| Back to Articles |

Real Estate Matters

By Terry Farrell

Time is of the Essence

Every real estate contract contains the clause Time is of the essence. What does this statement mean. According to Encarta's on line dictionary, essence is the intrinsic or indispensable properties that identify something and time is a non spatial continuum in which events occur in apparently irreversible succession. Time, when applied to real estate is an indispensable property that continues irrespective of the parties actions. Most real estate offers contain an expiration which limits the amount of time a party may have to act.

The market in many price ranges in Kansas City recently can be characterized as a seller's market. In a seller's market there are more buyers than there are products to sell. Time is on the seller's side in a seller's market. In a buyer's market the opposite is true. There are more products available to sell than there are buyers to buy. Time is on the side of the buyer in a buyers market.

Whether you are buying or selling, you need an advocate to determine what kind of market conditions exist. Your strategy is significantly affected by this information. When you've made the decision to buy or sell, time may be your ally or your enemy.

Whether you’re thinking about buying or selling or merely seeking information, rely on me to provide accurate up to date information about the marketplace today.

Send me an e-mail message and ask to be added to my Real Estate Matters e-mail mailing list. Every two weeks, you'll receive a copy of my most recent issue automatically in your e-mail.

| Back to Articles |