If you follow real estate at all, you’ve likely heard the terms “buyer’s market” and “seller’s market.” But what do they really mean?
In a buyer’s market, the supply of homes for sale is greater than demand for homes, which favors buyers because they can have their pick of what home to buy. That, in turn, causes prices to decrease, thus the name, buyer’s market.
In a seller’s market, the opposite is true – there are fewer homes for sale and the number of buyers often exceeds that supply. That can mean increased competition for homes, multiple offer situations on homes, and higher sales prices as well.
In this week’s vlog, our Lander Specialist, Brooke McWilliams, and I talk about the current market situation in Lander and look at some of the numbers that indicate that Lander is a great seller’s market right now. You can watch our conversation in the video below (and get a sneak peek of a fabulous Lander property that is coming soon!):
As Brooke discussed in the video, we based our assessment of Lander’s market conditions on data pulled from the Multiple Listing Service (MLS).
Last week, Suzie Koehn and I talked about the value of the MLS to both buyers and sellers. But what we didn’t hit on is that the data collected by the MLS – like the average days on market, the median price of homes in a particular area, the number of homes that are actively for sale or pending, and so forth, help us paint a clearer picture for sellers regarding what the market will be like when they put their home up for sale.
That information is critical to Realtors because it helps us inform sellers about everything from whether it’s a good time to put their home on the market to the price at which the home should be listed. If we can help you get the timing of selling your home right and price it according to what the market will support, selling your home will be a much smoother process!