[Seller Tips] What is a seller's, buyer's or balanced market?
By Warren McNeil
Timing could be a factor when trying to get the most money for you house. In different markets, sellers or buyer's pull the strings.
In a sellers market, there are more buyers then houses for sale. This can lead to many buyers being disappointed and not getting the home they want unless they are willing to pay more money. Multiple offer situations are commonplace in a sellers market. Sometimes sellers get more then their asking price.
In a buyers market, there are more houses for sale then available buyers. This can lead to sellers waiting longer to sell their home or even taking less money. Some implications for the buyer in this type of market are, more negotiating leverage, larger quantity of homes available and longer time to search for a home.
In a balance market there are an equal amount of available homes to available buyers. Houses usually sell in a reasonable time, pricing is stabilized and sellers are accepting reasonable offers. This type of market is more relaxed.
Thanks for reading!