How do you know when it’s a buyer’s market? Look at your watch. If the date is today â€“ then it’s a buyer’s market! How can that be? Because a buyer can find just the right home at a favorable price 365 days of each year.Start by defining for yourself the meaning of “buyer’s market.” Does it mean purchasing a home at a bargain price? Well, there are always homes available at below market prices, but be careful. While you’re waiting for prices to drop, you may be faced with higher interest rates, and thus higher payments.
The reverse can happen, too. If youâ€™re waiting for rates to drop (to match the lower home prices), inflation may suddenly increase, raising an otherwise affordable home into an unaffordable price range.
Another definition of a buyer’s market may be the availability of a wide selection of homes from which to choose. Naturally, you want to have some choices, don’t you? But are you aware that the inventory of available homes has been increasing significantly for a number of years?
Perhaps waiting for a buyer’s market is a form of procrastination. If so, don’t wait any longer. Each week many happy buyers purchase the home of their dreams, while others watch from the sidelines. Will you be a spectator too, or a player on the winning team?
Bennington VT, Selling