Earlier this year, Niagara was struggling to keep inventory on the housing market. But now, with five months of inventory, it’s become a buyer’s market. If you’re looking to buy a home or invest in real estate, the market can feel like a roller coaster ride with ups and downs. But if you know what’s happening, it can help you make smarter decisions when purchasing a home or investing in real estate.
A buyer’s market is when there are more homes on the market than buyers, prices tend to be lower as a result, and homes are more likely to sit unsold.
On the contrary, a seller’s market is when there are more buyers than homes for sale, prompting higher prices and faster sales.
If you’ve been wondering whether you’re in a seller’s market or a buyer’s market, this blog will help you figure it out. You might be surprised to learn that there are so many variables that go into determining whether it's easier to buy or sell real estate. The terms “seller's market” and “buyer's market” describe the balance between supply and demand for homes on the market at any given time.
Among the biggest factors are prices and interest rates. If prices go up, buyers will be less likely to buy because they can wait for lower prices. On the other hand, if prices go down, then more people will jump on the opportunity to buy before their budgets allow them to do so later on. Interest rates also have an effect on this equation—if they rise from 3 percent to 4 percent then fewer buyers will be able to afford it (and thus lower demand).
A buyer's market is when the supply of houses exceeds the demand. This means that there are more houses on the market than buyers, who in turn have more options and can negotiate better deals. It also means that buyers are able to find great deals and good value for their money.
If you're looking to buy a new home, this is your time to shine! You'll be able to find properties that haven't been remodeled yet or have been recently remodeled by previous owners so that you can save money on upgrades like granite countertops and stainless-steel appliances. There will also be fewer competition from other buyers because there are so many available houses in this kind of market.
The best way for a buyer (or aspiring first-time homebuyer) to take advantage of these conditions is by doing research beforehand about what kinds of homes are out there—and which ones would suit them best based on location preferences, price range limits, etcetera—then going out into those neighborhoods and talking with people who live near these types of properties currently listed on MLS listings sites. This will give them insight into what they should look out for when searching through MLS listings themselves later down the line; if nothing else it could help them recognize whether or not any particular listing looks suspiciously high priced compared with similar listings nearby
In this scenario, you as the buyer have more choice and can be more selective. You have the luxury of waiting for the right property to come along rather than having to make a quick decision on one that doesn't meet all your needs. This is also an ideal situation if you're looking to negotiate with the seller because they'll likely be eager to accept your offer in order to move their home off the market and avoid being outbid by another buyer.
When there are fewer homes for sale than there are buyers, it's a seller’s market. When prices are rising, particularly if they rise to the highest levels seen in a long time, like this past summer in Niagara, it could be a seller’s market.
The downside of being in a seller's market is that you may end up paying too much for something because sellers know how much demand exists for their properties and how long they can afford to wait before accepting an offer (and possibly losing out on another opportunity).
For example, if you're considering selling your home in a buyers' market, then you may have more flexibility for price negotiations; however, if you're buying a home in a sellers' market, then you'll likely pay higher prices for homes on the market.
The housing market is the most important market in the country. It impacts almost everyone and therefore, it’s a good indicator of how the economy is doing.
When you buy a home, it’s an investment that will likely last decades. And so, buying a home at one time can be considered “making an investment” while selling at another time can be thought of as “taking money out of an investment.” For example, if you purchased a house for $200,000 in 2006 and sold it in 2016 for $300K — that would be considered making money on your investment (assuming there weren't any expenses). But if you bought that same house in 2017 but sold it for $250K because prices were down — this would be considered taking losses on your investment (again assuming there weren't any expenses).
The real estate market is still strong, but it's not as hot as it was in the last couple of years. There are great opportunities for first time home buyers and investors though. You can get some great deals right now if you know where to look and what to look for.
Niagara is a great place to live, work and play. The real estate market in Niagara is hot! One of the major reasons for this is because of all the great things Niagara has to offer. There are many new construction homes being built right now as well as resale properties available at prices you won't believe!
With over 30 golf courses close by there are always new courses being added making it easier than ever to find one that fits your needs and budget. With over 200 wineries within an hour's drive there is no need to go far for some great tasting wines or craft beers! Some of the best restaurants in Canada can be found right here too so don't forget about those when planning dinner out with friends or family while visiting us here on vacation too!
Ultimately, the market is always changing. It ebbs and flows, but there is one constant - the team at McGarr Realty is here to assist in all of your real estate needs. If you need help with your real estate needs, please give us a call at (905) 687-9229 or visit our website for more information.