"Buyer's Market" v.s. "Seller's Market"
Did you hear about the housing market increase on the news this morning? Home Sales have gone up 12% from May 2012 to May 2013, it's the largest bump in sales in the last 7 years! Here in Dutchess, especially in the last 2 months, we've had Buyer's putting bids on homes, that have 2-6 offers coming in at the same time, causing bidding wars. Certain homes are "flying off the shelf". We are experiencing a "Seller's Market" lately...the big question is how long will this last?
What is the difference between a "Seller's Market" and a "Buyer's Market"?
We have all witnessed a "Buyer's Market"over the last 5-7years....We call it a slower market for a few very good reasons...there isn't enough demand, there are too many homes to choose from, no one seems to be buying and homes are selling for less, just to get "sold". Which is great for a Buyer.
The switch from"Buyer's Market" to "Seller's Market" happens when no one expects it. They always say, "you might not see it coming until it's too late". When the market sales go up, sale prices go up and Buyer's are on the lookout for the chance just to find a house within the price range they can afford, hopefully avoiding a bidding war just to get the house.
So, it's happened! It's become a "Seller's Market". Primarily because buyers are buying and Inventory is low...! Luckily sales prices have not sky-rocketed, yet...though prices are starting to increase. The demand is high, homes are getting multiple bids and going into bidding wars. In the end, houses are being listed for a shorter time and selling above the list price! It's a great time to sell a house!
If you are a Home Owner, and you would like to talk to a professional for some information on the current sales market, please give me a call, I or one of my associates would be happy to help you.
The best way to reach me, would be by calling my cell at 845-416-4281.
Dutchess County Realtor
Crystal De Raffele