What exactly is a “buyer’s market” or a “seller’s market,” and how does anyone know which one we’re in?
BUYER’S MARKET
• Lots of for sale signs around town and homes on the MLS
• Homes selling below listing price with several price cuts along the way
• Increase in days on market
• Population and job growth trending downward
• Sellers offering to pay closing costs or give credits for new flooring or appliances
• Sellers regularly taking their home off-market for a few weeks, then re-listing it, in an effort to make it appear “fresh”
SELLER’S MARKET
• Fewer for sale signs around town and homes on the MLS
• More FSBOs because some think they don’t need an agent to sell
• Homes selling through word-of-mouth before they are even listed
• Low inventory levels and shorter days on market
• Job growth above average
