The market is an ever changing thing. From one month to the next it can change directions and feel. A Seller's market occurs when The number of buyers wanting homes exceeds the supply or number of homes on the market. In a Seller's market, the home Seller may have more negotiating leverage and obtain a higher selling price for your property., because there's always another Buyer in a Seller's market. A Buyer's market occurs when The supply of homes on the market exceeds demand. In a Buyer's market, Your home may take longer to sell, Less negotiating leverage in terms of selling price, there is more competition.
On the first of each month I will gather the numbers from the Central Virginia MLS for the prior month's activity. This helps me spot market trends and keep up with the local real estate market. I plan to post my market tracking here, so check back often or email me at mmekhimar@remax.net
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1 comment:
Interesting post. Why in theory your description sounds correct, how would you measure the number of buyers in the market for a home? Unlike sellers whom have their home listed in the local MLS, there is no such data of buyers that I am aware of.
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