At any given time, the real estate market favors either the buyer or the seller. A buyers’ market is one in which there are as many properties on the market as there are buyers. Homes take longer to sell and prices fall. Realtors consider a typical market to be one in which homes take an average of six months to sell.
Sometimes buyers believe this to be a seasonal phenomenon, and that wintertime brings a buyers’ market. Although it is true that there are fewer buyers, there are also usually fewer homes on the market. In the spring, a seasonal adjustment occurs – more homes come on the market. Buyer activity picks up as families with children buy homes so that they can move during summer vacation. A buyers’ market can easily exist in the spring, if conditions like falling prices dictate. Other factors can also influence a buyer’s market – for instance, the exit of one or more major employers from a community, a natural disaster such as a flood or earthquake, or some other catastrophic event can affect home values in an area for years together. continue reading…
