Is it a BUYER'S market or a SELLER'S market?

The most common question I get when I bump into past clients or chat with friends/family is "How's the market?"

The second most common question is "Is it a buyer's market or a seller's market?"

Lets start with what that actually means...

Buyer's Market

A buyer's market occurs when the number of available properties for sell exceeds the number of buyers looking to purchase. In a buyer's market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. in a balanced market, there are enough homes to meet the demand.

Seller's Market

A seller's market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller's market, the demand exceeds the supply.

What type of market are we in now in October 2024?

So, what is it? Although the market has slowed a bit this past month and homes are sitting on the market for weeks instead of days with multiple offers being rare, it is still a sellers market. How is this? Prices are continuing to increase year over year and there are still many buyers out there looking to purchase a home. It just takes a little bit longer than we have gotten used to over the past 5 years or so. Buyers are taking their time before making offers and they are being more picky when it comes to which home they choose.

Jessica Sternberg

Jessica@DawnRushton.com

206.459.1970