| TAKING THE TEMPERATURE OF THE MARKET |
Hot Market
It's extremely competitive and advantageous to the seller. Sometimes, homes will sell as soon as they are listed, or even before they are listed. Typically, during a hot market, multiple offers will be made on each home and as often than not, homes will sell for more than their asking price. It is especially crucial to be prepared and ready to buy when the market is hot. If you are pre-approved, know your price range, and be realistic about your needs, you can act quickly when the home you want becomes available.
Normal Market
In a normal market, there's fairly a large number of homes available and an average number of buyers. This market doesn't necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it's still in the buyer's best interest to be prepared. A normal market offers a greater opportunity to negotiate than a hot market does. You're less likely to lose out by making offers at less than the asking price and have more leeway in negotiating in a few extras.
Cold Market
In a cold market, homes may be listed for more than a year and their prices may drop considerably as they sit on the market. Obviously, this market is the most advantageous to the buyer. As a buyer, you have the time to negotiate your best deal and to include other benefits in the contract, such as decorating, carpeting, or repair allowances, or seller contributions to closing costs. However, you should still be careful not to overreach. Even though a cold market is a great time for buyers, you don't want to lose your dream home by being greedy. |
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| Lisa C. Mattise |
Mobile
434-981-0354 |
Fax Number
1-866-986-2426 |
Office Number
434-220-9295 |
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| RE/MAX ASSURED |
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