Property prices are steadying or dropping.
There are a lot of homes on the market but they’re moving slowly.
Potential buyers are slow to act and as picky as you can be.
Yep, it’s a buyers’ market alright.
One agent mentioned to me today that she’s seeing vendors accept offers on the condition of sale of the buyer’s property. There is no way we would have seen anything like that before! When the market’s going well, the seller is in control, because they know that another good offer is just around the corner. But now things have changed, and the buyer can, to an extent, dictate the terms.
So if a buyer finds her dream home, she can now submit an offer to buy the home on the condition that she is able to successfully sell her own home. Now, keep in mind that this is only happening occasionally, so it’s by no means a common occurence, but the fact that it is happening at all is a strong indicator that we’re now in a buyers’ market.