Buyers Market: Economists refer to conditions, as a buyers market, when there are more houses listed on the market, for sale, than potential, qualified, serious buyers. In addition, it’s important to recognize, conditions which are positive to buying and owning a home, such as low mortgage rates, are more favorable to homeowners/ sellers, than to those trying to purchase/ buy. Obviously, from a homeowner’s perspective, he must recognize this creates a highly, competitive real estate market, and there is a need, to adjust items, such as listing price, and/ or how flexible, one needs to be, when receiving offers. While, in a sellers market, prices rise, in a buyers market, they often do the opposite, because, a homeowner must either accept a lower price, or try to resist and hold – out, and lose the opportunity – cost of his home’s value!
Sellers Market: When there are more qualified, serious buyers, than houses offered, for – sale, on the market, we are witnessing a sellers market. At the present time, this is precisely what we are witnessing, as reports consistently indicate how there is not enough/ sufficient inventory available. In the last couple of years, we’ve also witnessed a period of rising prices, etc. Obviously, fewer houses available, often translates to higher pricing, and less competition.
Balanced Market: Historically, economic conditions vary, which creates changing housing conditions and marketplaces, some favoring buyers, while others sellers. When there is a balanced market, the focus must be, on making one’s home, stand out, from the pack, in a positive manner, pricing it properly, from the beginning. Agents must pay attention to the specific, current situations, and be ready, prepared, willing and able, to flexibly alter strategies and approaches, as necessary and needed.