After a brief slowdown, the real estate market is roaring back in most of Canada's markets. The big question for many homebuyers is - in today's market will sellers be more or less open to negotiating their price?

As with most aspects of real estate, there is no one right answer to that question. Every transaction is different. Sellers will tend to determine their negotiating position due to a number of factors such as their financial goals, personal timelines, their own motivation to move and many other factors, which includes the market conditions.

However, it is understood that in an active market with limited inventory, such as we are seeing now in most of Canada's major urban centers, sellers tend to have more options. It is easier to hold firm on your price if you think there are other buyers out there who will be prepared to meet it.

Of course, the seller is in an even stronger position when it comes to an all-out bidding war. Negotiating a price between one buyer and a seller tends to be a more measured process. When bidding wars come into the mix, emotions run high, timelines are tight and a greater sense of urgency exists. This is when the expertise of your real estate professional really shows its worth. Buyers need to prepare their negotiating strategy with their sales representative in advance. They should know their limits going in, so they will not be caught up in the frenzied pace of a bidding war and make an impulsive decision.

Your sales representative should arm you with a wealth of information to help you plan your negotiating strategy. Information such as past sales, competition from other comparable listings, and trends in the local marketplace.