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In the world of real estate, the phrases ‘buyer’s market’ and ‘seller’s market’ can either excite you or make you apprehensive. But what exactly do they mean to you as a homebuyer or seller? This guide could help.
Here are top characteristics of a buyer’s market:
Bottom line: Buyers have an advantage over sellers in price negotiations.
Hallmarks of a seller’s market include:
Bottom line: Sellers have an advantage over buyers in price negotiations.
It’s important to understand that the national housing market can differ from the local market where you are buying and/or selling, so you’ll want to be familiar with the housing supply in your current and/or new area as well as the property values, local economy, and real estate laws. The advice of a real estate professional can be beneficial, but you may also want to do your own research so you can feel confident and ready to shop for a new home or put your current home on the market.
If your local market is more challenging than expected, it doesn’t mean you are guaranteed to have trouble selling or buying a home, you may just need to be more careful (or quick) when making decisions or have greater flexibility when it comes to price. Life circumstances, such as a job transfer or family changes, means it’s not always possible that your moving plans can be during the “right” time to buy or sell. Keeping your budget and family needs in mind can help you make decisions that are fair, comfortable, and right for you.
Please note, membership is required to accept a DCU mortgage.
This article is for informational purposes only. It is not intended to serve as legal, financial, investment or tax advice or indicate that a specific DCU product or service is right for you. For specific advice about your unique circumstances, you may wish to consult a financial professional.
Buying a home may be one of the most expensive purchases you’ll make so it’s important to carefully consider your budget before setting out on the search for your dream home.