Real Estate Market

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    The term real estate market is a general term for the state and conditions of the sales, listings and failed listings of houses and condominiums in any given market area.  It can range from micro-sized areas all the way to national markets.  Here are some examples:

    National Real Estate Market

    The figures and results of this is useful to economists in predicting the health of the national economy.  Housing sales drive other, connected industries, such as:

    • Furniture and Appliance Sales
    • Home Renovation Businesses
    • Moving Companies

    For the average home owner, however, national real estate stats hold little meaning.  Buyers and sellers of homes would be more interested in the:

    Local Real Estate Market

    Local real estate market info

    This could be the real estate market conditions of your city or town.  Knowing that there is a thriving market might of interest if you are thinking of selling your house or condo.  Conversely, understanding that the number of available listings far outnumber active buyers, would be bad news.  While local market stats are important, sellers should be aware of two other factors:

    Hyper-Local real estate market stats

    This would be your immediate neighbourhood or subdivision.  While the overall local market might be slow (or fast) your subdivision might be extra-ordinarily popular, or on the other hand, struck by a downturn in buyer activity.  Reasons for such a downturn could include, among others:

    • Mass layoffs from a local manufacturer, leading to an influx of available homes for sale
    • Closing of a local school

    As you can see, hyper-local itemid=”http://data.wordlift.io/wl01744/entity/real_estate”>real estate conditions are far more important to you than the state of the national housing market.  Here is another factor to consider:

    Specific housing styles

    Do you own a condominium and the local condo market has softened?  This could result from:

    • Expanded condo construction
    • Expanded conversion from apartments to condominiums
    • New condo laws that hamper sales

    In addition to condominiums, there are other styles of housing which might affect your situation.  Some housing styles might fall out of favour with buyers, while others have been over-produced and are now flooding the market.  Certain styles of homes are more popular (and thus more expensive) than others.  For example, in the Winnipeg real estate market the most expensive homes (per square foot) tend to be

    • Bi-Levels (Raised Bungalows)
    • Bungalows
    • Cab-over
    • Two Story
    • Split Level
    • Side-by-sides
    • Townhouses

    Of course these are generalizations, and exceptions do occur.  However, as you can see, YOUR specific real estate market depends on many factors.  A trained and licenses Listing Agent can help you determine which of these factors apply to you, and at what rate.

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    Podcast available on most pod-listeners. Real Estate Market