buyers market: That house sold for $400K over??? - 02/21/18 02:05 PM
Seems like we have been seeing headlines like this in the current market. Why is that?
Is the market actually swinging up by $400K in one month? Are people really paying that amount over asking? Are houses even appraising?
Let me see if I can break it down just a bit.
 
15-20 years ago, when Sellers said they wanted $500,000 from the sale of their home, we would suggest listing for $550K. Then in the process of negotiating, we would end up at $500,000. We would issue counter offers or multiple counter offers, and it often took several days to get to a final price. … (2 comments)

buyers market: 🤔 What does a "Sellers Market" actually mean? - 02/13/18 03:04 PM
Ask this question, and you will get a variety of answers.  So it really depends on who you ask.  The three types of markets that economists talk about are buyer, seller, and transitional markets.
The idea behind the answer comes from how many days/months of supply any given area has.  This is calculated by the actual number of units (Homes) on the market, and how many actually sold over any given period of time. Say there are 1,000 homes, and 500 sell a month.  This would mean you have two months of inventory.  The same market at 5,000 homes with 500 sales a … (0 comments)