Understanding Todays Market Conditions
The real estate market is always changing, and it helps to understand how market conditions can affect your position as a seller. Let Pearl provide you with information on current conditions and explain their impact on you as the seller and you as a buyer.
Buyers' market
The supply of homes on the market exceeds demand.
Characteristics
- High inventory of homes
- Few buyers compared to availability
- Homes on the market longer
- Prices tend to drop
Implications - More time to look for a home
- More negotiating leverage for buyers
Sellers' market
The number of buyers wanting homes exceeds the supply of homes on the market.
Characteristics
- Smaller inventory of homes
- Many buyers
- Homes sell quickly
- Prices usually increase
Implications - Buyers may have to pay more
- Buyers must make decisions quickly
- Conditional offers may be rejected
Balanced market
The number of homes on the market is equal to the number of buyers.
Characteristics - Sellers accept reasonable offers
- Homes sell within an acceptable time period
- Prices generally stable
Implications - More relaxed atmosphere
- Reasonable number of homes to choose from
|
