Buyer's Guide: Determine what you can afford | Understanding market conditions | Obtain a pre-approved mortgage | Hire a legal professional & Have the home inspected

UNDERSTANDING MARKET CONDITIONS

Brent can provide you with current real estate market conditions and explain their impact.

Market Conditions Characteristics Implications

Buyer's Market:

• The supply of homes on the market exceeds demand.
• High inventory of homes. Few buyers compared to availability. Homes on the market longer. Prices tend to drop.
• More time to look for a home. More negotiating leverage.

Seller's Market:

• The number of buyers wanting homes exceeds the supply or number of homes on the market. Smaller inventory of homes. Many buyers.
• Homes sell quickly. Prices usually increase.
• May have to pay more. Make decisions quickly. Conditional offers may be rejected.

Balanced Market:

• The number of homes on the market is equal to the demand or number of buyers.
• Demand equals supply. Sellers accept reasonable offers. Homes sell within an acceptable time period. Prices generally stable.
• More relaxed atmosphere. Reasonable number of homes to choose

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