What Factors Will Affect Your Price?

Understanding Market Conditions

Depending on the time of year, what the current economy is doing, interest rates, and attractions to the area, there can be different types of markets that you can experience throughout the year.

Balanced Market: The number of homes is equal to the number of buyers. What does this mean for you as a Seller? You may not sell right away but still within a reasonable amount of time. Typically not exceeding 6 months. The buyers will tend to be a little bit pickier about the general condition of the home and have more bargaining power.

Buyer’s Market: A buyer’s market occurs when the supply of homes on the market exceeds the demand. This can typically happen in a recession or when the area is not highly desired etc. What does this mean for you as a Seller? Your home could be sitting on the market for more than 6 months and its value isn’t as strong. Buyer’s will have more bargaining power. You will need to do something to home to make it more attractive than the competition.

Seller’s Market: This occurs when the number of buyers wanting to purchase homes exceeds the supply of available homes on the market. What does this mean for you as a Seller? Your home will typically sell for more money, bidding wars are more likely, fast turnaround time from list to sale, and Buyer’s cannot be as picky about the condition of your home and consequently have little to no bargaining power.