One of the real estate terms that is so often thrown around is whether the area is experiencing a “buyer’s market” or a “seller’s market.” If you are thinking about making a real estate transaction, it is important to have an idea about the type of market you are facing because it really can have an impact on the outcome of the real estate process.
A buyer’s market simply means that there are more houses up for sale than prospective buyers looking for a house. In a buyer’s market, an individual has a lot of negotiation space and a lot of options, due to the large number of properties available.
A seller’s market, on the other hand, is just the opposite. This can be defined as having a lot of people who are looking to purchase a home but not very much inventory. The demand for houses is higher than the number of houses available. This is great for the seller because it may mean that a bidding war could ensue, ultimately resulting in a higher sale price than the home was originally listed for.
There are a lot of online resources that can help a prospective buyer or seller determine what type of market they are up against. If you need an experienced real estate attorney, contact our firm today.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.