The rise and fall of home values is an inevitable aspect of homes for sale. A property may increase in value as a community develops, making that particular community a desirable place in which to own, therefore the prices go up. While on the other hand, homes for sale can decrease because a major employer closes its doors. The reasons for a rise or fall of property values can be a numerous. When property values are in a place that favors the buyer it’s called a “Buyer’s Market”. Lower listing prices and low interests rates are definitely signs that you might be in a “Buyer’s Market”. Supply and demand is the foundational principle of business that determines the value of the product. Homes for sale are not an exception. When there are an unusually high number of houses for sale and not as many buyers, the market responds with lower home prices. This is also evidence of a “Buyer’s Market”.
If you are looking to buy during a “Buyer’s Market”, there is no better time! The atmosphere is just right for you to get a great price and a low interest rate on your loan.
Unfortunately a “Buyer’s Market” is not an encouraging time to sell your home. Obviously, with the prices lowered because of the market, you might not be able to get as much as you need or hope to. Home owners who bought during a “Seller’s Market” and just a few years later are trying to sell during a “Buyer’s Market” will realize they may have to take a loss or barely break even.
We are here for you, whether buying or selling, to make the process easier and the stress a bit lower. Contact us today to see how we can help you!