Understand Market Conditions

The real estate market is in constant flux, not only as a whole but in particular areas as well. Knowing what is going on in the overall and local real estate markets will help you understand how these conditions can affect the sale of your home. We've designed the following chart to help give you an overview of the three significant market positions. When you meet with your agent, ask about the current state of the market.

MARKET CONDITIONS

CHARACTERISTICS

IMPLICATIONS

Buyer’s Market:

The supply of homes on the market exceeds demand.

  • High inventory of homes
  • Few buyers compared to availability
  • Homes on the market longer
  • Prices tend to drop in this type of market
  • Your home may take longer to sell
  • Less negotiating leverage in terms of selling price
  •  Your home may take longer to sell
  • Less negotiating leverage in terms of selling price 

Seller’s Market:

The number of buyers wanting homes exceeds the supply or number of homes on the market.

  • Smaller inventory of homes
  • Many buyers
  • Homes sell quickly
  • Prices usually increase
  • You may have more negotiating leverage and obtain a higher selling price for your property
  •  You may have more negotiating leverage and obtain a higher selling price for your property

Balanced Market:

The number of homes on the market is equal to the demand or number of buyers.

  • Demand equals supply
  •  Homes sell within an acceptable time period
  • Prices generally stable
  • More relaxed atmosphere
  • Buyers have a reasonable number of homes to choose from
  • More relaxed atmosphere
  • Buyers have a reasonable number of homes to choose from

To find out your home's value in today's market, simply fill out the form below and we'll send you a free Comparative Market Analysis.

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