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There are three types of markets in residential and commercial real estate: a buyer’s market (when there are more homes for sale than buyers to buy them), a balanced market (when there are an equal number of buyers and homes for sale), and a seller’s market (when there are more buyers than homes to purchase).
2016 qualifies as a seller’s market. Compared to the last year, the amount of existing inventory has fluctuated downward between 15% and 25%. What's happening is that there are more buyers competing for one property than there have been in the past. When multiple buyers compete for the same house, that house often sells for at least asking price or more.
2016 qualifies as a seller’s market. Compared to the last year, the amount of existing inventory has fluctuated downward between 15% and 25%. What's happening is that there are more buyers competing for one property than there have been in the past. When multiple buyers compete for the same house, that house often sells for at least asking price or more.
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People have more buying power.
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If you’ve tried to sell a home in the past but couldn’t, now is the time to revisit the market.
A question I’m getting a lot is, “Why is this year different than any of the past years?” It’s not too different, but what it comes down to is affordability. Interest rates were expected to go up this year, and they’ve actually gone down. As a result, people have more buying power. Even if you’re not selling a property this year and staying in the home you have, you might want to consider refinancing. If, for example, you’re currently paying 4.5% or more on your mortgage, you will save tens of thousands of dollars refinancing to today’s interest rate.
If you have questions about market conditions or you're thinking about buying or selling a home, give me a call or send me an email.
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