Jeff Gard - Royal LePage Homes, Understanding Market Conditions

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Understanding Market Conditons

Once you have decided to sell, you probably want to complete the process as soon as possible and you obviously want to sell your home for the highest price you can obtain. It helps to understand how market conditions can affect your position as a seller. I will explain the market conditions at the time your are considering selling your home and advise as to the perfect marketing strategy to get your home sold for the most amount of money, in the least amount of time and with the least amount of stress.

Buyer’s Market		The supply of homes on the market exceeds demand.

Characteristics		High inventory of homes. Few buyers compared to availability. Homes on the market longer. Prices tend to drop.

Implications		Time to look for a home. More negotiating leverage.

Seller’s Market		The number of buyers wanting homes exceeds the supply or number of homes on the market.

Characteristics		Inventory of homes. Many buyers. Homes sell quickly. Prices usually increase.

Implications		Have to pay more. Make decisions quickly. Conditional offers may be rejected.

Balanced Market		The number of homes on the market is equal to the demand or number of buyers.

Characteristics		Equals supply. Sellers accept reasonable offers. Homes sell within an acceptable time period. Prices generally stable.

Implications		Relaxed atmosphere. Reasonable number of homes to choose from.

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