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    Understanding market conditions

    Posted by Michele Cummins on May 22, 2014
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    The real estate market is always changing, and it helps to understand how market conditions can affect your position as a buyer. Your agent can provide you with info on current conditions and explain their impact on you.


    Buyers’ market
    The supply of homes on the market exceeds demand.


    Characteristics
    High inventory of homes
    Few buyers compared to availability
    Homes on the market longer
    Prices tend to drop


    Implications
    More time to look for a home
    More negotiating leverage


    Sellers’ market
    The number of buyers wanting homes exceeds the supply of homes on the market.


    Characteristics
    Smaller inventory of homes
    Many buyers
    Homes sell quickly
    Prices usually increase

    Implications
    May have to pay more
    Must make decisions quickly
    Conditional offers may be rejected

    Balanced market
    The number of homes on the market is equal to the number of buyers.

    Characteristics
    Sellers accept reasonable offers
    Homes sell within an acceptable time period
    Prices generally stable

    Implications
    More relaxed atmosphere
    Reasonable number of homes to choose from