Whether you’re a buyer, seller, or just want to be informed about the housing market, knowing what a buyer’s market and seller's market are will help you in your homeownership journey. Check out the differences below and a few tips for navigating each market type.
A buyer’s market occurs when there are more houses on the market than people wanting to buy – supply exceeds demand. Being a buyer during this time has its perks, however, sellers’ may experience trials in trying to make their home stand out from others. Here are tips for both in navigating this market type.
As a buyer, you should hone in on your preferred neighborhood and budget. This will allow you to quickly weed out homes that won’t be viable options. As a seller, it’s important to do everything possible to stand out in the market. If your home is in need of repairs, do them. If you have to hire help to market your home or stage it to really take that “wow factor” up a level, it may be worth it in the end.
The opposite of a buyer’s market, a seller’s market occurs when inventory is low and lots of people are looking to buy. As a seller during this time, you’ll probably receive lots of options. While this is a great thing, it also can be stressful if you’re not able to move out right away. For buyers, being quick to the draw and being ready to commit is imperative.
For sellers, it’s important to still work to attract buyers even though they’ll be a dime a dozen. Fixing up your house, making sure you’re working with a good listing agent, and pricing your home competitively yet fairly are all good places to start. For buyers, know what you want and how quickly you want it. This is not the market for taking your time if you find a home that you really love. While that may be scary, your dream home may not be there for long, so acting fast is necessary.
Contact an InterLinc branch today for more information!