Is it a buyer's or seller's market?
• Slow (Buyer’s) Market – There is more than a 6-month supply of homes for sale. The buyer is in a better negotiating position.
• Hot (Seller’s) Market – There is less than a 3-month supply of homes for sale. The seller is in a better negotiating position.
• Neutral Market – There is a 3-6 month supply of homes for sale. Neither buyers or sellers have a negotiating advantage.
• The type of market (buyer’s, seller’s or neutral) is determined by the number of month’s supply of homes. This is calculated by dividing the # of homes for sale by the # of homes that are sold.
Average List/Average Sold analysis provides a good indication of what the average buyer is willing to pay in a specific area or region. It can also provide a good indication of how realistic the average sellers are in specific area or region. To analyze the average list/average sold prices in your specific community, please contact me.
