Understanding Ottawa Real Estate Market Conditions

Brent can provide you with current real estate market conditions and explain their impact. Market Conditions Characteristics Implications Buyer’s Market:

The supply of homes on the market exceeds demand.
High inventory of homes. Few buyers compared to availability. Homes on the market longer. Prices tend to drop.
More time to look for a home. More negotiating leverage.

Seller’s Market:

The number of buyers wanting homes exceeds the supply or number of homes on the market. Smaller inventory of homes. Many buyers.
Homes sell quickly. Prices usually increase.
May have to pay more. Make decisions quickly. Conditional offers may be rejected.

Balanced Market:

The number of homes on the market is equal to the demand or number of buyers.
Demand equals supply. Sellers accept reasonable offers. Homes sell within an acceptable time period. -Prices generally stable.
More relaxed atmosphere. Reasonable number of homes to choose from.

Brent McElheran, Broker of Record Royal LePage Team Realty

McElheran & Associates

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