You hear it all the time, “It’s a buyer’s market,” or, “It’s a seller’s market” but what does that mean? Typically, the market ebbs and flows depending on the season. There are usually a lot more homes on the market in the summer months than any other time of the year. In this case, it is a buyer’s market in the summer and a seller’s market in the winter. Whether it’s a buyer’s or seller’s market also depends on a few external factors. Let’s dive in to what the difference in each market is.

A buyer’s market occurs when the supply (available homes for sale) exceeds demand (the number of people seeking to purchase homes). If you’re thinking about buying a home, this would be the ideal time for you to consider the purchase. You may be able to buy a home for a lower cost than you would in a sellers market.

If you’re wanting to sell your home in a buyer’s market, the key is to hire a trusted real estate professional to help you price your home right, market the property aggressively and negotiate favorable terms on your behalf. Even with that, you may still have to lower your listing price or make other concessions to get your home under contract.

A seller’s market occurs when demand exceeds supply, meaning there are more buyers actively looking and ready to purchase homes than there are available homes on the market. This can sometimes lead to multiple buyers interested in one property, resulting in a multiple offer situation. If you are a seller, this is a fantastic time to sell your home as you could potentially get a sales price higher than listing price, or at least more than your bottom line.

If you’re wanting to buy in a seller’s market, you need to be aware that the seller is at the advantage here. Sellers are less likely to accept offers below list price, make seller concessions, inspection repairs, and accept buyer contingencies as they are confident that they will still sell their home quickly for top dollar with an offer from someone else with more favorable terms. If you’re buying, make sure you have an agent in your corner that thoroughly understands the market and can negotiate the terms to get your offer accepted.

Buying or selling a home can be a complex process. From knowledge of the market to negotiation skills, there are many reasons to consider bringing a professional onto your team.

1} Market Knowledge: Realtors understand the local market, from pricing trends to neighborhood insights, they have the inside scoop.

2} Negotiation Skills: An experienced real estate agent can negotiate the best deal on your behalf, potentially saving you thousands.

3} Time Savings: With a Realtor handling property searches, negotiations, and paperwork, you can focus on what matters most to you.

4} Access to Listings: Realtors can provide you with access to more listings, some of which may not be widely advertised.

5} Paperwork Expertise: Navigating real estate contracts can be complex. A Realtor will ensure you understand everything before signing.

6} Ethical Consideration: Realtors are bound by a code of ethics and committed to treating parties fairly in a transaction.

7} Price Guidance: Realtors can provide data to help you make an informed decision about the price you’re willing to pay or accept.

When getting ready to sell your home, it is important that you are intentional with how it looks to prospective buyers. Staging is designed to showcase a home’s best assets, impress buyers, and sell it quickly for the highest possible price. Not all sellers stage their homes, so you’ll be at an advantage if you elect this extra step. Check out these steps below to get your home market ready!

1} Clean: This shows potential buyers that you take care of the home.

2} Declutter: This helps showcase your home’s features and make it feel more spacious

3} Define Rooms: Make sure that each room has a single, defined purpose.

4} Wallpaper and Paint: Give the walls a fresh coat of warm, neutral paint.

5} Lighting: Take advantage of the natural light. Open all blinds and curtains.

6} Exterior: Make sure your curb appeal is up to par.

One of the most exciting parts of my job is helping sellers get their home ready to list. I have an extensive list of vendors from cleaning to painting to staging companies that I can use to get your home in prime selling condition!

If you’re here because you are considering buying your first home, congratulations! I hope to have the privilege to help you turn your dream of owning a home into a reality. Now, let’s get you ready for homeownership.

Set Clear Goals: Determine your timeline, location, and the amount that you are comfortable with spending on a home. Buying a home is a marathon, not a race.

Track Your Income: Create a budget and make sure you are following it each month.

Automate Savings: Designate a portion of your income to go to savings each month. There are a lot of out of pocket expenses associated with purchasing and owning a home.

Reduce Debt: Try to pay off as much debt as you can before buying. Debt to Income Ratios are taken into consideration when seeking approval for a mortgage and your DTI can influence your interest rate and approval.

Increase Income: Start that side hustle you’ve been talking about to boost your savings account and reduce debt.

Cut Expenses: The key to saving is cutting expenses. DoorDash is expensive after all!

Monitor Progress: Keep tabs on where you are financially and make adjustments as you see fit.

Call Me: I’d love to be your accountability partner to help you work towards your goal of homeownership!