What is a Sellers or Buyers Market?
When you hear these terms you might know what they mean but then again you might not know exactly how they will apply to you.
Several years ago we were in a sellers market. Basically its a market where the sellers has most of the advantage. Currently we are in a buyers market where the buyer has the advantage. Both markets can work well but the benefits are usually for one side or the other.
A buyers market is when there are too many homes on the market and not enough buyers. This makes the prices of the homes go down and cause sellers to be more motivated. This being said, buyers have the advantage by being able to negotiate a great deal on the home and getting much of what they want from the sellers. This can be a good or bad position for buyers though in that there could be lack of buyers due to the fact the interest rates are high. Buyers simply cannot afford to buy a home with a mortgage with interest rates too high.
Although right now is a great time because the rates are still low, there is an abundance of homes on the market and buyers can get a great deal.
When sellers have the upper hand, there are a flood of buyers in the market due to goo financing or low rates and there are just not enough sellers to meet the demand. This drives home prices up and competition through the roof.
Several years ago we were seeing this with escalation clauses allowing the buyer to bid a certain amount over the highest bidder for the house. This is simply not the case now. On foreclosures or short sales you might see more of it but with the majority of homes on the market, just finding a buyer is what the seller wants.
No matter what market you are in, there are benefits both ways. When the market is in the buyers favor it is the time to buy. When it is in the sellers favor is the time to sell.
If you have to sell any Walla Walla homes or properties please give us a call to discuss the best options for you. IF you would like an update on all homes in the Walla Walla real estate area, please don't hesitate to give us a call or email us!