Knowing Your Local Home Market

Knowing the Real Estate market for both home buyers and home sellers is crucial. Knowing what is taking place within a market at the time you are buying or selling a home can have a huge impact on whether you pay too much for your home or sell for less than what you may have been able to get. The Real Estate market in any community is similar to the stock market or any other commodity-based market. It is cyclical and as a buyer or a seller you certainly want to know what part of the cycle you are in. This will not only help you make a decision on buying or selling, it will
also help you understand what price to offer, or at what price list your home. The best way to receive this information is from a Real Estate Professional that truly understands the market. Do not rely upon rumor or what you read in the newspaper or magazines. This information may not be accurate or could possibly not even be relevant to the particular market you are in. For example, home sales in Vancouver, BC could be outstanding; a true sellers market, and at the same time be very slow in Calgary, Alberta; a buyers market. Each market is uniquely cyclical and you need to have the correct information in order to make a wise decision.

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent