How To Understand the Housing Market ?
The housing market, like most markets, is very cyclical. These market cycles can be greatly influenced by a number of different factors. Some of these factors include interest rates, economic conditions and consumer confidence, which can lead to a shortage or surplus in housing.
A Seller’s market happens when there’s a shortage in houses or more potential buyers than homes. A Buyer’s market, on the other hand, occurs when there is a surplus in housing or more homes for sale than buyers. A Balanced market happens when there is an equal number of homes for sale as there are buyers.
If you’re looking to buy (or sell) a home, it’s important to know which type of market you’re entering into. If you’re unsure, ask your real estate agent.
Let’s Look at the key Differences between a Buyers, Seller’s & Balanced Markets…..
Buyers Housing Market
Indicators of a Buyer’s Market include:
- Demand is Lower
- Inventory is Higher
- Longer List Time/High Number of Days on Market (DOM)
- Fewer Offers
- Lower Offers
- Price Reductions
Seller’s Housing Market
Indicators of a Seller’s Market include:
- Demand is Higher
- Inventory is Lower
- Shorter List Time/Low Number of Days on Market (DOM)
- Multiple Offers
- Homes Selling Above List Price
Balanced Housing Market
Unlike a Buyers or Sellers Market, a Balanced Market is when there is an equal number of Buyers and Seller’s.
In a balanced market, sellers usually accept reasonable, close-to-list-price offers. While homes sitting on the market for an average or typical length of time (this can vary from market to market). In a balanced market, house prices remain stable and, for buyers, there is a usually a sufficient number of homes to compare and choose from.
If you have any other questions regarding the different types of markets please feel free to reach out to us at firstname.lastname@example.org or 778.888.6566.
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