Is a Balanced Market a Buyers’ Market?

If you are shopping for a new home, a buyers’ market can be beneficial. Typically, this market designation happens when months of inventory surpass six. Or, when inventory surpasses demand. However, in a balanced market (3-6 months of inventory) you will start to see some buyers’ market trends emerging. Read on for some benefits and tips. 

More Time To Look

If homes are staying on the market for longer, this means you don’t have to rush. Even if we aren’t officially in a buyers’ market, homes sitting on the market for 30+ days can ease some stress for those looking. It can be nerve-wracking to make a decision on a new home if there is a strict review date for offers or homes are selling in mere hours. Enjoy the extra time to find the ideal home.

Less Competition = More Concessions 

Bidding wars can cause a lot of stress during the purchase process. Sometimes, this can also mean giving up key items like home inspections. While not ideal, a lot of buyers are willing to do what it takes to get their dream home. In the current market, sellers are more likely to offer rate buy-downs, coverage of closing costs, and even repair credits. Your agent will help you navigate this process.  

Don’t Skip Typical Steps

Having more time to make an offer doesn’t excuse being unprepared. Make sure to have your finances in order, and a clear list of what you’re looking for. Neighborhoods are just as important as the home itself. Found your dream home but the commute is too far, you prefer a different school district, or there’s nowhere to walk your dog? These are all important factors to consider as well. 

Sell Your Current Home First

In a less-competitive market, you’ll have better luck with a selling contingency clause. This can be helpful for both relocating buyers, or those moving within the same area. Another option for those needing to sell and buy simultaneously is a bridge loan. Windermere offers an exclusive bridge loan program for clients to help with financing a new home while their current home is still for sale. 

Be a Smart Seller

While the current market might feel more ideal for buyers – it can be stressful if you’re on the other side. If you are preparing to sell your home, now is the time to put your best foot forward. Make sure to consult with your agent on ideal pricing for your home, and complete any repairs or projects prior to listing. If you are concerned about paying for updates or repairs, check out the Windermere Ready program –  which allows you to borrow up to $100,000 to pay for improvements and repairs. This is just one of the many advantages of choosing our brokerage.

Need an agent? Here are 5 qualities you want to look for when selecting one. Our office is full of professionals who are happy to help.