Finding Your Fit Between Buyer's and Seller's Markets
Deciphering The Real Estate Market, it is obvious that if you are a buyer you want to be in a Buyer’s Market and if you are a seller, you want a Seller’s Market.
A buyer's market and a seller's market are two terms used to describe the prevailing conditions in a real estate market. Here's an explanation of each:
Buyer’s Market: In a buyer's market, there are more properties for sale than there are buyers looking to purchase them. This surplus of available properties gives buyers an advantage in negotiations.
Characteristics of a buyer's market may include:
High inventory of homes for sale.
Properties stay on the market for longer periods without being sold.
Prices may be stagnant or even decreasing.
Sellers may need to offer incentives or concessions to attract buyers.
Buyers have more choices and greater bargaining power in a buyer's market. They can take their time to find the right property and negotiate for better terms, such as lower prices or favorable contingencies.
Seller’s Market: In a seller's market, there are more buyers looking to purchase homes than there are properties available for sale. This scarcity of available properties gives sellers an advantage in negotiations.
Characteristics of a seller's market may include:
Low inventory of homes for sale.
Properties selling quickly, often with multiple offers.
Prices may be rising due to high demand and limited supply.
Sellers may receive offers at or above the asking price.
Sellers have the upper hand in a seller's market. They can often sell their properties quickly and for a higher price, with less need to offer concessions or negotiate extensively with buyers.
These market conditions can fluctuate over time due to various factors such as economic conditions, interest rates, housing supply, and demographic trends.
A Buyer's Market whether due to somewhat high interest rates or other reasons has advantages to the buyer one of them is that you usually don't have 10 other offers competing with yours where you might have to pay $50,000 or more over the appraised value to be able to win over the competition!
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