What is a Seller's Market?
This is a great question. A Seller's Market is when the Seller's are the ones gaining most in the Market Share and have the most control. 2015 has been a very stong Market across the GTA & South Simcoe. The Spring Market started early at the end of January 2015 as opposed to mid to late February as would be considered more usual. This strong market has continued even through the usually quieter months of July & August 2015. This is amazing for Seller's and very frustrating for Buyer's.
In a Seller's Market, the Inventory is low and demand is high. That old adage rings true "Supply & Demand." Seller's obviously love it and this also drives market prices up as since the supply is low the ones with the most money may pay to get what they want. This leaves regular Buyer's in quite a predicament. I am a Realtor who works both sides. A Seller's market is great for Seller's and Listing Realtors as the visits and offers will be coming in. A Seller's market is frustrating for both the Buyer and the Buyer Representative as there are often bidding wars and everyone scrambling for the same place. I often feel very bad for my Buyer's when we are in a Seller's Market and 2015 has been one of the strongest that I have seen as it has continued strong all year.