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Bob Chopee
BrokerSales Representative

  • Direct: 1-905-259-3607
  • Office: 905-665-2500
  • Fax: 416-391-0319
  • Email: .

HOW REAL ESTATE MARKET CONDITIONS AFFECT YOUR OFFER PRICE

A hot market is a “seller’s market”. During a seller’s market, properties can sell within a few days of being listed and there are often multiple offers. Sometimes homes even sell above the asking price. Though most buyers want to get a “deal” on a home, reducing your offer by even a few thousand dollars could mean that someone else will get the home you desire.

A slow market is a “buyer’s market”. During a buyer’s market properties may languish on the market for some time and offers may be few and far between. Prices may even decline temporarily. Such a market would allow you to be more flexible in offering a lower price for the home. Even if your offered price is too low, the seller is likely to make some sort of counter-offer and you can begin negotiations.

More often than not, the market is simply “steady,” or in transition. When a market is steady, no real rules apply on whether you should make an offer on the high end of your range or the low end. You could find yourself in a situation with multiple offers on your desired house, or where no one has made an offer in weeks.

Transition markets are more difficult to define. If the economy slows unexpectedly, as it did in the early nineties, people who buy on the high end of a seller’s market (like the late eighties) could find their home loses value for several years. So far, no one has proven reliable in predicting when markets change or how good or bad the real estate market will become.

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What Client say about us

Brian H

My mother and I found a buyer through the church. I asked Bob for a market analysis report for my mom so we would know if we were in line with the going prices. Bob came over with flowers for my mom, did a detailed market analysis knowing full well he wasn’t getting a listing… Read more “Brian H”

Diana B

I was having some financial problems and had to sell my house. My house needed work and was worth approximately $480,000 I was given an interest free mortgage for $20,000 so I fixed up my home with Bob and Anne’s advice, and it sold in multiple offers for $600,000! I was very happy! Date of… Read more “Diana B”

Rob C.

Bob came in and told us the best way to get the highest price for my home in Ajax. There were so many things that needed done. He referred a roofer and a garage door repairman. I did the things that he said and left the things he said were not so important. He offered… Read more “Rob C.”