Sellers’ Markets Vs. Buyers’ Markets
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Question: People talk about a “sellers’ market” and a “buyers’ market.” How do I know which we have?
Answer: A “sellers’ market” typically refers to a community with strong real estate demand and rising prices. A “buyers’ market” can be seen as a situation where home prices are more “flexible,” an expression which means prices are actually falling relative to past sales, prices are steady, or prices are the same but buyers can get more concessions for the same money.
What makes such descriptions complex is that in every market you have exceptions, homes that do not rise in value as much as others or homes which sell for seemingly-high prices. Because all homes are unique — and because all transactions are different — it means buyers and sellers must have a really good knowledge of local real estate trends to get the best possible deal. In practice, this means working with brokers who are active in your neighborhood, ignoring general marketplace labels and looking for situations that best meet your needs.
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Syndicated originally by Content That Works and posted with permission.
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