What are Market Conditions? How do They Affect the Selling Process?
The real estate market is always in flux, and this means that the value of your property (how much you can buy or sell it for) depends upon market conditions at that given time.
When it's a Sellers Market...
The number of buyers exceeds the number of homes on the market (demand greater than supply). In this market, prices are increasing and homes sell quickly. As a seller, you will probably have more negotiating power and obtain a higher selling price for your property. Unfortunately, you will be on the other side of the fence when purchasing your next home.
When it's a Balanced Market...
The number of homes on the market is equal to the number of buyers (supply equals demand). In this market, prices are stable and homes sell within a reasonable period of time. It is a calm atmosphere with buyers having a satisfactory number of homes from which to choose.
How Do I find out Current Market Conditions?
If you're wondering if market conditions are favourable for you to buy a property, contact Toronto Realtor® Lina who will be more than happy to provide you with current real estate market conditions and explain their impact to you.