Seller’s Market
When getting your house ready to sell, it’s important that you know the market. I’m sure you’ve heard the term “seller’s market” and “buyer’s market”, right? Let’s discuss what that actually means. Because really, it could be the difference of a lot of money.
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A seller’s market is basically when supply is low and demand is high. This means that there aren’t many homes for sale, and there are a lot of buyers ready to purchase. This happens a lot in popular cities, up and coming towns, and during the Spring market. Getting your house on the market at the right time is important. If you wait too long, everyone else’s house will be on the market too, and you have added competition.
When there aren’t many homes for sale but lots of buyers, this can drive the prices of homes up. Yay for you if you’re looking to sell! Your house will sell quicker, and for the best price. You can end up with multiple offers and selling over asking price.
Buyer’s Market
A Buyer’s market is when supply is high and demand is low. If you put your house on the market during a buyer’s market, you just won’t get the same kind of reaction as in a seller’s market. With not enough buyers, your house may sit longer and sell for less than you had hoped. Unless your house is the best on the market of course. Make sure to check out Get Your House Ready to Sell in 8 Simple Steps to have an upper hand on the other sellers. The best houses will sell, and the others simply will not.
So before you list your house, make sure to check out the market. You can see how long other homes have been on the market recently, and talk with you Realtor about it. Maybe it’s worth waiting for a seller’s market if you can. Here are 5 things to keep in mind when putting your house on the market. Otherwise, make sure your house is the best house on the market, and list at a competitive price.