Updated: Apr 11
Explained in terms we can all understand.
Before the pandemic, our quaint little town of Brooks Alberta was in what the real estate market describes as a "buyers" market. What does this mean? I thought I would explain in terms we could all understand right now.
MARKET SCENARIO 1
You need toilet paper. There's lots for sale. There are different kinds, styles to serve all different kinds of needs! Some are priced low, and some are still priced high. The sky is the limit, you have lots to choose from and you could probably find what you need for a reasonable price! This dictates a buyers market!
MARKET SCENARIO 2
You need toilet paper. There's a shortage. WEIRD. You search for some but you only find 2 for sale and the seller is way over charging. You don't get to pick what you want it to do, and you still have to pay whatever the seller wants. You buy it anyways, because everyone needs toilet paper! This dictates a sellers market!
NOW REPLACE THE WORD "TOILET PAPER" FOR "A HOUSE"
What market are we in right now with the current pandemic? I have no idea, but I bought 3 packages of toilet paper today...