The market has changed considerably since April, after the Government announcement, but it is still moving along. The difference is that it's changing from a Seller's market to a balanced market and the pace is more manageable.
As a Buyer? you have more inventory and time to purchase. No need to get in the frenzy of too many offers and too much money plus you might even find a home in the neighbourhood you couldn't afford last year!
As a Seller? It may take a little longer than in the past, but your home will sell with a few pointers. Before you list you may want to consider some things that will give you a good return on your investment:
1. The biggest returns are kitchens and bathrooms. You don't need to go overboard, but a nice refacing of cupboards and new counters & sinks can make a big difference - even if you just repaint your cupboards and put on new hardware. You don't have to go custom for a kitchen, Lowes, Home Depot & Ikea can design some reasonable kitchens and as long as you keep the same footprint, without redesigning and taking out walls, it can be a good idea.
2. Flooring is also a good update. We have been in homes where there are 3 different types of hardwood on the main level, and that can turn a prospective Buyer off - keep things simple.
3. Painting is a quick and economical fix - you wouldn't believe what a difference it can make to have a fresh neutral coat of paint.
4. Curb appeal is another easy fix. Make sure your lawn is in good shape, your garden isn't overgrown with weeds, windows cleaned and some fresh paint on a front door and garage doors will do wonders.
5. Lastly, make sure the mechanics of your home are in good working order ie. furnace, air conditioning, windows and shingles. These are things that will be brought up in a home inspection and the negotiation for these items tend to run higher than their actual value. Best to have things repaired or replaced before your home is listed.
Having these items looked after will make your home more appealing than the one down the street that hasn't been maintained. In this market it will be important to have a leg up on the competition as there is now more available for Buyer's to look at. As we said, the market is still good, you just have to be ready for it.