Ah, the age old question in real estate from clients… is it a buyers’ market? sellers’ market? Economists define the state of our local real estate markets based on the amount of housing inventory available.
In general, when there is less than a 6 month supply of housing inventory, we refer to that as a Sellers’ Market where home prices will tend to be increased. When there is a 6-7 month supply of housing inventory, this is a Neutral Market. In a neutral market, home prices will follow the trend of inflation and not see significant price increases or decreases. When there is more than a 7 month supply of inventory, this is referred to as a Buyer’s Market. In a Buyer’s market, home prices will be decreased over time.
A key fact to remember … the type of market you fall into can vary based on your specific price point, your specific town, and even the specific area of town in which the property is located.
So what does this mean when pricing your home or submitting an offer on a home to purchase? These definitions merely provide a general guage of market activity. It means you still must evaluate the active listing competition on the current market, recent properties that have gone under agreeement, recent Sold property prices, AND how much selling or buying that specific property means to you. Sometimes you only get one chance to make the sale or purchase a specific property.
There is absolutely a business side to all real estate transactions, for investors, this is the critical piece to a transactions in purchasing and reselling properties. For most consumers, though, buying and selling a Home also has a unique personal aspect. Getting hung up on economic theory is not a reason to miss out on purchasing a new home or being able to sell to make a move that may be perfect for you and your personal situation.
Curious where your current property fits into the housing market? Or are you looking for a property to finally call Home? I’d love to help you gather the information needed to help you make the right real estate decisions for you… just give a call 508-930-5259, e-mail firstname.lastname@example.org, or fill out the contact form below.
Always a pleasure to be of any assistance to you or anyone you know who is thinking about buying or selling a home. I love to work hard for my clients and your referrals throughout Massachusetts and Rhode Island.
Jennifer McMorran, Realtor, SRES
New Construction & First Time Home Buyer Specialist
MA & RI Licensed Real Estate Sales Assocate
Kensington Real Estate Brokerage
real estate for real people.
Serving clients throughout
Massachusetts & Rhode Island.
Boston – Attleboro – Providence
and the communities in between.