Pat Thomson - Royal LePage Burloak Real Estate Services

Buyer Resources

Calculators Understanding Market Conditions Obtaining a Pre-Approved Mortgage The Elements of an Offer How to Make an Offer Hire a Legal Professional Have The Home Inspected Mortgage Insurance Glossary of Terms Residential Costs Land Transfer Tax Plan Your Move

Understanding Market Conditions

The real estate market is always changing. It helps to understand how market conditions can affect your position as a buyer.

Your Royal LePage Real Estate Professional can provide you with current real estate market conditions and explain their impact.

Market Conditions

Characteristics

Implications

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

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

More 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.

Smaller inventory of homes. Many buyers. Homes sell quickly. Prices usually increase.

May 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.

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

More relaxed atmosphere. Reasonable number of homes to choose from.