Everytime you read or hear something about real estate in the media these days the report mentions that we are in a seller's market in Calgary.
So I'm going to join the bombardment of information and quickly explain the difference too. I can't help myself.
A seller's market simply means there's a shortage of available properties for sale compared to the number of buyers looking. Makes sense.
This, naturally, benefits the sellers because the increased competition can drive up prices due to the increased demand.
This is happening in Calgary right now for detached homes in the under $600k price range, where there are plenty of situations developing where multiple offers are placed and homes are often being snapped up the day they are listed. It's a frustrating situation for sure for buyers and their realtors. Not so frustrating for sellers.
This isn't happening for all properties, though. If sellers price their homes wrong they can sit there for awhile. I'm dealing with this situation right now where I have a buyer who is interested in a place but knows (rightfully in this case) that the price isn't right and so he's backed off. That house has been active for more than four months now in a hot market with nary a price change. If it was priced right it would be gone.
A buyer's market is the opposite situation. Duh. Lots of properties for sale and more opportunity to negotiate for buyers. Calgary had been in a buyer's market situation for a few years until the low interest rates came along and brought out the house hunters - both first time home buyers and those looking to move up.
If you have any questions about anything real estate related please shoot me an email.
Enjoy the weather.