Home Trends from Michael & Janet Tanlimco

MICHAEL TANLIMCO & JANET TANLIMCO

BUYER’S OR SELLER’S MARKET? HERE’S HOW TO TELL

Real estate headlines often talk about “buyer’s” or “seller’s” markets, but what does that really mean? A few simple clues can reveal what kind of market you’re in. In a seller’s market, homes move quickly. Listings often receive multiple offers, and properties can sell for close to or even above asking price. You might also notice fewer “For Sale” signs in your neighbourhood — a sign that inventory is low and buyers are competing for limited options. In a buyer’s market, the pace slows. Homes take longer to sell, price reductions become more common and buyers have more room to negotiate conditions such as inspections or closing dates. Sometimes, the market lands somewhere in between — what experts call a balanced market — where supply and demand are relatively even. The best indicator is what’s happening locally. Reach out today to find out how current conditions in your area could affect your next move. A quick conversation can tell you far more than national headlines ever could.

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