{"id":6555,"date":"2017-07-31T11:11:38","date_gmt":"2017-07-31T18:11:38","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6555"},"modified":"2017-07-25T19:49:28","modified_gmt":"2017-07-26T02:49:28","slug":"what-you-need-to-know-when-buying-or-selling-a-home","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/07\/what-you-need-to-know-when-buying-or-selling-a-home\/","title":{"rendered":"What You Need to Know when Buying or Selling a Home"},"content":{"rendered":"<p style=\"text-align: justify;\">One important thing to remember about the property market is that it\u2019s always in a state of change. Sometimes the market is favorable to buyers and sometimes it\u2019s favorable to sellers. But don\u2019t worry, a knowledgeable agent can guide you in the sale or purchase of your next home, no matter what type of market you\u2019re facing.<\/p>\n<p style=\"text-align: justify;\"><strong>What is a Seller\u2019s Market?<\/strong><br \/>\nA seller\u2019s market is simply a property market that benefits you as a seller. In a seller\u2019s market, there\u2019s a scarcity of properties, which can drive up the price of homes, especially in desirable locations.<\/p>\n<p style=\"text-align: justify;\">Sellers can depend on real estate experts to know what the market is doing, but here are some signs of a seller\u2019s market :<br \/>\n\u2013 Low inventory when compared to previous months and\/or years<br \/>\n\u2013 Homes are selling faster<br \/>\n\u2013 Less than six months of inventory on the market<br \/>\n\u2013 More homes are selling<br \/>\n\u2013 Median sales prices are growing<br \/>\n\u2013 Less information in real estate ads; just the bare details<br \/>\n\u2013 \u201cFor Sale\u201d signs don\u2019t stay up long before being replaced with \u201cpending\u201d or \u201csold\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>What is a Buyer\u2019s Market?<\/strong><br \/>\nA buyer\u2019s market is the opposite of the seller\u2019s market. If you\u2019re buying at this time you\u2019ll be spoiled for choice as the supply of homes on the market exceeds the number of buyers, giving you the chance to score a fantastic deal.<\/p>\n<p style=\"text-align: justify;\">A sharp agent will quickly be able to tell you where the market lies, but here are some signs of a buyer\u2019s market :<br \/>\n\u2013 Inventory that is high when compared to previous months and\/or years<br \/>\n\u2013 Homes are selling more slowly<br \/>\n\u2013 More than six months in inventory on the market<br \/>\n\u2013 Sales prices are shrinking<br \/>\n\u2013 Fewer sales are taking place<br \/>\n\u2013 Real estate ads are growing in size, giving more details and\/or images<br \/>\n\u2013 \u201cFor Sale\u201d signs are staying longer, meaning the days on the market are longer too<\/p>\n<p style=\"text-align: justify;\"><strong>How Do I Figure out the Months of Inventory in a Market?<\/strong><br \/>\n1. Look for the total number of active listings for the month prior to the current one<br \/>\n2. Look for the total number of sold or closed transactions for the same time frame<br \/>\n3. Divide the total number of listings by the number of sales. This figure represents the number of months of inventory there are.<\/p>\n<p style=\"text-align: justify;\">For example, let\u2019s say there were 6,500 listings in one month\u2019s time. During that same time, there were 1,500 properties that were sold. Divide 1,500 into 6,500 and you arrive at 4.3 months of inventory, meaning that this is a seller\u2019s market.<\/p>\n<p style=\"text-align: justify;\">While a savvy real estate agent is the best resource for this information, other resources include real estate listing websites and\/or your local real estate association.<\/p>\n<p style=\"text-align: justify;\"><strong>Do All Markets Follow the Same Cycles?<\/strong><br \/>\nMarkets are always in a state of flux. At its core, people are the driving force behind the real estate market.<\/p>\n<p style=\"text-align: justify;\">For example, as more people move into a location, the more need there is for housing. If the number of properties in the area cannot support the number of people moving in, prices of existing homes will likely rise until more homes can be built.<\/p>\n<p style=\"text-align: justify;\">This constant change to the supply and demand in a market is how markets shift back and forth from being more favorable for either buyers or sellers.<\/p>\n<p style=\"text-align: justify;\"><strong>Can I Buy in a Seller\u2019s Market?<\/strong><br \/>\nAbsolutely, but it\u2019s not going to be a walk in the park. You\u2019ll need determination, knowledge, and most importantly, someone on your side who knows the market inside and out.<\/p>\n<p style=\"text-align: justify;\">Something to consider \u2013 you don\u2019t know the seller\u2019s true reasons for wanting to sell. Maybe there\u2019s a divorce pending or another baby on the way and they need more space fast. Whatever is going on with the seller, a savvy agent will spot opportunities to help you and the seller arrive at a mutually agreeable solution.<\/p>\n<p style=\"text-align: justify;\">One key reason it\u2019s vital to engage an agent in a seller\u2019s market is for their negotiating skills. While it\u2019s important to always negotiate, a seller\u2019s market calls for serious help to ensure that you don\u2019t pay more than you need to.<\/p>\n<p style=\"text-align: justify;\"><strong>Should I Wait to Sell?<\/strong><br \/>\nIt depends. Is it mandatory that you sell right now or could you wait until it\u2019s a seller\u2019s market again?<\/p>\n<p style=\"text-align: justify;\">Consult with an agent to get his opinion about your chances of getting what you need or want for the sale of your home. He just might have some options you may not have considered that will help you get out from under your home and get on with your life.<\/p>\n<p style=\"text-align: justify;\">Don\u2019t be afraid to sell or buy if you think the market isn\u2019t in your favor. The real estate market can be highly varied, so trust your agent to help you get the best possible results, no matter what the market looks like.<\/p>\n<p><a href=\"http:\/\/blog.coldwellbanker.com\/how-to-tell-the-difference-between-buyers-market-sellers-market\/\" target=\"_blank\" rel=\"noopener\">How to Tell the Difference Between a Buyer\u2019s Market &amp; a Seller\u2019s Market<\/a> by Victoria Keichinger | Coldwell Banker Blue Matter<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One important thing to remember about the property market is that it\u2019s always in a state of change. Sometimes the market is favorable to buyers and sometimes it\u2019s favorable to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/07\/what-you-need-to-know-when-buying-or-selling-a-home\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-6555","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What You Need to Know when Buying or Selling a Home &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/07\/what-you-need-to-know-when-buying-or-selling-a-home\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What You Need to Know when Buying or Selling a Home &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"One important thing to remember about the property market is that it\u2019s always in a state of change. 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