Buying a home can be a nerve-wracking experience, so can selling a home. Try to take on both tasks at the same time and you’re doubling the stress. Good news: Doing some advance planning can help reduce your number of sleepless nights.
What is a buyers’ market?
Real estate is a business based on supply and demand. If there are only a few houses for sale, buyers have to compete for those available homes, making it a sellers’ market. When hundreds of homes are on the market, house hunters find themselves in stronger bargaining positions relative to sellers, making it a buyers’ market.
According to an analysis published by Zillow, the nation’s top five buyers’ metro area markets are:
In the Cleveland-Elyria-Mentor metro area, for example, the average listing spent 119 days on the market, and 28 percent of those properties had experienced a recent price cut, according to the Zillow analysis. Compare that to San Jose-Sunnyvale-Santa Clara, the nation’s top sellers’ market, where properties spent an average of 44 days on the market and the list price had been lowered on just 14 percent of those homes.
Understanding your local housing market can help you determine how best to handle your own buy-and-sell scenario.
“Buying and selling at the same time is something we help people do all the time,” said Leslie Ebersole, a real estate agent based in Chicago’s western suburbs. “The most important thing for people to realize is that, just like they’re out looking for the best home at the best value, people are looking at their home with the same lens. You have to realistically participate in the market.”
Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.