You have probably heard this statement before, especially as the year 2020 passed us by! As with any type of market, real estate functions as a weighted scale – with buyers on one side and sellers on the other. Any change in the ‘weight’ of one, will effect equal positive or negative change in the other.
The buyer side of the scale is comprised of the total number of interested buyers that are currently in the marketplace. The seller side of the scale is comprised of the total number of people currently selling their property.
So what does the term Seller’s Market mean? Basically, it means that the market conditions are currently in favour of sellers, or the number of active buyers outweighs the number of available properties. This gives an advantage to sellers, as more buyers searching for a property will create more competition.
In addition to more buyers than homes for sale, a sellers market also sees:
– Homes selling faster than historic averages
– Competitive negotiations with multiple interested buyers
– Higher sale prices due to increased demand
– More pre-approved, serious buyers
– Complex offers with conditions and/or future dates
In a busy sellers market, it can still be a difficult process to sell your home. It’s important to speak with a REALTOR® who can navigate the journey with you, to ensure you get your best value. If you have considered selling your home in the past, now is a great opportunity to maximize your power as a seller by partnering up with a professional.