22 Jun #61-Is it a Buyers’ Market or a Sellers’ Market and how is it determined?
Is it a Buyers’ Market or a Sellers’ Market and how is it determined?
Determining if it is a buyers’ or sellers’ market really comes down to how long homes take to sell. If the average home sells in less than 6 months it is a sellers’ market, if the home takes longer than 6 months it is a buyers’ market.
In reviewing the number of homes that have sold since January of this year, even with everything going on, our housing market is still HOT! When I say this, I am often asked “What makes it a HOT Market?” In answering this question and making this statement, I look to see how many homes are on the market and then how many homes have sold. All across Santa Barbara and San Luis counties, the demand and buyers willingness to purchase is strong and appears not to be letting up. As a Matter of Fact, when I ran the housing numbers for the month of May even with everything happening, I found that the amount of homes that were in contract were almost double what the month average of closed sales as of Year to Date end of May. One city actually had tripled the amount of homes currently under contract verses the monthly average of closed sales!
All of this indicates that buyers want to buy if they can and if you are considering selling, this may be a really good time to capitalize on moving into your replacement home! Looking to buy up? Consider how much you will save over 30 years with the super low interest rate over time. Looking to move into something smaller, again, this could really save a lot of money over the long run and you could get more for your home because of the strong buyer demand!
Let’s have a conversation!