Is it a buyers’ market or a sellers’ market?

While working phones in our busy real estate office, I received an interesting call.

“Is it a buyers’ market or a sellers’ market,” the caller blurted out.

I was a little taken back by the bluntness of the question. I’m accustomed to a little bit of conversational foreplay before being asked that question.

“Weeelllll,” I drew out.

I could have responded with the technical definition. A six month supply of homes is a balanced market. More than a six month supply of homes on the market means a buyer’s market. Less means a seller’s market. But that’s a really an over simplified response.

“It depends,” said.

The caller didn’t want to go there, and repeated her question.

“Look,” I said, “The answer isn’t one or the other. The answer really is, ‘It depends.”

“Buyers ARE enthusiastic. They are out looking, and they are buying. Sellers are getting better prices than in years’ past, and it’s not unheard of that correctly-priced homes in exceptional condition are getting multiple offers. But is it a sellers’ market? It depends.”

Click.

I guess that was all she wanted to hear, but that’s not the entire answer.

There is a difference from previous “hot” real estate markets. Buyers are different today than in “hot” real estate markets of the past. 

Buyers are far more discriminate. They are willing to pay market value. They’re even willing to pay a little over market value for a home they really want, but they’re not willing fork over exorbitant prices for properties that won’t appraise. They’re looking to live “within their means.” And we’ve even worked with several buyer s searching for properties in price ranges below what they’re qualified for.

In normal conversation, the next question is, “Should I sell my house?”

The answer is… “Yes… provided you have reasonable goals and expectations for selling your home.”

What’s reasonable in this market? Homes in great shape and priced at the market value of a given neighborhood are getting offers surprisingly quick – often multiple offers within hours of the sign going into the yard. If your home is priced above market value, the sales process is likely to be longer. If your home needs work, the sales process is likely to be longer and/or you’ll get some offers below asking price – even if it is correctly priced for the neighborhood.

The next question usually is, “now what?”

Now you call us so we can get the ball rolling! Give us a call at direct at 972-814-1689 or at the office 972-562-5400