Defining Seller's Market In A Buyer's Market
Sounds confusing? Bear with me while I will try to make some sense here about
defining buyer's market and seller's market. You might wonder what about the old supply and demand adage - well it has nothing to do with supply and demand,
but all about pricing.
What is a seller's market? For folks who are thinking about buying a home need to be aware and understand the definition of a seller's market. In a seller's market, home prices are generally higher therefore providing less value in the homes that are being purchased during that time. Low inventory and homes in great locations creating a bidding war amongst buyers that certainly can escalate the purchase price well above the listing price.
What is a buyer's market? Home buyers notice plenty of homes are available and prices are dropping creating better value. Sellers during that time making great sacrifices by reducing the price just so their home appeals to the buyer. Less competition and more home to choose from compared to purchasing a home during a seller's market.
Buying a home during the buyer's market can end up being a seller's market because it is only a buyer's market with one offer on the table, however when another offer is being presented to the seller it is no longer a buyer's market. This often happens now during the time where foreclosure dictate the real estate market and home buyers want a great deal creating multiple offers. But this also happens even in a traditional sale today with homes that are priced correctly.
Imagine if all homes were well priced, chances are the time on the market for the homes would be a whole lot less than today's average time on market. I would rather see a balanced market than a buyer's market of today or a seller's market we experienced during the boom of 2005 and 2006 which created havoc amongst buyers and sellers.
Consider hiring an experienced real estate agent, who can provide you with guidance through this process so that you have a successful home selling or home buying experience in today's competitive
Lakeland FL real estate market. Call me at (863) 619-6918 or email me at
petra@petranorris.com for a private consultation at no cost to you.
I hope you found this post useful! If you need help finding or selling your Lakeland, Florida home, please contact Petra Norris - REALTOR(R) at 863-619-6918. If you’re new to Lakeland, I’d especially like to extend a warm welcome. I value my clients and provide them with honest, reliable service. Allow me to introduce you to the Lakeland FL real estate landscape and all it has to offer.
Copyright © 2011 By Petra Norris *Defining Seller's Market In A Buyer's Market*
Authored by Petra Norris
Petra Norris - REALTOR®, SFR
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
