Leduc Real Estate Market Shifting. There has been a shift in the market, and I’ve received quite a number of questions concerning prices and multiple offers versus not a lot of listings.
With the global market climate from the past year, people have not been wanting to list their properties for several reasons.
Here are some of those reasons.
– Prices not doing really well
– The seller still owe a substantial amount of mortgage when it comes to the value of their property.
Because of this, we haven’t had a lot of listings in the market. However, we do have a lot of buyers.
There have been more buyers than property listings. This is due to current interest rates, or perhaps a desire to upgrade their house. Because there are more buyers than listings, this results in multiple offers on the seemingly smaller pool of listings.
Considering the multiple offers, the individuals who are listing their properties now have a better chance of potentially getting more from those multiple offers.
The prices for these listings can be substantially higher.
Property prices may start increasing due to an influx of buyers.
Additionally there is also a higher chance of finding someone whose budget agrees with the listing.
This is very much in line with the basic law of supply and demand:
When there is less supply, there is more demand, and this means an increase in purchase price as well.
This is what is currently happening in the market. You might have even seen posts on social media saying, they’ve looked at all of the property listings in their area and they haven’t seen what they like. This is because there aren’t as much listings compared to the volume of buyers. The existing listings can be gone sooner rather than later.
The imbalance between listings and buyers, has resulted in the market shift of listing prices. I have observed instances where a property listing is taken off and then put back up with thousands of dollars on top of the original price.
When working with a realtor, check to see the listing history and be mindful of this trend because the current market will allow for such kinds of prices and listings.
As a realtor, this is something which we haven’t experienced in a while, and it is quite exciting. Talk to your realtors about the market shift to get a grasp of what is going on, and if, perhaps, you are considering listing, now is a good opportunity to strike. If there is anything I can help you with, please don’t hesitate to get in touch!
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