How to know if it’s a buyer's or sellers’ market? Hi, I’m Jeanine Corcoran, agent for The Corcoran Connection and I wanted to share some tips on how to know the difference between the two.
Is it a seller’s market, is it a buyers’ market, and is the market changing and if so where is it going? Every market is different. Even within your sub-division can be different than what is happening in the county.
It is important to know how many month’s supply of houses there are for sale. In a healthy real estate market, you would have between 5-6 months of inventory.
What does this mean to you?
As an example, if there was 6 months’ worth of inventory and no one in the Central Florida real estate market put their home up for sale over those 6 months, then it would take 6 months to sell all the existing properties for sale. Conversely, when you have a low inventory of homes to sell then you are in a sellers’ market which is where we find ourselves right now.
Another tip is to know your active listings. How to find out about active listings? The best way is to call your realtor. The realtor is the one who gets the real-time information just like we do at The Corcoran Connection. We get it from our local boards and also MLS.
If we go over the 6 months’ worth of inventory, then it becomes a buyers’ market. Remember a buyer’s market just doesn’t happen overnight. We don’t wake up one morning and say it was a seller’s market yesterday but today it is a buyer’s market.
It doesn’t happen this way at all. It is a gradual effect that happens over time. However, it is important to know that this process can be tracked and that is what we are very proficient in doing. Make sure when you speak with your realtor that they have these stats and explain to you what the market is doing currently and where it is going.
Nobody can predict the future and lots of things can happen as we know; however, it is important to know that you can’t find this information on Zillow or Realtor.com. Connect with your real estate agent for real-time information.
If you want more information on your market, sub-division, or your home, reach out to your realtor. If you don’t currently have a realtor, The Corcoran Connection would be honored to be your realtor. Reach out to us today, we’d love to hear from you and help you with your real estate needs.
