Princeton Town Topics – Let’s Talk Real Estate – May 17, 2017
FOR SUCCESS IN BUYING OR SELLING, IT PAYS TO KNOW YOUR MARKET
There are three types of real estate markets – buyer’s seller’s and neutral – and knowing which market you’re in can have a big impact on your buying or selling strategy:
- Buyer’s market: In a buyer’s market, there are more homes than buyers, which means buyers generally have the “upper hand” when it comes to making deals. Homes stay on the market longer – typically more than six months.
- Seller’s market: In a seller’s market, there are more buyers than available homes. That means more homes will sell, and typically for higher – even premium – prices. In many seller’s markets, home are on the market for two months or less.
- Neutral market: In a neutral market, the numbers of buyers and sellers are fairly evenly distributed and interest rates are affordable and stable. Great deals can still be had for buyers as well as sellers; you might just need to work a little harder. Most homes remain on the market for an average of four months.
Markets can vary based on the location, the economy and other factors. Not sure which market we’re in right now? Ask your agent. They can help you zero-in on the best pricing and listing strategy to help you reach your real estate goals.