What is a “Sellers Market” in Real Estate
by Dave Williams
In the real estate business, we toss around a lot of terms and unless you’ve spent substantial time preparing for your real estate transaction some of them are bound to go over your head.
Fear Not, for our new series of Real Estate Terms will help you sort them out.
As you might guess a seller’s market is quite favourable to home sellers. It’s usually indicated by periods of high real estate demand, wage booms and low-interest rates which make it easier for buyers to afford homes.
- a market in which the average days to sell a home is under 90 days (3 months)
- or a market in which more than 60% of new listings are sold.
Sellers markets are easy to identify from the constant media attention, multiple offers and auction style home sales in which the buyer has to move fast and pony up or risk losing the homes. Frequently sellers markets are the glory days of rapid price increases, were flipped homes and new developments become quite popular.
As with every market the overall description varies from neighbourhood to neighbourhood, so while the city may be experiencing one market you local market could be quite different. Be sure to consult with a professional REALTOR® before listing your home for sale.