What’s The Difference Between A Buyer’s Market And A Seller’s Market
One of the keys to selling Nanaimo real estate is to understand the difference between a buyer’s market and a seller’s market.
On a very basic level a buyer’s market means that a buyer holds the cards, and a seller’s market means that the seller has most of the control when selling a home in Nanaimo.
But to be successful in selling Nanaimo real estate, it’s important to understand how a buyer’s market is created and what conditions make a seller’s market.
Here are some of the factors that can create a buyer’s market in Nanaimo real estate:
1. Too many homes for sale in Nanaimo means a buyer feels they can take their time deciding which home to buy.
2. Lower offers will be made if there is a lot of inventory on the market because a buyer will feel that there is less competition for your house.
3. Motivated sellers. In a buyer’s market, the word ‘motivated’ can often be substituted for ‘desperate’. If a buyer feels that ‘motivated sellers’ are becoming the norm, she’ll be less inclined to make a fast, full price offer, and instead may take the wait and see approach.
You’ve seen how a buyer’s market can be created for Nanaimo real estate. Now let’s take a look at what causes a seller’s market:
1. Demand outweighs supply. There are more buyers than there are homes. Maybe a new employer is moving into town, maybe lending standards have been relaxed, or maybe more and more people begin looking at Nanaimo real estate as an alternative investment to stocks or bonds.
2. Unique property. In Nanaimo real estate it’s all about location. It’s possible to be in a buyer’s market, yet have some property within the market that are their own seller’s market.
For example, your house may be in a high demand location or have unique features that will make sellers stand up and take notice, even when there are a lot of homes on the market.
To get the best value for your money in the Nanaimo real estate market it’s important to understand what causes a buyer’s market and a seller’s market, because knowing this will help you to negotiate the best possible deal for your Nanaimo home.