What Is a Buyer’s Market vs. a Seller’s Market?
When is the “right time” to list your home for sale? How do you get the best deal on an investment property or new home in Manatee County? The answers to those questions are found in knowing the difference between a buyer’s market and a seller’s market.
Just like with gasoline or groceries, prices fluctuate according to supply and demand. Gas prices dropped significantly during the quarantine because fewer people were traveling and the demand, or need, for gas wasn’t as high. Gas suppliers had to drop their prices in order to compete for business.
In the same way, when many people are selling their homes at the same time, the demand, or need, for a home doesn’t seem as critical. Home prices drop because buyers have more options and those selling their homes have more competition. This is called a Buyer’s Market because the buyer has the advantage. This is the best time to look into investment properties, buy a new home, and purchase that Florida vacation get-away you’ve been dreaming of.
A seller’s market, on the other hand, is when fewer homes are listed for sale. Buyers have limited options, which creates a greater demand, and puts the odds in the seller’s favor. This is the perfect time to list your home or property for sale. Your property is more likely to sell quickly and for a better price as buyers have to compete with each other for limited resources.
In the wake of Covid-19, real estate in Florida is at a premium. It’s currently a seller’s market. Many people in New York and other congested areas are looking for a home in Florida, but many sellers are leery of listing their homes. Florida is the third fastest-growing state in the country, so now is a great time to call Leslie Wells Realty and list your Florida home for sale.
Paying attention to the trends and the market is part of what we do at Leslie Wells Realty. Whether you’re looking to buy, sell, or both, we will help you negotiate the best deal and experience a smooth transition. We are here to ensure—buyer’s market or seller’s market—that the odds are in your favor.