Selling Kamloops Real EstateHome Seller's Guide > Getting Ready > Understanding Market Conditions

 

KAMLOOPS REAL ESTATE

HOME SELLER'S GUIDE: MARKET CONDITIONS


market conditions

Numerous factors affect the real estate market. At any time, there could be more home buyers than sellers or more sellers than buyers. In addition, interest rates, employment statistics, and pricing can also affect the market. The supply of resale and new homes on the market are also considerations when selling your home. Generally speaking, there are three types of markets that affect the sale of a home. Understanding each of these can make a difference to your bottom line.

Buyer's Market

Description: There's an abundance of homes for sale on the market wherein the supply exceeds the demand.
Characteristics: Many homes on the market. Few buyers. Homes remain on the market longer. Prices are stable, but may also drop.
Impact: Less panic in buying. Buyers shop longer for homes. Upon negotiation, they often have more leverage.

Seller's Market

Description: There are more buyers than there are homes available on the market wherein the demand exceeds the supply.
Characteristics: Few homes on the market. Many buyers. Homes are sold quickly. Prices often rise. 
Impact: Home prices are higher. Buyers purchase quickly and tend not to shop as much. Multiple offers are common. Sellers may prefer offers with no conditions.

Balanced Market

Description: There are roughly the same amount of buyers, sellers, and number of homes on the market wherein the supply equals the demand.
Characteristics: Sellers accept reasonable offers. Homes sell within a reasonable time period. Prices generally remain stable.
Implications: There's less tension among buyers and sellers as there's a reasonable number of homes to choose from.