Everything You Need to Know About Buyer’s Markets

Everything You Need to Know About Buyer’s Markets

  • Heather Smith
  • 06/15/23

The past few years have been tough for buyers. With more buyers on the market than homes, properties have been selling quickly and for high prices — often above asking.

In other words, we’ve been in a seller’s market.

But we won’t be in a seller’s market forever; eventually, the market will shift and we’ll be back in a buyer’s market, and if you want to be successful (as a buyer or seller), you need to understand what that entails.

A recent article from realtor.com outlined the ins and outs of buyer’s markets, including:

  • What is a buyer’s market? As the name suggests, a buyer’s market is a market that is more favorable to buyers than sellers.
  • What are some of the benefits of a buyer’s market? In a buyer’s market, buyers tend to hold more power, and can typically negotiate a better deal on their home purchase, whether by getting a better price, or getting more favorable terms like choosing their ideal closing date. It can also be less fast-paced, so buyers have more time to look for a home and don’t have to rush as much to make an offer. (Although, a well-priced home that appeals to one buyer will likely appeal to others, so there can still be bidding wars, and you shouldn’t wait too long to make an offer on a house you like even in a buyer’s market!) There is often more inventory to choose from as well, giving you more houses to choose from.
  • How can sellers best navigate a buyer’s market? If you’re trying to sell your home in a buyer’s market, you want to do everything you can to make your home appealing to buyers. Get professional photos taken and, if possible, make sure your home is move-in ready when you list. If it isn’t, be prepared to offer some concessions to sweeten the deal, like covering closing costs.

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For most families, choosing a new home is the biggest financial decision they will ever make. There are many complicated decisions involved in choosing a home. As one of the top real estate professionals in the local market, I'll negotiate the best prices and terms for you and answer all of your questions as they arise.