How to determine which type of home buying market you are in?
If there are more buyers than sellers then it is a seller's market. If there are more homes for sale than there are buyers, then it is a buyer's market.
If you are a seller, then being able to sell your home whether it's in a buyer's market or a seller's market is the goal. Selling your home is a big life-changing event that can be bother costly and time-consuming. This is why it is so important to know what kind of market you are in and approach the market accordingly.
The first step in the process is to figure out what type of market you are currently in. It can only be one of two types, a seller's market or a buyer's market. When you are in a buyer's market, it is a little bit harder to sell a home. This means that there are more listings than there are potential buyers. You have a lot more competition when it comes to selling. In a seller's market, it is less demanding on a seller. This means there are more potential buyers than there are listings. A seller can usually list for top prices and get multiple offers, selling their home more quickly.
A seller has to work hard in a buyer's market. That means a seller needs to do more to have their house stands out in an inundated market. Make sure your home is staged. You want a potential buyer to come into the house and be able to envision themselves in the home. Professional home stagers can work with your Realtor to stage your home. A big part of the process is cleaning, decluttering and removing personal artifacts.
Not only is the interior important but your home's curb appeal must be eye-catching. The yard and exterior are the first things that potential buyers see when they come to see your home in person. Make sure your yard is clean and tidy. You will also want to repaint outdoor fixtures and your front door.
Buyers have the upper hand so a seller needs to be prepared to make concessions. Keep in mind that in a buyer's market, you might need to negotiate on your asking price, be flexible with the closing date, pay for some of the repairs, and waive certain contingencies if requested.
In a seller's market, the demands are not as demanding. This doesn't mean that you should list your home for an inflated price, but you should price your home fairly. If you price your home too high, it can be skipped by potential buyers who are looking online within a certain budget. Remember some offers may sound too good to be true. You will want to weigh multiple offers very carefully. Sometimes choosing the highest offer is not always the best way to go.
No matter what the current market, it is important to use a Realtor when it comes to selling your home. A Realtor can help you navigate both markets and get you the best price for the best home.
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