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What kind of real estate market is Nanaimo experiencing?
How’s the Nanaimo Real Estate Market as of January 2015?
Most people have heard the terms “buyer’s market” and “seller’s market”, but do you know what they really mean and how they are determined?
The Nanaimo real estate market is cyclical – which is why you may have heard the term, “real estate cycle.” Several key factors influence this cycle, including interest rates, employment growth, investment growth, construction and even immigration. All influence whether there is a buyer’s market, seller’s market or a balanced market.
A buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices may drop over time as home owners become eager to sell their property.
A seller’s market is when interest rates are low so there are many qualified buyers and not many homes for sale. Buyers must make quick decisions and may face multiple offers on the home they have chosen to buy.
A Balanced Market occurs when interest rates are affordable and the number of buyers and sellers in the marketplace are equalized. The scales don't tip in either direction, meaning the market is normal without experiencing volatile swings.
To determine what kind of market we ... more
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