“Buyers’ market.” “Sellers’ market.” What does it all mean when you find yourself ready to buy or sell a home?
The basic concept behind a “buyer’s market” is that there are more houses or residential properties for sale in your community than there are buyers qualified to make a purchase. This creates increased competition among the sellers for those fewer buyers, and can put the buyer in the “driver’s seat” when it comes to negotiation.
It logically follows that a “sellers’ market” happens when there are more prospective buyers than there are homes for sale. Now it is the buyers who must compete against each other for available properties, often to the benefit of those who are selling.
Many markets across the country have enjoyed a sellers’ market for the last year. This is largely due to the fact that interest rates have been so low that many more buyers applied, and qualified for, financing than in previous years. Now interest rates are slowly creeping up, so the buyers who have been sitting on the fence waiting for the best time should act now before higher interest rates knock them out of the market.
Regardless of market conditions, many people don’t have much choice when it comes to when they want or need to buy or sell a home. Life dictates these decisions for us. Many times it is a job related move that is determined by the need of your employer. Sometimes the move may be caused by the need to be closer to family members. Occasionally, it is a desire to move to a warmer climate. Some families try to work the move around the school calendar, if possible. Whichever buyer or seller you happen to be, always consult a real estate professional for advice in order to get the most benefit from your buying or selling real estate experience.
Contact the Kathy Henne Team RE/MAX FINEST by calling (937) 778-3961.