Today you will find many authorities on real estate from real estate agents to economists discussing the market and using the term buyers market. As authorities that use those words regularly, we wonder how many consumers actually understand what this means.
Does buyers market simply mean now is a great time to buy a house? Maybe, maybe not. It is true that there is a great selection of homes for sale where the sellers are willing to negotiate; in some cases paying all the buyers closing costs while selling below market value. Many builders too are offering great incentives. Mortgage rates are falling and are currently below 6%. It is true that it is a great time to buy a house, but your personal situation will decide if this is the right time for you.
Does buyers market mean that a home listed for sale will not sell? Maybe, maybe not. Any home can be sold in any market. If it is made to show well and is priced at a point that a buyer will buy it, it will sell. Homeowners need to determine what the cost to sell will be and if they can afford to sell. Only the homeowner knows their personal situation and only they can decide if this is the right time to sell.
Does buyers market mean that if you don't buy now you are missing your opportunity? Maybe, maybe not. No one knows if we have reached the bottom of the market. No one knows if the mortgage rates will rise. No one knows how many homeowners will enter the real estate market in the near future. There are many professionals who are making predictions, but none of them know what will happen. You need to decide for yourself whether or not this is the right time for you to buy or sell.
***The Real Estate Consulting Group is available to assist you in making these decisions. We know the market and can help you determine if this is the right time for you to buy or to sell. We can help you determine which home best fits your needs. We will be able to provide you with the sales data to show if the area you are purchasing in or selling in is in a buyers or sellers market. We can also help you get pre-qualified for a mortgage which will determine if you can afford to purchase and will negotiate on your behalf to put you in the best possible situation when you buy or sell.***