What does a seller's market mean?

Real Estate Agent with Keller Williams Realty - Cenla Partners Louisiana 0000073964

For quite some time, our company's founders have predicted a market shift to a seller's market.  We are currently comparing our local market stats in terms of available listings to that of this time last year.  We have 18% fewer listings; quite a reduction.  In speaking with other agents in other markets as well as reading articles throughout the country, other areas are experiencing the shift as well.  

What does a seller's market mean for a buyer?  It means there is the possibility of getting into multiple offers when the house the buyer wants is priced well, location is good, and condition is good.  Multiple offers can drive the price up, possibly beyond the buyer's means.  How disappointing to lose the house of their dreams!  I recommend locally that buyers jump in right now before it gets worse.  Some of our local lenders are offering down payment assistance to make it easier.  https://www.youtube.com/watch?v=MvFBzW2xwg0 

What does a seller's market mean for a seller?  It means that they are in a better position competition-wise, and some of those minor objections buyers may have had in the past will not be as important now.  Live on or near a busy street?  Buyers may be able to overlook that.  If contemplating selling your house, now is the time.  https://www.youtube.com/watch?v=LlktxtoM6ig 

How long will we be in this market before it shifts back to neutral or to a buyer's market again?  I have heard projections of possibly 12 to 18 months, but it could be longer.  Don't wait for the pendulum to swing.  If you try to play the game, you may wait too long.


Comments (2)

William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.

In my area selles mrket or buyers market means whic ever there are nore of...Buyers then it is a sellers market and visa versa

Jun 12, 2017 04:24 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Margaret, hope your market is transitioning into a Seller's market.  We have been in one for four years now, and have seen lots of multiple offers!  Great post.

Jun 12, 2017 05:20 PM