That's right folks. I'm going to go out on a limb here and declare that in some market sectors we indeed have ourselves a "seller's market".
At the peak of South Florida's so called "bubble" it was commonplace for a property to sell very quickly, with multiple offers, and at above askng price. This, of course, happened because demand was consistently exceeding the supply, subsequently contributing to the 'perception of value' for real estate.
Today, almost every offer that I've put in on behalf of buyers has been at above list price, and in 50% of those cases those buyers were out bid by someone else. What type of market would you call that?
Here are two examples:
- West Hialeah-single family homes priced under 200K in barely acceptable condition are selling quickly and with multiple offers
- Royal Oaks(Miami Lakes)-Here, the demand for properties remains strong, and often homes priced well in comparisn to the competition again sell quickly and with multiple offers
One can extrapolate from these two simple examples that any seller can create a buyer's market for their property, because even when the forces of supply and demand don't seem be in the seller's favor, the seller can create the all important 'pereption of value' that will always get a property sold, regardless of market conditions. In short, the seller's ultimate weapon is the asking price!