Let's Talk Real Estate - Vancouver Real Estate Information for you!
Welcome to another Let's Talk Real Estate Vlog.
Last week, I talked about what a sellers' market was, and this week, I'm discussing the meaning of a buyer's market.
A selller’s market is when we have less than 4 months’ supply of real estate available. This means there are more people looking for a home, than there are properties available. Multiple bids are often placed on a property, which drives overall property values up.
What is a buyer's market?
A buyer's market is the exact opposite of a selller's market, meaning there are far more properties for sale than there are interested buyers. A buyer's market occurs when there's about 9 months worth of properties on the market. This means buyers have an opportunity to shop around and look at many properties without competition. Houses may be on the market for many months without an offer, so sellers are eager to secure a sale. This means the buyer has room to negotiate with the seller, for a better deal on the property. Typically, Vancouver is a seller's market.
Have any further questions about buyer’s and seller’s markets, or about real estate? Give us a call. We're always happy to take your call. We’re here for all your real estate questions and buying or selling needs.
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