In each city, there are markets within markets where the situation for buyers and sellers is different than what’s happening on a broader level.
Each city has separate communities, and each of those communities contains submarkets. For example, let’s say a particular city is a buyer’s market, meaning there are many homes available for sale but not many buyers to buy them. Within that single market, though, many communities can either be buyer’s markets or seller’s markets. And in those communities, different products can represent different submarkets.
Let’s say the Riverwood community in Port Coquitlam has both attached and detached homes. Detached homes are single-family homes with typically a yard and a garage, while attached homes are condos and townhouses. Oftentimes, condos and townhouses will represent a completely different market than the single-family houses. One can be a buyer’s market and one can be a seller’s market.
When someone describes the market in a certain way, remember that there are a variety of factors involved that further determine how the situation applies to you specifically and what you’re looking for.
If you’d like to know more about what the market’s like where you live and how the situation applies to you as a buyer or a seller, don’t hesitate to give our team a call or send us an email. We look forward to hearing from you.
HOME All Listings Featured Listings Sold Listings Sell My Home Home Evaluation About Us Contact Us BLOG TOP REALTORS®