant motion, past sales data from comparable properties may be outdated after even a couple of weeks. So how can you confidently price a home in a market like this?
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