Yellowknife Real Estate Market Update March 24 2023

Yellowknfe Real Estate Market Update March 24 2023

Hello all and thank you for checking out todays market update for the Yellowknife Real Estate market over the last week! 

Over the last 7 days, and I am starting to get repetitive saying this, the market has started showing a lot more signs of life and activity. More showings, more comparative market anlysis for seller clients and showings happening for buyer clients. The spring market is here and ramping up!

So that being said over the last week in Yellowknife Real Estate we saw:

4 new listings, one of which is a stomper of a home located in Old town, check it out here! https://nwt.xposureapp.com/listing/Yellowknife-NT/A-43-Otto-Drive/2902m?u=690198

We saw 3 properties come back on the market be it after their listings expired or deals fell through. 

We had 4 price changes on already listed properties, 4 conditional sales and 5 unconditional sales including my clients purchase of 28 gold city court!

What is the difference between a condition and unconditional sale? Conditons, of course! Conditions in an offer to purchase real estate are usually referred to as "subjects" or "subject conditions" and they are written into an offer to purchase real estate for the benefit of either the buyer or seller, usually the buyer. Buyer conditions may include: Financing, insurance, a home inspection etc etc. These conditions must be satisfied on or before a certain date in order for the offer to purchase to go forward. Once all subject conditions have been satisfied the deal would then be considered unconditional. If all conditions are not satisfied on time, the deal is considered expired or "collapsed". 

Sellers sometimes have subject conditions too. A seller subject condition may include having legal advice on the offer, or subject to the seller purchasing their new/next home in order to not have the seller be homeless between transactions. Subject conditions are always for either the benefit of the buyer or the seller.

Ensure your realtor talks to you about the proper conditions to have included in your offer for your own protection, that is after all what the conditions are in there for is your protection!