What is a Buyer’s Market? It’s a market were the buyer is in charge. There are more homes on the market than there are buyers. Buyer’s Rule!
What is a Seller’s Market? This is a market where there are more buyers than sellers and the offers are plenty, driving the price of the home up. Sellers Rule!
For the last couple of years it had been a buyer’s market. You couldn’t sell a home if your life depended on it. Prices wre too high, no one could afford them and the word on the street was that home prices go were going down, down, down. All of this was true!
The market has changed a bit. The seller is more in charge IF the house is priced correctly. There are multiple bids driving prices up. Sales whent down after Christmas through January and February, but are going up again. October 2008 454 homes sold, November 366, December 413, January 2009 338 sold, February 315 and on the move again in March 364 sold. Tradititionally Spring and Summer are the selling months.
If you want to sell and are able to, now is the time. If you are unable to because you owe more than you can sell for, then you might find out about short sales. A short sale is when your lender agrees that you can sell the house for less than is owed to them. The Federal Government has been pushing the lenders to accept short sales – but the lnders are not too fast in responding to this. There are short sales on the market and a small percentage of them do sell.
If you are a buyer, buy now. Correctly priced houses are flying off the market with multiple offers being made.
Forest Tardibuono is a CA DRE Broker with over 20 years experience in real estate and lending. His number is (707) 523-2099. See website @ sunpacmortgage.com.