As you've been searching for a home, talking to industry professionals, and reading information online, you've probably come across the terms “buyer's market” and “seller's market.” And maybe you thought, “What exactly does this mean? Well, we'd like to shed some light on this and explain not only what these terms in and of themselves mean, but also what they mean for prospective home buyers and sellers. This also often means that sellers don't necessarily have to accept the buyer's requests to fix items that may arise during the inspection. That's why buyers are strongly encouraged to select an agent who is proactive in finding the right options, making solid offers, and who is well-versed in negotiating, which can help them get the best terms after the inspection. All that said, there are a number of things a seller must do to take advantage of the market pendulum that tilts in their favor.
Buyers expect to see the value of the home. If it's not properly organized, tidy, and in perfect viewing condition, buyers may not see the value in the list price and the property may remain on the market for a longer period of time. A property that has been on the market for a while in a seller's market can be considered a “red flag” for potential buyers. This is where a great ad agent really shines and earns their commission.
Organizing the house, discussing a good pricing strategy and properly marketing the house are things that a good agent will discuss in detail with sellers. Most likely, any particular property will have multiple offers presented to sellers and they, in turn, will choose the offer that best suits their particular needs. Whether you're a buyer or a seller, UpNest can help you research thousands of the area's top real estate agents. As a result, you should keep your eyes peeled for any potential changes in the market during your buying or selling process.
The seller of a home in a city with a good school system and limited inventory would have firm control over the price of the home. Real estate agents provide experience in managing macro trends, such as seller markets, and can help you price your home, establish your home supply, and navigate the complex art of negotiating when selling a home. However, you should consider each offer for any potential challenges, such as the seller's concessions or the way the purchase is financed. The best way to ensure that you're getting the most out of the seller's market is to work with an experienced real estate agent.
A knowledgeable professional can help you find the right homes, at the right price, as soon as they hit the market, and write a competitive offer. A seller's market is a term that is commonly applied to the real estate market when low supply meets high demand. However, the current seller market has shown signs of fatigue, as sales of existing homes fell 6.6% in February after rising in the previous two months, according to the latest statistics from the National Association of Realtors. An important factor in boosting the seller market may be falling interest rates, allowing more people to qualify to buy homes or pay for more expensive homes.
