At Coldwell Banker Preferred, Realtors® in Bakersfield, we are always working to stay on top of the latest trends in the real estate market, whether that’s changes in mortgage rates, updates in the construction industry, and more. If you’re looking to buy or sell a home, then it’s important to understand the market yourself so that you know what to expect when you list your house or start looking at properties that are for sale. When you have questions, it’s good to be able to turn to an experienced Realtor® who can provide answers, and that’s what our team is here to do!
A Buyer’s Market
When you hear the term “buyer’s market,” you might not be sure what it means. Does it refer to a lot of people trying to buy houses at the same time? Does it mean that prices are favorable to buyers? Simply put, a buyer’s market is when there are several homes for sale, but not very many people looking to buy. If you are hoping to buy a home, then you’re going to have a wider selection from which to choose. You also hopefully won’t feel as pressured to pick a property right away, or that you have to make an offer quickly in order to get the home you want.
A Seller’s Market
On the opposite side of the real estate coin, a “seller’s market” is one that favors those who are looking to sell their home. If there are lots of people looking to buy a home, but not very many properties for sale, then you, as the seller, can consider several offers before accepting the one you want. There’s always the chance of a bidding war, and this could result in you being able to sell your home for more than it was listed!
Knowing Where the Market Is
No matter which side you fall on, buyer or seller, it’s important to know where the market is at any point during the year. By looking at current home prices and the number of houses up for sale, you can likely form a good idea of whether it’s a buyer’s or a seller’s market. You can also speak with your local real estate agent to see how things are going in the area where you want to live (if you’re looking to buy), or if you should sell now or wait a few more months. The time of year can also dictate what the market is doing, since more people tend to look for homes during the summer months, when they have more free time to attend open houses and schedule private viewings.
Contact Us Today
If you have questions about the real estate market, or you want to learn more about buying or selling a house, then please contact us today. With our years of knowledge and experience at your disposal, we can help you decide whether you should buy or sell now, or wait for the market to fluctuate in your favor.