You may have heard the terms “Buyers Market” and “Sellers Market” before. But what are they, what’s the difference, and what does that mean for you?
What’s a buyers market?
A buyers market refers to a period of time when there are more properties available for sale than there are buyers. This sometimes results in lower prices, as sellers are more willing to negotiate in order to move their property stock. A buyers market can be a good opportunity for you as a buyer, because it means you’ll have more time to complete due diligence, and possibly room to negotiate a price.
What’s a sellers market?
On the other hand, a sellers market refers to a period of time when there are more buyers than there are properties available for sale. This can result in higher prices as buyers have to compete for the limited properties available. A sellers market sometimes results in a rise in house prices as there is a higher demand.
Both buyers markets and sellers markets have their advantages and disadvantages for both buyers and sellers. It’s important for buyers and sellers to be aware of the current market conditions, and to work with a real estate professional such as SM Property to help navigate the purchasing or selling process.
When should I buy?
For buyers, it can be a good idea to buy during a buyers market. it can give you more time to sort out your mortgage pre approval, finance or due diligence. However, if you’re in a highly competitive market as a buyer, it’s beneficial to have all of these factors prepared to be able to jump on a deal quickly once you find something.
When should I sell?
Sellers/ developers will quite often list their properties during a seller’s market if the timing allows. This can be because of high demand, higher prices and possibly lower marketing costs. However, they should also be prepared to potentially receive lower offers in a buyers market and may need to be willing to negotiate in order to make a sale.
Overall, it’s important for both buyers and sellers to be aware of the current market conditions and to work with a real estate professional to help them achieve their goals. That’s where we come in! SM Property are here to guide you through every step of the way and make your home buying journey seamless. Click here to chat to one of the team today!
For more tips and tricks about property, make sure to visit our Instagram here. Our First Home Buyer’s guide is a free PDF you can download here, that’s also full of useful information and advice to help you on your journey.
