One way to determine whether a market is a buyers or a sellers market is by analyzing home prices. Home prices that have gone up or down significantly are indicators of a buyer’s or sellers’ market. You can get free market trend reports by searching the desired location on websites such as Rocket Homes.
In a buyers’ market, sellers are more likely to lower their asking price in order to sell their home. That’s because buyers have more bargaining power. They can offer thousands less than the asking price. Also, homes tend to stay on the market for longer than usual. This means that the “For Sale” sign won’t be replaced with a “Sold” sign after only a few weeks. Also read https://www.turningpointhomebuyers.com/sell-your-house-fast-in-berlin-ma/
When considering offers, sellers should carefully review each buyer’s financial capacity. Buyers who claim to be able to pay a certain amount may be unable to get the funds to do so. Furthermore, lenders don’t typically approve mortgages for more than the home’s assessed value.
Although the housing market is complex, the pendulum is swinging quickly in favor of buyers. Different types of properties are performing differently than others, and certain regions are experiencing a different trend. Certain industry practices that have been ebbing for several years are now being revived as buyers have more leverage in the market.
While home prices are expected to remain higher year-over-year in the third and fourth quarters, they will slow down. They will only rise by 11.7% in the third quarter and 6.5% in the fourth quarter, according to Christian Ross, a real estate broker with Engel & Volkers Atlanta. Despite the slowdown, prices will remain hot for move-in homes and modernized homes. But even if prices continue to increase, home buyers should expect to put in 10 or more offers on a home before they get it accepted.
If you are considering selling your home, knowing the current market trends in your neighborhood will help you decide when to list it. When to list your home will affect the time it takes to sell, the number of offers you receive, and the price you receive for it. So it’s important to keep your options open, and be patient and persistent.