Real Estate Market Condition
3 market conditions:
Sellers Market: More buyer than sellers e.g. January 2006 – June 2007.
If you are the sellers: you can list your home at a price higher than others similar to yours in the same neighborhood in the market, if it does not sell in the first month, it will sell the next month or later months.
If you are the buyers: make quick decision, prepare to make an offer if you like the home, do your research as much as possible before start looking, offer at a fair price but don’t forget the conditions to protect your investment, e.g. inspection, financing approval…
Buyers Market: More sellers than buyers e.g. April 1995 – December 1996
If you are the sellers: you can price your home below others in the market, only if you are lucky, you home may sell, if you home is in a not so desirable location and poor condition, it may not sell at all unless you are giving it away. Be prepared to take much longer time to sell 6 months to a year.
If you are the buyers: you have a lot of choices and you can bargain an attractive price, this is the best time to buy. If you have a home to sell first, sell it first before buying.
Normal Market: Approximately equal number of buyers and sellers e.g. April 2001 - October 2002.
If you are the sellers: Priced your home lower than your competitors in your area, good location and condition will take average 30 – 90 days to sell, be patient, it will sell.
If you are the buyers: good selection with reasonable priced home to buy. Reasonable offer, you will buy your dream home, low offer; you may still not get what you want.
Call you real estate agent and let him/her to help you to identify the market for you.
As a real estate agent, he/she is to provide you valuable information to help you to make the right decision.
The above noted market conditions apply only in Edmonton and surrounding areas; other cities may have different market conditions, please consult with the local real estate agent.
Buying property is not a gamble; it is a long-term investment.
Tom Li - Homes & Gardens Real Estate Ltd.