What is a Buyer’s Market?
Understanding how the market works can be a stressful process – especially when there are more houses on the market than potential home buyers. In real estate, this is what we call the buyer’s market. In this article, The Baltimore real estate experts at the New Home Team of Maryland list the characteristics as well as the benefits of a buyer’s market.
Buyer’s Market vs. Seller’s Market
If you read our last blog post, you understand that a seller’s market exists when there are more buyers than houses on the market, and you’re probably wondering what the main differences are between this and a buyer’s market. In a buyer’s market, the roles are essentially reversed in favor of the buyer, meaning there are more houses available for sale than there are people looking to buy. But what does this mean for potential home buyers?
In short, it means that buyers have more power and some unique advantages on their side, making it a great time to buy.
What are the Benefits of a Buyer’s Market
With there being more houses on the market than buyers, there is more opportunity for browsing for the perfect home rather than having to “settle.” The inventory of houses is endless, which helps buyers find exactly what they are looking for without feeling any pressure to place offers quickly.
The price is gonna be right! A greater supply of homes institutes lower prices. Homeowners will have to sell houses for reasonable prices in order to attract buyers who are benefiting from having many options.
Buyers differ from each other – and when it comes to real estate, buyers like different types of homes. Sellers will compete with other sellers to appeal to you and the style of home you choose.
Overall, the stress of finding the right home is much lower in a buyer’s market. Buyers can generally take their time to evaluate their options and wait for the perfect home for them. In addition to that, buyers have more power to include contingencies in their negotiations, such as repairs and home sale contingencies.
Learn more about Real Estate Markets from the Real Estate Team at the New Home Team of Baltimore
Our team of experienced real estate professionals is dedicated to helping you secure the home of your dreams in a way that makes the most sense for your situation. Regardless of market conditions, we will be able to provide you with recommendations that provide the best outcome for you or your family. To learn more tips for navigating current real estate trends, visit our blog.