Thank you, Joseph, for such a great job and your kindness at such a tough time. Honest and Upfront, over all just the best!
Understanding The Market Conditions
The real estate market is always changing. It helps to understand how market conditions can affect your position as a buyer or seller.
A buyers market is when the supply of homes on the market exceeds demand.
With a high inventory of homes and few buyers compared to availability, homes stay on the market much longer than normal. In this sort of situation, prices tend to drop.
This gives an advantage to those looking for a new home as it gives them more to look and evaluate their options and also gives more room for negotiation.
A seller’s market is when the number of buyers wanting to buy exceeds the of homes on the number of homes on the market.
When there is a smaller inventory of homes, and an exceeding amount of buyers, homes sell at a faster rate. This increases the overall value of the properties on the market
which means buyers have a very limited time to make a decision and usually end up paying more than expected.
A balanced market is when the number of homes on the market is equal to the amount of buyers.
This is the most ideal conditions because homes sell within an acceptable time period for a reasonable amount of money for the value of the home. When the market is balanced, the real estate atmosphere is relaxed and allows a positive experience for both buyers and seller