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The market, demand and competition

Demand and Competition

Understanding of the dynamics of your market and how it affects the sale of your home.

Another big subject that sellers end up coming back to is this: what is the market you are selling in, and what is the demand right now? Just think: if you got an offer on the second day of marketing in a raging seller’s market, that is an entirely different offer to one on the second day of a raging buyer’s market. One offer you might consider but not necessarily take; the other you would be wise to really think about. You see, different market characteristics mean different decisions.

As far as demand goes, no demand, or even slow demand, for a house like yours means just one thing – the number of days on the market can blow out. I have seen small towns where no one was buying and the average time on the market was six months. That’s a long time if you’re planning on moving to a new job in, say, a month! We need to factor that into the plan as we work through the best way to meet your objectives. In some cases, even a property priced below the market may still take a long time to sell if the demand is not there. So instead of getting anxious and worrying that “no one likes my home”, we need to understand the dynamics that are at play here.

One of the other things worth considering is how much competition you have. Are there lots and lots of homes like yours for sale? Or is yours a sort of one-off type place that does not really have much competition? Again, things we need to know as we work through this whole transaction.

So do some homework on this. You need to get an understanding of the dynamics of your market. There are many websites you can go to to find this out, or you can ask around. This is one of the things you will be talking to your agent about.

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