Seller's Market: What That Means and Why It Matters
When it comes to buying or selling a home, realtors and experts alike tend to label the market. Depending on how the year is going, where young families are wanting to move to, and what the economic structure is like where you live, this can either be a "seller's market" or a "buyer's market." In this month's blog post, we here at Cindy Petty Realty thought we'd discuss those terms, starting with "seller's market."
What Does "Seller's Market" Mean?
This specifically means that the benefit is in the seller's hands, not the buyer's. Essentially, homes are wanted in all areas of the Dallas-Fort Worth metroplex. That means that the sellers have the advantage in that they have what the buyer wants. Essentially, the demand is high and the amount of the product is low. However, the seller's market can fluctuate. It could switch to a buyer's market in just a few years. This is a detail to keep in mind when considering your next big move.
Why This Matters
The long and short of it is that if you're the seller in a seller's market, you have the advantage. If you're the buyer, you're going to need to place a bid on the home you want fast. You will also probably need to place a bid that is actually higher than the list price of the home. This is a sort of bidding war scenario, in which if your offer is highest, your offer is more likely to be accepted by the seller.
The seller's market can seriously be advantageous for you, should you be considering selling your home. Contact the qualified team at Cindy Petty Realty to take advantage of this market before it's gone! (469) 360-9917.