Understanding Market Conditions

Market conditions Characteristics Implications
Buyer’s MarketThe supply of homes for sale on the market exceeds the demand. High inventory of homes. Few buyers compared to availability. Homes are on the market longer. Prices tend to drop. More time to look for a house. More negotiating leverage.
Seller’s MarketThere are more buyers looking to buy homes there are homes on the market. Smaller inventory of homes. Many buyers. Houses sell quickly. Prices usually increase. May have to pay more and make decisions quickly. Conditional offers may be rejected.
Balanced MarketThe number of homes on the market is equal to the number of buyers. Sellers accept reasonable offers. Homes sell within an acceptable time period. Prices are generally stable. More relaxed atmosphere. Reasonable number of houses to choose from.
Real Estate Terminology

Real Estate Terminology

The one thing about participating in the real estate market that confounds most consumers is the terminology and jargon that must be learned. But, as with any business, in order to be successful as a buyer or seller, it is necessary to become familiar with certain concepts and words. The real estate business is somewhat…

Details
Closing the deal

Closing the deal

It’s an exciting time. Your offer has been accepted. You can’t wait to move into your new home.  But don’t start celebrating yet.  There is one final stage involved in purchasing a home — closing the deal. Closing is the point at which ownership and usually possession of the property is transferred from the seller…

Details
Buying a home of your own

Buying a home of your own

So you’ve decided you want to stop paying rent and buy your first home. You’re not alone. With interest rates at their lowest in decades, many people have discovered that mortgage payments can be significantly lower or at least comparable to the rent they are currently paying. Making the decision to become a homeowner is…

Details