Knowing the Market
The current real estate market dictates your position as a buyer or seller. It helps to know which type the real estate market is experiencing. Basically there are three types of market conditions.
BUYER’S MARKET
In a buyer’s market there are usually a lot of buyers looking for homes due to many economic factors such as low interest rates and attractive financing options. In a common scenario, there are a fair amount of homes available on the current market thus creating a fair level of negotiating power for many buyers.
SELLER’S MARKET
In a seller’s market, typically the inventory of homes is low, creating demand from buyers. In this type of market, sellers are in a relatively good position to ask for and receive a slightly higher price for their homes due to the fact of less competition from other sellers.
BALANCED MARKET
A balanced market is the equilibrium between a buyer’s and a seller’s market. A home that is listed will receive a fair number of showings and sell in a reasonable amount of time given the property has been priced according to market value.
MARKET VALUE
When considering what to list your home for or what to offer on a home that is listed, it is imperative to have the current market value information available. This information is derived from comparable properties that have recently sold in the area in a reasonable amount of time at comparable prices. As your real estate consultant, I would be happy to provide you with this information.
If you have been paying attention to the news you will know we are currently experiencing a great seller’s market. If you are thinking of selling this is a great market to be a part of. To find out how much your home is worth please get in touch with me and I would be happy to provide you with comparable homes that recently sold to yours and also give you a price range of what your home could sell for today.