March 2020: The 2020 Market is a Sellers Market

Dated: 06/05/2020

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THE 2020 MARKET IS A SELLERS MARKET


If you're following my Facebook page, then you have seen related posts about the market and the lack of supply of homes for sale.  The lack of housing supply is expected to remain a pressing concern this year as we are continuing towards a strong seller’s market.  Analysts are raising concerns that should the undersupply persist; it could set the stage for the type of unsustainable price growth we experienced in 2016’s market.  Lack of supply creates increased competition between buyers, which results in an acceleration in price growth.  That being said, we should expect price growth increase to continue as supply remains low.  If you are considering selling,  now is the time to take advantage of the current market; DO NOT WAIT FOR SPRING.

So what does a Sellers Market look like?  For Sellers, it means that their home will most likely sell quickly when price properly to reflect the market; they are likely to get multiple offers and could get over asking.  In this market, buyers are likely to overlook minor repairs that may be needed.  The sellers are also in a much better position to negotiate deals in their favour as they are likely to have multiple offers to work with.  If you are serious about selling one of the most substantial assets you need to be working with a Realtor who can guide you through the entire process and support you after the sale, I am here to help.

 

For Buyers, it means fewer home options, more competition among homebuyers, Important to be pre-approved (I CAN’T STRESS THIS ENOUGH) by a lender so you can move more quickly on closing a deal, and be expecting to pay more than the listing price. Buyers also have to be prepared to lose properties and keep looking. Buyers, in a Seller's market, should be prepared to wait if need be, obviously, every one situation is different and sometimes waiting isn’t an option.  Waiting until the “Spring Market” maybe a buyer's best option.  This is generally when “everyone” wants to list, therefore increasing the supply of housing and bettering your odds of being successful in more favourable negotiations.  Increase the supply of housing can allow you to get a better price as there is less competition for the same property.  If you are serious about buying in a Sellers Market, you need to be working closely with your Realtor, and I can help.  I will walk you through the entire experience start to finish as well as advise you as to what to expect the entire time.  I have many connections with other realtors, lawyers, mortgage brokers, home inspectors and contractors to help make your home buying or selling experience as stress-free as possible.

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Norma Rae Mechetuk-Bradshaw

When you work with me, you can count on personal, attentive service, excellent knowledge of the area, great negotiation skills, marketing and sales strategies.....

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