Real estate market conditions are in constant flux.
Lending rates and local market trends will have a large impact on your asking price, anticipated selling time and negotiating power.
· In a buyer's market the supply of property listings exceeds the number of buyers. In this type of market, it is not unusual to see: prices plateau or even drop, homes stay on the market longer, and buyers have more negotiating power. This is the least desirable time to sell your home.
· In a seller's market the demand for homes outweighs the supply. In this type of market, it is not unusual to see: higher pricing on homes, homes will usually move more quickly, and the terms and conditions in most agreements will favour the seller. This is a good time to list your home.
· In a balanced market there is a relative equilibrium between housing supply and demand. This market offers stable prices and reasonable terms and conditions for fair selling and buying opportunities.
Interest rates are a primary factor influencing real estate markets. Low rates support buyers and therefore improve selling prospects. Sellers who are relocating must consider their personal finances in relation to current interest rates. Are interest rates higher or lower than your current mortgage payments? If they're lower, now might be a good time to sell or even upgrade; if rates are higher than your current payments, moving might be beyond your financial means or beneath your living standards. For information on current rates visit:
Seasonal selling may also come in to play. Few people buy a new home for Christmas (too big for the tree); families are inclined to stay settled during the school year; and there's something about spring that puts many people on the move.