REALTORS ®️ in Edmonton understand the importance of knowing the current market condition. If you’re a first-time buyer, chances are you don’t know what defines a buyer’s market vs a seller’s market. To make your life easier, I’ve detailed the answers to these important questions below. This way, you can hit the ground running when you start looking for homes in Edmonton. Read the text beneath to gain a better understanding of how market conditions affect real estate transactions.
All about a buyer’s market.
Understanding the current market condition is a valuable part of real estate. Being privy to this knowledge can make it easier for you to determine when the right time is to buy. Typically, a buyer’s market is when more homes are for sale than people looking to buy. This is because prospective homebuyers have the upper hand. The small demand for homes makes sellers more likely to comply with whatever offer they’re presented with. All to get their home off the market. During this situation, a buyer is able to negotiate with ease and often gets a better price.
REALTORS ®️ in Edmonton know seller’s markets.
Determining if you’re in a seller’s market comes down to the number of homes for sale versus the buyer’s. Like you may have guessed, it's the opposite of a buyer’s market. When there are fewer houses for sale in your city than buyers, you’re in a seller’s market. If you’re looking to purchase real estate this is often a bad time to do so. Sellers have a great advantage in this type of market because they understand the desire for real estate. This means higher prices and less room for negotiation. However, you stand to make a great profit if your listing is sold.
Understanding seller’s markets and buyer’s markets are difficult. If you’d like more information on these, don’t hesitate to reach out. You can contact us at any time with questions, concerns, and inquiries here. We’d be happy to help you get on track with your real estate goals.
For further info visit our brokerage website here where we post the latest updates and news. We look forward to hearing from you!
