In a Balanced Market, you won’t find one party favored over another
While hearts may likely be beating with the excitement of selling a home or buying a home, it won’t be beating faster for having a leg up on the other party to the Real Estate sale. The Market is balanced. Smack dab in the middle when it comes to supply and demand. There seems to be enough homes for sale without the detriment to another. You’ll find an inventory level of homes at a 5 to 6 month supply. Battle lines are blurred during a Balanced Market.
In a Buyer’s Market, it’s the home Buyer whose heart is beating the fastest
As a Seller in a Buyer’s Market, the tables have turned from what they were experiencing in a Seller’s Market. Now, it’s the Buyers that are excited from all the inventory of homes they have to choose from. How exciting, so many homes to choose from. Perhaps they’ll be able to find most of what’s on their wish list in a home.
Sellers really need to sharpen their home selling plan now and I mean sharpen. They’ve just realized that they need to make their home shine above their neighbor’s home; the competition. They need to show all of these home Buyers that their home will be the best for them to buy. How do they do it? It involves 5 all important ways:
- They’ll need to plan very well for their home sale that includes accurate pricing.
- They’ll need to not fret about the small stuff
- They’ll need to practice give and take; the practice of compromise
- They’ll need to hire a Real Estate Agent that is a master at marketing online.
- They need to be remarkable!
What do Buyers need to do in a Buyer’s Market?
Music to a Buyer’s ear as their heart beats rapidly; a Buyer’s market. A Buyer is now ruling the roost. Homes for sale are in excess and Buyers are carefully picking out a home they like. No longer are homes in limited supply as seen in a Seller’s Market, but rather homes for sale are plentiful. Where did they all come from as Buyer’s delight in the selection. The level of inventory is now at 6 months or more. If no additional homes were listed for sale, the current inventory would take 6 months or more to sell. That’s an eternity for a home Seller and they’re going to be willing to negotiate if their home isn’t selling.
Buyers can anticipate a lot more of their needs to be met. Buyers now can pick and choose what best fits their needs. They now feel the power to ask a Seller to fix those little items that showed up on the inspection report that they were fearful of asking for in a Seller’s market. They can easily ask for a Seller to contribute towards their closing costs, after all to have some money leftover to buy some new furniture for the home would be ideal.
Closing thoughts
The ways in which you move with your local Real Estate market can make all the difference in whether or not you accomplish what it is you set out to do when it’s time to a sell a home or buy a home. As you can see there’s a lot to consider. Now that you’ve educated yourself on the various types of local markets, be sure to get in touch with your market and have a Real Estate professional to guide you through the process in order to avoid too much frustration, loss of money and time.
Whatever you’ve set out to do in life I’m sure you’ve always found that when you have direction, your chances for success are that much greater.