How to Read the Market

What is the Current Market doing and how will it affect your Dollars?

The real estate industry follows the laws of supply and demand. This cyclical process is the result of trying to find balance between the availablity homes for sale and the number of buyers looking to move!

A few hints as to what this means to you whether you’re buying or selling…

  • Buyer’s market – There is a higher inventory of homes for sale. There is plenty of competition from other sellers. Prices will tend to be more stable or on the lower end. This means, as a buyer, you will spend more time looking for a home and will negotiate more for a better price.
  • Seller’s market – The number of buyers exceed the number of homes available on the market meaning you may have more than one buyer interested in the same property. Homes sell quickly and for more money since the supply of homes is low. If you’re looking to sell, this is the best time.
  • Balanced market – A stable market. The number of Buyers is comparative to the number of Sellers. You will see a reasonable market value for your home as a seller, and less tension in looking for homes and as a buyer, you will have more time to think about your purchasing decision before rushing into an offer.