Definitions of Market Conditions
As market conditions are always changing, knowing and understanding your local market condition will impact your position as a Seller.
When we are in a Balanced Market, the supply of homes on the market is balanced with the demand for homes or number of Buyers available. There are a reasonable number of homes for Buyers to choose from, prices are more stable and homes sell within an acceptable amount of time.
In a Seller’s Market, the supply of homes on the market is less than the demand for or number of Buyers available. As a Seller, you may have greater negotiation leverage as there are many more Buyers and lower inventory available, homes sell quickly and at a higher price.
A Buyer’s Market is one where there are a lot of homes available, fewer Buyers are available, homes are generally on the market for longer and they sell for less.
Currently in Prince Rupert and Area, we are in a Buyer’s Market. I tell those interested in that now is the time to buy a home. There is activity with being a Port City and the housing market being cyclic and ever changing, prices and the choices that are available now, may well change come spring.