If you’ve been toying with the idea of selling your home but aren’t sure if you’re quite ready to take that leap, there’s one major factor that may be able to help you make your decision: the state of the local housing market. Whether or not you’re in a buyer’s market or a seller’s market can play a huge role in the number of offers you get, how much you’re able to sell your home for, and the length of time it takes to sell. Below, we explain the difference between these two markets as well as how you can determine the current housing market conditions in your area.
If you are interested in receiving a fair cash offer for your home in as little as 24 hours, get in touch with Ethical Home Buyers. We buy houses in Tampa and are prepared to make you a no-obligation offer for your home.
A buyer’s market occurs when the supply (available homes for sale) exceeds demand (the number of buyers looking to purchase homes). You’ll see an increased number of homes being listed for sale and properties selling for far below the original listing price as inventory levels rise and the days on market average continue to increase. Buyers are often offered additional incentives, such as a credit for new flooring or appliances.
If you’re trying to buy a new home, a buyer’s market is the ideal time to do so because you may be able to buy a great home for a much lower cost than you would in a seller’s market. If you’re trying to sell your home, your home may remain on the market longer, or you may have to lower your listing price in order to secure a buyer due to a large number of available properties.
A seller’s market occurs when the demand exceeds supply, or there are more buyers looking to purchase homes than there are available homes on the market. Homes sell faster, buyers must compete with each other in order to score a property, and sellers can afford to raise their asking prices. Due to the shortage of homes available, these conditions often result in bidding wars in which buyers will make competing offers and drive up the price of the home.
If you’re trying to buy a home in the seller’s market, it’s important to act fast and remember that you are the one at a disadvantage rather than the seller. On the other hand, if you’re trying to sell your home in a seller’s market, it’s helpful to know how to increase interest in your property and carefully review the offers you receive. You never want to accept an unrealistic offer, only to be forced to put your home back on the market when the deal falls through.
Related: Why You Need to Sell Your Home Now
Before you decide to sell your home, there are ways to determine whether or not the local area is experiencing a buyer’s market or a seller’s market, such as real estate inventory, recent sales, pricing, and time on the market. For example, if there seem to be very few homes being listed on the market, then it’s likely a seller’s market. On the other hand, if you find that homes are generally being sold below the asking price, then all signs may point to a buyer’s market. A similar process goes for the amount of time the house spent on the market and the current asking prices.
If you’ve been wondering, “Who will buy my house in Tampa?” The answer is Ethical Home Buyers. Regardless of the state of the market, the condition of your home, or the area you live in, we can provide you with a fair offer on your home quickly and at a great cash price.
If you’ve been saying, “How can I get someone to buy my home in Tampa?” submit our contact request form or give us a call at (813) 458-7355.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.