A Sellers Market Demystified

Dated: 08/22/2016

Views: 205

Johnson City Homes

You probably have heard the phrase Seller's Market if you're in the market to buy or sell a home. What exactly IS a Seller's Market? Armed with knowing, you can prepare for the negotiations that will take place during the buying or selling process.

Whether you’re trying to buy a home or sell a home, it helps to know whether you’re facing a buyer’s market or a seller’s market. Armed with that knowledge, you can prepare for the negotiations that will take place during the buying or selling process. 

A seller’s market is a market in which demand out-paces supply. In a seller’s market, more people want to buy homes than there are homes available. That means that sellers can command higher prices and maybe even exact more concessions from buyers – concessions like a delayed moving date and a bigger down payment.

Whether you’re buying or selling a home, your real estate agent or broker will probably tell you whether you’re in a seller’s market or a buyer’s market. You might also be able to spot a seller’s market if you’re noticing that homes in your area are selling for ever-higher prices and inventory is low. A seller's market could be viewed as the exact opposite of a buyer’s market. In a buyer’s market there is plenty of inventory and less competition for each home. Buyers can afford to take their time and be choosy, while sellers might have to wait a while before closing on a sale. These conditions are reversed in a seller’s market. 

As a seller in a seller’s market you have the upper hand, sure, but it’s still important to consult with your real estate agent and look at comparable listings when it comes time to set your asking price. And yes, in a seller’s market you can probably expect to sell the home for more than the asking price – especially if your asking price is reasonable. But if you let the fact that you’re in a seller’s market go to your head, you might end up getting in the way of your own sale. In other words, don’t get greedy. 

Interested to know if the Tri-Cities is a Seller's or a Buyer's market? Call us! we love talking real estate. Our office phone is (423) 433-6517, or just stop by and see us at our office inside Keller Williams Realty at 1033 Hamilton Place in Johnson City. We'll leave the light on for ya!

Curious about your home's estimated value? See it here: My Home's Value. It's free and fast!

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Wes Shields

Wes Shields, Team Owner and Listing Agent for The Shields Team at Keller Williams Realty of Johnson City Tennessee, has a long and very impressive list of accomplishments in his 10+ years in the real ....

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