Buyers MKT Sellers MKT Or Somewhere In Between

Dated: 05/02/2014

Views: 345

So first off I guess an explanation of what the terms Buyer's Market and Seller's Market is in order.

In a buyer's market there are more homes available than all the buyers could possibly buy within a specific time frame. An example of that was 2010 to mid 2012. Buyers had their chose of what home they wanted to buy and were able to negotiate lower prices, more incentives, and better terms.
In a seller's market there are fewer homes than there are buyers.  An example of this was from about 2001 to about late 2005 early 2006. A major sign that you are in a seller's market is that the moment a home comes on the market it gets sold quick, including most often multiple offers and higher than asking price. We have seen this take place where the agent will even put a home on the market and state, "No bids will be accepted till a specific date." 
Throw into this mix foreclosures, short sales, REO (Bank Owned), HUD homes, sheriff's sales, and now even auctions and you can get a very confused market to say the least. These last items constitute a small portion of the total sales and can cause pricing problems for sellers, buyers, and even appraisers when they become part of the norm rather than an isolated instance. These type sales crop up in every type of location you can imagine. They are not just items that happen in one specific area.
OK, so on to what kind of market we have currently. In my opinion we are in all three and the reason I say that is that you can look at different areas of every town and find some of all of it. In May 2013 we had 7400 homes on the market and currently for residential not including condo and patio homes, we have less than 5400. Now if you just look at the numbers, you may think we are in a sellers market due to the lack of inventory and at first glance I would say you were correct, and on the other hand you have to break it down further and see what is going on in the segments of Louisville or even any area around the country as this will hold true for most.
If I go to certain zip codes in our area, they are definitely in a seller's market, I can change areas to another part of town and it is definitely a buyer's market. On the other hand go to a different part of town and it is in between.
So to answer the question, we are a little of all three in our area.
To find out if your home could sell right after it gets on the market, contact {mls: mailto:rick@thehoguegrp.com} with The Hogue Group of Keller Williams Realty Louisville East to find out how we can get you on the market and SOLD! quickly.
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Rick Hogue

As the team leader for our group, my responsibility is to all of our clients to insure they are treated with respect and all of their needs are met. In addition I am the listing agent for the team hel....

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