Selling your house in Kelowna is a challenge that you would do well to take on with a real estate professional on your side. Experienced real estate agents like Carlo Giusto of KelownaBCHomes.com have been in the industry long enough to know which strategies work and which ones don’t. And one proven way to successfully sell a home is to take the housing market into consideration before making your first move.
Housing Market Basics
Generally, there are three types of markets that may be prevailing at any given time depending on the state of the economy or consumer behavior. These are the seller’s market, buyer’s market, and transitional market. When the housing market is in favor of the sellers, wherein there are more buyers compared to Kelowna houses for sale, a seller’s market is in effect. During this time, home prices may increase and properties tend to sell more quickly.
On the other hand, a buyer’s market gives consumers more negotiating power since there is an excess of homes for sale. House prices rise slowly and may even drop significantly, which first-time homebuyers ought to take advantage of. Meanwhile, home sellers may find that their properties are taking longer to sell. A transitional market exists when supply and demand are balanced. This market means that conditions do not favor either the buyer or seller, and prices are relatively stable.
Factors that Affect the Real Estate Market
Given the information above, it’s easy to conclude that factors that can influence the real estate market include economic conditions, interest rates, and consumer confidence levels. These factors come together to determine whether there will be more homes for sale or less homes for sale. When interest rates are low, consumer confidence is high, and economic conditions are good, the number of potential buyers in the market is bound to increase. If housing supply falls behind the demand, consumers will encounter a seller’s market.
Assessing the housing market, especially its trends, is not difficult when you have an experienced real estate agent on your side. They’ll guide you every step of the way and see to it that you invest, sell, or buy at the right time and under the best circumstances.
4 Key Factors That Drive The Real Estate Market, Investopedia.com