DEFINE: Buyers Market vs. Sellers Market
Buyer's market, seller's market, little piggy went to market... These terms are heard all the time, but to the novice in real estate, they mean about as much playing with the chubby little piggies of your cherub, whose head you're trying to put a roof over! And, even if you do know what these common real estate terms mean, you may not know how they apply to you. So, what does buyer's market and seller's market mean anyway? Let's take a look!
A buyer's market is where the buyers have most of the advantage because there are too many homes on the market and not enough buyers. When this happens, prices of homes go down and motivate sellers to get their home sold quickly and efficiently! This means buyers have the advantage come negotiation time to get much of what they want from the seller.
In a seller's market, the sellers have most of the advantage because there are TONS of buyers due to great financing and low rates while at the same time there is simply not enough sellers to meet the demand. When this happens, home prices go up and competition gets fierce.
There are advantages to both markets. When it's a buyer's market, it's time to buy. When it's a seller's market, it's time to sell. The disadvantages come when you're in the opposite market for what you're trying to accomplish. What market are you currently hoping for?
If you have a Tacoma home to sell or are looking to buy a Tacoma home, contact us to discuss your best options and how the current market can help you. Our professionals know their stuff and are eager to assist anyone in the North Proctor Area!