What happens in a seller’s market?

A seller’s market is a market where the seller has the upper hand or advantage.  There are fewer homes available in a market where there is a large pool of buyer’s.  Oftentimes sale prices will rise in this type of market.  That is exactly what is happening in Nanaimo right now.  Buyer’s must act quickly by writing an offer on a home and may find themselves participating in a multiple offer situation.  Competing for properties is often what pushes the prices up above the asking price.