The Buyer's Market: What It Is, And How To Identify That You're In One Without A Realtor Telling You
Currently, in most parts of the country, and in terms of houses for sale, you are in a buyer's market. You may have heard of "a buyer's market" and "a seller's market," but what does that really mean? Furthermore, how can you tell which type of market you are currently in without a real estate agent or realtor telling you? This, and more follow.
The Buyer's Market
A buyer's market simply means that there is a glut of houses for sale and that buyers can afford to be picky with all of the houses to choose from. Buyers can also bargain and haggle quite a lot because a seller that refuses to bend in a buyer's market will not make a sale. The buyers will just drop it and move on to something else that is available. This is bad news for sellers, but incredibly good news for buyers.
How You Can Tell That You Are in a Buyer's Market
In all actuality, you do not need to be a real estate expert, nor do you need an agent or realtor to tell you that you are in a buyer's market. It is quite obvious.
The telltale signs of a buyer's market are:
- The houses stay on the market for six months or more
- Despite numerous open houses and a ton of foot traffic, the houses remain for sale
- Sellers give in and reduce the selling price when their houses have been for sale a long time but remain unsold
- More houses in your neighborhood erect "for sale" signs such that it seems like the whole neighborhood is moving out
- Sellers decide to throw in extras, like appliances or a new roof, to encourage buyers to make a bid
All you have to do to spot these signs is take a daily walk around your neighborhood. When you spot four or five of the above signs occurring, you know that you are in a buyer's market. Sellers become more and more frustrated by the fact that they cannot sell their homes as fast as they had hoped. Hence, the prices are slashed and reduced, and the lure of new extras on the property or in the house is included with the original price or the reduced price.
For more information on when to buy or sell your own home, contact a local real estate agency that you trust to help you through this process.