The type of market is determined by the number of homes actively being sold on the market and the amount of time it takes until they become pending sales. By analyzing this you can determine whether it is a buyer’s market, seller’s market or a balanced market.
When there is a sudden jump in inventory which could be due to a multiple of reasons, there is more real estate for buyers to choose from, therefore it is a buyer’s market. Buyers can be choosier, and take a little more time to make their decisions because even if they lose out on one property there is so much inventory out there that the buyer does not feel pressured.
A seller’s market is the exact opposite. There is not a lot of real estate available so the ones that are available may have many interested buyers and many offers. In this market the seller has the upper hand in negotiating the price and buyers feel a lot of pressure because if they do not purchase that real estate, another property like it may not come along for some time.
A balanced market is more theoretical and usually just occurs as the market cycles from buyer’s market to seller’s market.
During today’s fast changing markets it is very important to know which market you are in when you get ready to buy or sell your Austin home that is why it is so important that you have an experienced real estate agent involved before you start the buying or selling process.
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