What is a Seller's Market? Phoenix Arizona Real Estate
Have you ever heard? The Market is on FIRE!!!!! I’ll sell your home in 47 minutes guaranteed! You think you can buy a house in THIS market?! Every Home i look at goes under contract the next day!
On today’s episode will we will diving into what a “seller’s market” is...
A Seller’s Market is where circumstances favors the person who is trying to sell their home. On the other hand… A Buyer’s Market is where the buyer has the upper hand in negotiations when buying a home.
Like the person selling their home has more negotiating power, generally they can get more money, better terms, or save from paying the buyers closing costs.
So……. What make’s a seller’s market… a seller’s market..?!
Supply vs Demand
When there are significantly more people wanting to buy a home then there are people wanting to sell their home.
Check this out, A balanced Market is 5 to 6 months worth of inventory meaning if no one place their home home for sale all the homes for sale would be sold in that 5 to 6 months. Currently. So….. we currently have inventory of about 2 1/2 months valley wide, if you’re looking at homes under $250,000 we have under a MONTH of inventory.
This causes more people to look at the same homes for sale. The more people who are looking at the same homes, the more people seeing that house increases the chances of people making offers on the property.
The further this gap between supply and demand get…. Creates more chances for Multiple Offers, a reduction in seller paid closing costs, and increases in properties selling at or above their list price.
How Do I Buy in a Seller’s Market???
Be Pro-Active & Have a game plan - Know your financial situation! What you need to know what you can and can’t afford, and you need to know YOUR strategy when it comes to buying a home. Now, you can accomplish ALL of this and MORE by having a consultation with an experienced Realtor BEFORE you start the home buying process.
Well..! Thats wraps up Episode 5 of Selling Phoenix, Thank You For Watching i genuinely hope that breaking down what a seller’s market is has helped you with your goals of buying or selling. If you have any questions please send them in to the email address below and ill do my best to answer them! Ill catch you guys next time :)
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