Sellers/Buyers Market

Are we currently in a “buyers market” or a “sellers market”?
The basic concept behind a "buyers market" is that there are more residential properties for sale in an area than there are qualified buyers. This creates increased competition among the sellers for those fewer buyers, putting the buyers in the “driver’s seat” when it comes to negotiation.

A "sellers market" occurs when there are more prospective buyers than there are homes for sale. Buyers then compete against each other for available properties, often to the benefit of the seller.

Many areas across the country have enjoyed a sellers market for the last few years. Mostly because interest rates have been so low that many more buyers qualified for financing. We are currently experiencing more of a “buyers” market, since interest rates are slowly creeping up and there are more houses for sale.

Regardless of which hat you’re wearing, consult a professional for advice on getting the most out of your real estate experience.