It’s a buyer’s market in Nanaimo

It’s a buyer’s market in Nanaimo

It is a buyer's market in the Nanaimo home market.  In Nanaimo, as of Sept. 30^th, 2011 it was taking an average of 28.98 weeks to sell the inventory that was currently on hand at the end of September.  Anything over 24 weeks is considered a buyer’s market.

There are plenty of homes on the market  to choose from. 

Other signs that the Nanaimo real estate market is experiencing a buyer’s market are:

• When your Realtor shows you that comparable sale prices are higher than active listing prices.
• Fewer buyers are purchasing, resulting in lower closed sale numbers.
• Median sales prices are declining.
• For Sale signs are staying up longer

In a buyer’s real estate market, homeowners who really need to sell are often willing to negotiate. This means you can probably buy a home for less than list price.

There are many considerations involved in positioning an offer for success such as the location of the property, price range the buyer is looking in, type of property etc.   For success in purchasing a home in Nanaimo during a buyer’s market; please give me a call.