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Are We In a Buyer’s Market?

ARE WE IN A

BUYER’S MARKET?

In real estate, a buyer’s market occurs when there are more houses on the market than there are interested home buyers. In other words, the supply of homes exceeds the demand.

A sudden, dramatic increase in homes for sale in a certain area or a decrease in interested buyers could create a buyer’s market. Both of these situations could also happen at the exact same time, aiding to a potentially stronger market change.

Any of the following might signal a buyer’s market:

-More For Sale signs in the area

-Homes sitting on the market longer

-Overall drop in real estate prices

When buyers are in control, sellers will go the extra mile to ensure their properties attract buyers attention. Sellers might drop prices to gain advantage over comparable properties for sale in the area. They may also entice buyers with repairs or favorable terms.

Buyers, on the other hand, can use sellers eagerness as leverage to negotiate lower prices and special terms, such as having the current homeowner cover a portion of closing costs. Sellers may be forced to accept an offer below asking price if there’s a chance their interested buyer could withdraw the offer to pursue another option.

Buyers…..this is a GREAT opportunity to take advantage of lower prices, potential closing costs paid for by the seller and some great creative financing to beat the higher interest rates!

Don’t wait as this could be a small window of opportunity!

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Who is Theresa?

I’m a local real estate agent in the Reno/Tahoe area. Real estate is so much more than just buying and selling homes. It’s about matchmaking and the community and lifestyle. Here in the Reno area, we are considered the biggest little city and that applies to the sense of community we have. I created this blog because I wanted a place that best reflects the people, the places and what Reno is all about. I showcase fabulous authors that share a little bit about our community as well as all things real estate related. Let us know if you have a topic you would like discussed.