Realtor's don't decide how much your home is worth. The price your home will realize should be determined by market conditions, which is ultimately a direct reflection of supply and demand.
What's the difference between a “Buyer's Market” and a “Seller's Market” and how does it affect the price of your home?
In a Seller's Market, inventory is lower in comparision, therefore Seller's often have the benefit of pricing power. There are fewer purchases which result in properties staying on the market longer and median sales are on the downward slope. Buyer's tend to find themselves in competition with eachother, therefore putting pressure on home prices.
On the other end of the spectrum, the opposite is true in a Buyer's Market where Buyer's have an unambiguous advantage due to the higher volume of inventory available.
During a phase such as this, homes stay on the market for longer periods of time and Seller's feel the heat to price their home more competatively with the waning levels of urgency for Buyer's to purchase.
Selling your home in today's Buyer's Market is not a matter of perception but a matter of how realtistic you are at pricing your home.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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