Navigating Homes in Edmonton as a Buyer.
Understanding the difference between a buyer’s market and a seller’s market is critical when you are looking for real estate. Timing is so important when you want to buy or sell homes in Edmonton. Navigating the housing market as a buyer can be tricky, especially when the conditions aren’t ideal. In this article, we are going to go through some tips and tricks to help you navigate home buying. As well as, the difference between a buyer’s and seller’s market. Follow along below to learn more!
Buyer’s Market Vs. Seller’s Market.
The difference between a buyer’s and seller’s market has to do with supply and demand. A buyer’s market often happens when a change in the market occurs that favours buyers over sellers. For instance, if there is an increase in supply and/or a decrease in demand the market will likely shift to favour buyers. In a buyer’s market homes usually sit on the market for longer periods of time and sell for a lower price. There is often more competition between sellers via price wars during a buyer’s market.
By contrast, a seller’s market will typically occur in the event that there is a low supply and high demand. This generally causes a seller’s market because buyers will get highly competitive with one another via a bidding war to secure a home. Thus, causing the listing price of homes to drive upwards. The lack of supply during a seller’s market will usually create a tense environment between buyers.
The most recent example of a seller’s market would be 2021 to early 2022 in most provinces across Canada. Post-pandemic, many people were looking for new homes and supply was at an all-time low across the country. This caused one of the hottest seller’s markets ever recorded. In fact, many major cities are still experiencing the heat of low supply and high demand in Canada.
How to Buy Homes in Edmonton?
During a Buyer’s Market:
It can be tricky to buy homes in Edmonton, especially if you’re new to the city or a first-time buyer. Now that we have gone over the difference between a buyer’s and seller’s market, it is important to identify which of these you are stepping into as you look to buy homes in Edmonton. If the market is favouring buyers, then you shouldn’t have too much of an issue when it comes to securing a property. In fact, you may have more time to make a decision and shop around for a home you love.
During a Seller’s Market:
On the other hand, during a seller’s market, it is crucial that you are overly prepared. Seller’s markets can be extremely heated for buyers and it can be hard to secure a home. So, before you begin the house hunt, you need to determine a few key factors.
First off, you will want to decide on the area(s) that you are interested in buying a home in. Then, you can see what houses are selling for and how long they are sitting on the market in that location. This will give you a good idea of what budget you’re looking at and how quickly you’ll need to make an offer on a home. Secondly, you will want to hire a great real estate agent. Having an experienced real estate agent by your side will help smooth the process. Especially when the market is scorching hot.
Next, you’ll need to determine what you are willing to compromise on. Whether that be location, number of bedrooms, size, yard space, etc. It is important to know what your negotiables and non-negotiables are. Furthermore, as a buyer, you’ll need to line up your financing. This means going to a mortgage broker and getting a pre-approval from 2-3 lenders. Having a mortgage pre-approval can help you prove to sellers that you are serious about buying their home.
Contact Us About Homes in Edmonton.
It is vital that you understand the difference between buyer’s and seller’s markets when you go to purchase homes in Edmonton. If you are looking to buy a home during a seller’s market make sure you are prepared. Deciding to buy homes in Edmonton can offer you more financial comfort. If you have any questions or concerns about buying houses in Edmonton, contact us today. Be sure to visit our social media for the latest updates and more. Don’t hesitate to reach out if you’re interested in a specific property. Our team will get in touch with you as soon as possible! We look forward to working with you in the near future.
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