The housing market is a constantly changing. It can be overwhelming, intimidating and confusing. It helps to understand how market conditions can affect your position as a buyer and/or seller. Is it a Seller's market or a Buyer's market? Should I wait to sell or buy now? What is a fair price for my home in this market? Is the market different than where I am coming form? A Southland Realty II Agent can provide you with current real estate market conditions and explain their impact.
This is when the supply of homes on the market exceeds demand. When there is high inventory of homes but few buyers compared to availability. This may cause homes to be on the market longer and even cause for prices to drop. For a Buyer this means you have more time to look for a home, and more leverage to negotiate.
A sellers marker is happens when the number of buyers wanting homes exceeds the supply of the number of homes on the market. Buyers will not have as many options and homes will most likely sell quickly. The prices of homes usually do increase during this time. For a Buyer you may have to pay more than anticipated, you will want to make decisions quickly and keep in mind that conditional offers are more likely to be rejected during this time.
This happens when the number of homes on the market is equal to the demand or number of buyers. At this time sellers are more likely to accept reasonable offers, homes are more likely to sell within an acceptable time period and prices are generally stable. This is usually a more relaxed atmosphere in the real estate market.
Below are a few useful links:
The Housing Trends