Is this a good time to buy?
Here at Rockies West Realty, we’re happy to provide you with current market conditions and explain their impact, so you have all the information you need to start working toward your real estate goals.
The real estate market is always changing. It helps to understand how market conditions can affect your position as a buyer or as a seller. Your Royal LePage Real Estate Professional can provide you with current real estate market conditions and explain their impact.
Understanding Market Conditions
The supply of homes on the market exceeds demand.
|High inventory of homes. Few buyers compared to availability. Homes on the market longer. Prices tend to drop.||More time to look for a home. More negotiating leverage.|
The number of buyers wanting homes exceeds the supply or number of homes on the market.
|Smaller inventory of homes. Many buyers. Homes sell quickly. Prices usually increase.||May have to pay more. Make decisions quickly. Conditional offers may be rejected.|
The number of homes on the market is equal to the demand or number of buyers.
|Demand equals supply. Sellers accept reasonable offers. Homes sell within an acceptable time period. Prices generally stable.||More relaxed atmosphere. Reasonable number of homes to choose from.|
A buyer’s market may indicate a large inventory of homes for sale with declining prices
A seller’s market may indicate fewer homes for sale than demand requires which can mean higher prices
A balanced market has equal demand and inventory to replace sold homes