Agent

Strategies for changing real estate markets

When neither buyer nor seller has upper hand

It appears that the home sale market in some areas may be changing from a hot seller's market to a more balanced market. A balanced market is one in which neither the buyer nor the seller has the upper hand. When this sort of shift in home sale market occurs, you usually find a larger inventory of homes of sale. Therefore, it generally takes longer for homes to sell, there are fewer multiple offers and fewer listings sell for more than the asking price. As the inventory of homes on the market increases, buyers have more to choose from. Given more choice, buyers tend to be pickier. For instance, a home with freeway noise–that might have sold quickly, maybe even with multiple offers in a strong sellers market–could take longer to sell in a more balanced market. Sellers should tone down their expectations as the market shifts. With more inventory on the market, pricing your home for sale will be critical. Why should a buyer pay more if there are other more reasonably priced...