Due to a Lack of Inventory, It’s a Seller’s Market Again!
What is “Inventory” when talking Real Estate?: We refer to the quantity and type of properties for sale as the “Inventory”.
What is a “Seller’s Market”?: Whenever we have significantly more qualified buyer’s for the quantity of available properties for sale, we have a “Seller’s Market” (demand outpacing supply). What this means for sellers is faster sales, higher prices, less concessions and better contractual terms.
What is a “Buyer’s Market”?: The opposite of a seller’s market, the amount of available properties for sale are significantly greater than the quantity of qualified buyer’s (supply outpacing demand). In a buyer’s market it takes longer to sell, there is downward pressure on prices and seller’s must offer more concessions to potential buyers.
Things that effect the Real Estate Market: Seasons: more properties are typically available (more sellers) during spring and summer and when local schools are not in session. Interest rates: lower rates means more buyers and buyer’s can afford to purchase at higher prices. Economic conditions: more people working and making more income means more “qualified” buyers. Location: more desirable locations have more activety than less desirable areas. Business activety in the area: more jobs and shorter commutes mean more buyer demand. Prices/Taxes: Reduce buyer demand when up and increase buyer interest when low (or in areas that are lower). County attitude and policies toward growth.
This site is meant to be a valuable resource to anyone considering selling and/or buying. The content is consistently added to based on interest, questions and requests. Please call or shoot me an email if you have a question or would like more information on a topic. Thank You, Jeff Vanskike