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Knowing the Market: Buyer’s or Seller’s?

Knowing the Market: Buyer’s or Seller’s?

Buy Low, Sell High It doesn’t matter the situation is – that old adage always seems to apply, doesn’t it? You’re going to want the best possible value for your purchase, whether that means a higher sale price for your own home, and a low price on your new home, and the best way to win at both of these is to know – and fully understand – the real estate market. Buyer’s Market “A situation in which supply exceeds demand, giving purchasers an advantage over sellers in price negotiations.” Investopedia Do you recall the economic downturn and real estate crash in 2008?  That entire situation is a perfect example of a buyer’s market:  there was an over-abundance of supply as people were trying to sell their homes, and not nearly enough demand.  Potential buyers could purchase a home for significantly less than what it had sold for just a few years earlier.  There are many factors that contribute to a buyer’s market; everything from home values decreasing, general perception of diminishing property values, and loss of equity, which is generally owing more on a house than it’s worth, or being ‘upside-down’. In a market with these conditions, buyers have more power, as home prices tend to grow consistently lower over time.  As a result, someone looking to buy a new home has the luxury of previewing multiple homes without feeling rushed to make a decision. Sellers have to be more proactive in preparing their homes for sale, spending money on renovations and improvements before listing it for sale. Once a sale has begun, buyers typically can request even more items...