Ask these questions to find out more about what is happening in your property market

Homebuyers, sellers, or those simply curious about real estate can benefit from chatting with a qualified real estate expert

To get the most out of a meeting with a neighbourhood expert, we suggest asking these simple questions that will help you get a better understanding of the current market conditions.

Are we in a buyer’s market or a seller’s market?

A real estate agent can help shed light on which way the market is trending. In a nutshell, a buyer’s market is when the supply of homes is greater than the demand, and a seller’s market is just the opposite of that.

On a national level, you might be experiencing a buyer's market while smaller pockets in certain neighbourhoods might be experiencing a seller's market - and therefore a local area expert that knows the specific market inside and out can tell you accurately about what the current inventory is like and if there will be greater competition with your transaction.

Are there plans for development in the area that could affect the local market?

Being local experts for their communities, real estate agents often know of changes in their areas before anyone else does. It is always worth checking in to see if they know of any upcoming factors that may impact the local housing market, such as new developments that may affect the flow of traffic or increase home value.

If I am selling my home, how many days are comparable houses staying on the market? And how do their listing prices compare to the value of my home?

Knowing how your home compares to similar listings can help you make a more informed decision and can help provide a rough idea of how long it will take before you can expect your home to sell. Suburb experts can shed some light on these issues based on their own experiences within the local market.

If I am buying a home, how do I make my offer stand out in the current market?

Before deciding on what you can do about making your offer stand out, you will need to know what kind of market you are making an offer in. 

If you are in a seller's market there will not be much room for price negotiations and you will have to put your best offer forward if you want to secure the property. On the other hand, if it’s a buyer’s market, then you have a little more room in which to negotiate and can go in lower with your initial offers. Local real estate experts will be able to guide you into choosing an amount that will be most appealing to the seller given the local conditions.

Local property market conditions can change quickly, so it is advisable to develop a good working relationship with a suburb expert who can keep you up-to-date with trends.