Is the Current Real Estate Market Better for Buyers or Sellers?

If you're trying to figure out what the market is doing and you aren't sure where to start, learning the difference between a buyer and seller market is key. The current market trends are tending towards a sellers market, but make sure you check local markets and a real estate professional before making any real estate buying or selling decisions. Here's how to know if the current real estate market is benefiting sellers or buyers.

What a seller's market looks like

Inventory across the country is low, meaning there are more buyers looking for houses than there are houses on the market. During the Recession, there was an oversupply of houses on the market, now we're facing a shortage and builders aren't keeping up. This makes the home prices rise and makes it more competitive for a buyer to get the house they want. It's a great time to list your house since it's in high demand, but if you're looking to buy, it may take longer than usual because houses will sell quickly and for more than asking.

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Here's what a buyer's market looks like

A buyer's market is when there are more homes on the market than there are interested buyers. Buyers have multiple options and sellers are forced to lower their prices in order to sell and many homes remain on the market for a long time. It's a good situation for first time homebuyers, but it's not the current state of the market and probably won't be until at least next year.

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Markets may change in different locations

Remember that though the nation is experiencing a seller's market overall, there could be specific markets that are going through something completely different. Prices are expected to continue rising, due to a healthy economy, high employment levels, and increasing wages. The mortgage rate is not expected to go much higher than 4% but it expected to rise. Finally, Millennials have not hit the real estate industry very powerfully quite yet but once they do, demand will go up exponentially.

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If you want to take advantage of this seller-centric market, talk to one of our Lucido Agency agents about selling your house. These professionals are familiar with the conditions of their communities and they can sell your home quickly and for top dollar. Find an agent in your area today!

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