The real estate market is always changing. It is helpful to understand how market conditions can affect your position as a buyer.
Nicole will give you current real estate market conditions and explain their effect.
The supply of homes exceeds the number of buyers (supply is higher than demand). In this marketplace, prices tend to fall and the homes remain out there longer. So your house might take longer to market and you will have less bargaining power concerning the selling price. Fortunately, you’ll be in the driver’s seat when making an offer on your next residence.
The number of buyers exceeds the number of houses on the market (demand greater than supply). Prices are increasing and homes sell quickly. As a seller, you will likely have more bargaining power and obtain a higher selling price for your property. Unfortunately, you will be on the opposing side of the fence when purchasing your next house.
The number of houses on the market is equal to the number of buyers (supply equals demand). Within this market, prices are stable and homes sell within a reasonable period of time. It is a serene atmosphere with buyers with a decent number of houses from which to select.