- Investopedia Definition of a Seller’s Market – A situation in which “demand exceeds supply”, giving sellers an advantage over buyers in price negotiations.
- Investopedia Definition of a Buyer’s Market – A situation in which “supply exceeds demand”, giving buyers an advantage over sellers in price negotiations.
Currently, in our Hernando County Multiple List Service, “single family residential” inventory levels continue to maintain an ALL-TIME LOW of less than 1,000 available listings. July and August of this year, the count dropped to less than 870 single family units (single family residences, attached & detached villas, townhomes, condos, manufactured and modular homes).
With ANY market, SELLERS need to be knowledgeable of what their local market conditions will support and BUYERS need to make realistic and educated offers also based on the same local market conditions. Now, more than ever, as BUYERS “compete in the ring” with the record low number of available listings, this statement could not be more true! Our website tracks our Hernando County Local Market Conditions and it’s nuances from the present all the way back to 2011.
- Sellers Should Not Get Lazy – Sellers still need to make the effort to prep their home to hit the market in order to get top dollar. Realistically-priced homes, that show well, will not last long in a seller’s market. What makes a seller’s market so strong is attracting multiple buyers at once!
- Sellers and Multiple Offers – Sellers are seeing multiple offers due to limited inventory of available homes for buyers to choose from. How can a seller know which is the best offer to choose? The best buyer is the one who is most knowledgeable of the local market, is working with a local REALTOR, has their financing lined up and makes the most aggressive offer, soon after a home hits the market. Most times, they are the 1st buyer at the door!
- Buyers Should be Prepared for the Hunt – Buyers know there is nothing more frustrating than being a buyer in a seller’s market. Having their ducks in a row regarding financing/purchase options available, is a necessity. Buyers need to be able to pounce on the perfect home as soon as it hits the market!
- Buyers Should Not Drag Their Feet – Buyers learn very quickly that the “early bird gets the worm” in a seller’s market. As soon as a new listing hits, interested buyers should make plans to see the home with their REALTOR as soon as possible and be prepared to write an offer within hours!
- Buyers Need to Put Their Best Foot Forward – Buyers can illustrate that they are serious about purchasing a home by acting quickly after a showing. By knowing what is important to a seller, a buyer can structure their offer accordingly. Is closing quickly important to a seller OR does a seller have the luxury of time and more interested in price?
- Buyers Need to Get Their Head Out of the Sand – Buyers can find themselves losing the perfect home to another buyer if their offers are not “market-oriented”. Part of what makes a buyer successful in a seller’s market is being aware of the market, what to expect and how to structure their offer appropriately!
We hope you found TODAY’S BLOG POST to be informative and interesting.
Thinking of BUYING OR SELLING a home in the Spring Hill, Brooksville, Weeki Wachee or the Hernando Beach areas of Hernando County, Florida? Visit us online at www.GailSellsFloridaHomes.com for valuable tools and resources for both BUYERS and SELLERS! Be sure to see what Hernando County has to offer you and your family!
Until then… it’s all about YOU!