Is this a Seller’s Market or a Buyer’s Market? As REALTORS, we are often asked, “What market are we in?” The answer is somewhat simple, but it really depends upon the market conditions. Right now for instance, there are many homes for sale, including foreclosures and “short sales.” On average this equates to about a 10-month supply of housing, which would classify this market scenario as a “buyer’s market.”
One must keep in mind that the statistics and news reports are often reported on a national scale and real estate is more like the weather…every local situation is different and can vary from town to town and state to state. To get a more realistic picture, buyers must look at the inventory in the neighborhood they wish to reside. If there are only one or two homes for sale out of “hundreds” then buyers may find themselves in a “seller’s market” (limited supply and greater buyer interest), and may wish to make offers that are closer to the seller’s asking price and terms.
For more information about what market you are buying in just ask your Calcagni REALTOR!
Written by Joel Grossman, CRS, GRI, Realtor, Calcagni Associates