It is obvious
that if you are a buyer you want to be in a Buyer’s Market and if you are a seller,
you want a Seller’s Market.
A buyer's market and a seller's market
are two terms used to describe the prevailing conditions in a real estate
market. Here's an explanation of each:
Buyer’s Market: In a buyer's market, there are more properties for sale
than there are buyers looking to purchase them. This surplus of available
properties gives buyers an advantage in negotiations.
Characteristics of a buyer's market
may include:
High inventory of homes for sale.
Properties stay on the market for
longer periods without being sold.
Prices may be stagnant or even
decreasing.
Sellers may need to offer incentives
or concessions to attract buyers.
Buyers have more choices and greater
bargaining power in a buyer's market. They can take their time to find the
right property and negotiate for better terms, such as lower prices or
favorable contingencies.
Seller’s Market: In a seller's market, there are more buyers looking to
purchase homes than there are properties available for sale. This scarcity of
available properties gives sellers an advantage in negotiations.
Characteristics of a seller's market
may include:
Low inventory of homes for sale.
Properties selling quickly, often with
multiple offers.
Prices may be rising due to high
demand and limited supply.
Sellers may receive offers at or above
the asking price.
Sellers have the upper hand in a
seller's market. They can often sell their properties quickly and for a higher
price, with less need to offer concessions or negotiate extensively with
buyers.
How to Get Ready to Buy:
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P.S. Be it today, tomorrow or six months from now, I'm prepared to offer you dedicated extraordinary service.
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Antonio Ortega LLC Fort Lauderdale
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