REMAX Canada About Victoria Mortgage Info

THE SEARCH FOR A HOME If you own a home now. Whether to buy first, or sell your present home first? That's a question often asked by home buyers. The answer depends on the home market condition, and your financial resources' but generally speaking' it is usually better In a Buyer's Market you might consider making a offer on another home conditional on the sale of your present home. In a Seller's Market it is sometimes best to sell first with a long closing date and then go in with a firm offer on your next purchase.   How to Understand Home Buying Market Conditions Market Type Characteristics Implications For Buyers Buyers Market: the supply of homes on the market exceeds demand or number of buyers HIGH INVENTORY OF HOMES FEW BUYERS COMPARED TO AVAILABILITY HOMES ON THE MARKET LONGER PRICES WILL STABILIZE OR (PERHAPS) DROP YOU WILL HAVE MORE TIME TO LOOK FOR A HOME MORE NEGOTIATING LEVERAGE Sellers Market: the number of buyers wanting homes exceeds the supply or number of homes on the market MINIMAL INVENTORY OF HOMES MANY BUYERS HOMES SELL QUICKLY PRICES USUALLY INCREASE YOU MAY HAVE TO PAY MORE YOU HAVE TO MAKE DECISIONS QUICKLY CONDITIONAL OFFERS MAY BE REJECTED Balanced Market: the number of homes on the market is equal to the demand or number of buyers DEMAND EQUALS THE SUPPLY SELLERS ACCEPT REASONABLE OFFERS HOUSES SELL WITHIN REASONABLE TIME PERIODS PRICES ARE GENERALLY STABLE MORE RELAXED ATMOSPHERE REASONABLE NUMBER OF HOMES TO CHOOSE FROM   Housing Types/Styles One Storey. Commonly known as bungalows or ranch bungalows. One and A Half Storeys Two Storeys. Also known as cottages in Quebec. Two and A Half Storeys Two Storey Splits Split Levels. These can be side splits, back splits, multi-levels, and so on. Split Entry Houses. Also known as bi-levels, raised ranch, daylight bungalows, post and beam, etc.