Which Type of Market are we Currently in?
Did you know, the current real estate market dictates your position as a buyer or seller? It helps to know which type of market we are currently experiencing.
Basically there are 3 types of market conditions:
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.
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.
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.
Do you know which market we are currently in? Can you guess? If not, that’s why I’m here to help you answer that question any time at all and let you know what’s really going on!