On this blog we use a lot of terminology that is specific to the real estate market! This terminology comes from the many years of experience Team Ken Richter has working in this industry.
The posts where you may have noticed these unfamiliar terms the most are our monthly statistics reports! These are the reports we create with help from CREB to keep you up to date on what is going on in the world of real estate! However, no matter what post it is, we want to make sure every one is clear and understandable!
That is why today we thought it would be good to share some real estate terminology with you! Here are our top five most commonly used terms, and what they mean:
1). Inventory: This may seem fairly straight-forward, but just to clarify, when we use this term we are referring to the amount of houses on the market right now. For example, right now there is a lot of inventory on the market! In Calgary, enough inventory is especially important because we have so many people moving here all the time.
2). Seller’s Market: A seller’s market is when there is not a lot of inventory on the market. Because housing is limited, sellers have a little more power to ask for more money. When people are looking for a home, a lot of the time they are working in a time-crunch. They will be willing to pay a little more, especially if there is not a lot available. A seller’s market is great for home-owners wanting to sell their home!
3). Buyer’s Market: A buyer’s market is when there is a lot of available inventory on the market. Due to the plethora of options, home-owners have to compete to make their house stand out, therefore prices tend to drop in favour of those looking to buy. This is an optimal time to purchase a new home!
*Note: In perfect conditions, the market is very balanced! That means it sits in the perfect spot between a seller’s market and a buyer’s market.
4). Types of Housing: We sometimes refer to exact types of housing, such as condominiums, duplexes, semi-detached houses, etc.! These terms can be really confusing and unclear if you don’t know exactly what they mean. Click here for a link to a website which lists out each type of home and what exactly it is!
5). We refer to CREB quite frequently, so here is a little bit about who they are: CREB is a resource for anyone looking into real estate in Calgary, Alberta! They are affiliated with many realtors all across the city, and have loads of information to keep you up-to-date on what is going on in the market! They are a fantastic resource that we highly recommend you check out!
If you are ever unclear on a term we use, don’t hesitate to ask us to clarify it for you! We want to make sure you stay informed and understand exactly what is going on.
Your Real Estate Professional,