Have you been toying with the idea of putting your home on the market? This can be a tough thing to decide. Is the time right, or are you potentially setting yourself up for a fall?
Determining if now is the best time to put your house up for sale is all about reading the market. The type of market you’re currently in can impact your sale a lot, changing how much time it might take to get a buyer or even how much they’re willing to pay.
Do you know how to tell if it’s a buyer’s or seller’s market? Read on and we’ll walk you through what you need to know.
The Difference Between Buyer & Sellers Market
If this is your first time selling a home, you might not understand the differences between a buyer and a seller’s market. Luckily, there’s not too much distinction that needs to be made.
In a buyer’s market, there are simply more homes on the market than buyers in the marketplace. That means that the buyers have an advantage over the sellers. They have more homes to choose from, which means they can be pickier and have some leverage in the sales negotiations.
In a seller’s market, the inverse is true. There are more buyers looking for houses than there are houses available. This is a very fortunate situation for a seller to be in, as you’re likely to receive multiple offers and might be able to push the price of a home up.
How To Determine The Market You’re In
As you could probably guess, it’s much better to sell your home in a seller’s market than a buyer’s. But how can you determine what kind of market you’re in currently?
The easiest thing to do is to check the inventory closest to you. When we talk about the housing market, we don’t necessarily mean the national market. The state of a market could change from city to city or even zip code to zip code.
It’s best to look at other homes for sale in your immediate neighborhood. See how quickly (or not) homes are selling in your area. The more rapidly homes are being snatched up, the more likely it is that you are in a seller’s market.
If homes are languishing for some time without a sale, your luck might not be so good. In this situation, you might have to turn to a service like www.creamcityhomebuyers.com to help get your home sold.
If you notice lower mortgage rates being introduced, it might be another reason to suspect a seller’s market. Lower rates allow more buyers to introduce the marketplace.
How to Tell If It’s a Buyer’s or Seller’s Market
Do you know how to tell if it’s a buyer’s or seller’s market? If you’re looking to sell your home soon, the above information can help you determine if now is the right time.
Need more real estate tips? Check out the rest of our articles for more.