– Are you selling the house that you’re living in and getting ready to buy the next?
That can be the most stressful situation for people.
There’s a lot of unknowns, a lot of what-ifs, and it can just be really nerve-racking.
But with some knowledge and some strategy you can get through it.
But first, let’s start with some knowledge, because the first thing that you need to understand
is what kind of a market are you working with.
And once you understand that then we can work together to form a winning strategy.
So in this video, I’m gonna talk about, what a buyer’s market is, what a seller’s market is,
how inventory is gonna affect your buy size since you are what’s called a mover buyer.
And four specifically, how a seller’s market is going to impact your purchase, because a seller’s market is what we’re in right now.
Hi, my name is Tanja Odzak-Goppold and I’m a top producing agent here in the Oakland
and the Greater East Bay area, and I know how hard and intimidating the process can be of selling your house.
Especially when you’re going from one house to the next in a really tight market.
So, on one hand, you need to sell your current house for as much as possible in order to buy the next house, but the market is very competitive and you need to understand just how hard you need
to throw down to get that next house, and it is for this reason that I offer a free market trends report to anyone looking to buy in the areas that I serve.
There’s a link down below this video, you just click and request it.
And my market trends report will give you all the information that you need to navigate your real estate adventure and come out successful on the other end.
So first we need to talk about inventory, because inventory is how many homes are on the market right now. So if you’re buying, the level of inventory is going to directly affect how you need to rank your offer.
So if you think of a spectrum and on one side you have a buyer’s market, and on the other side, you have a seller’s market.
This is all about the law of supply and demand. So in a buyer’s market,
you have seven months or more worth of inventory and not a lot of demand, right.
The demand is, the buyers who are looking to buy, so a lot of houses, not that many buyers.
In your seller’s market, you have five months or less worth of inventory and a lot of demand.
So a lot of buyers looking to buy, not that many houses available.
So if you’re buying in a buyer’s market there are a few things that you’ll see.
One is you’ll see prices, houses will tend to sell for less than what they’re listed for.
The length of time on market, houses are gonna be taking longer to sell, and you’ll probably see some price drops too, when maybe initially sellers were a little overzealous
and priced too high and so then they kinda need to check themselves and drop their price.
But you know, it’s not always that, sometimes it’s you know, legit price drops, because they’re just trying to get their house sold.
The other thing that happens is, if you’re buying in a buyer’s market, the offer tends to favor the buyer.
But the thing is, this is all about trends and you need to understand the market trends.
And if you’re buying in a seller’s market, which is where we are at right now,
then some of the things that you’ll see will be prices.
Houses are going for over asking or the time on market houses are selling really really fast.
You’ll also find ourselves in like, multiple offer situations, where you have many buyers putting down offers on the same house and so that means that the offers will then favor the seller instead of the buyer.
But the thing is, you need to understand the market that you’re working in.
You need to understand the market trend. The strongest indication of whether we’re in a buyer’s market or a seller’s market is what the prices are doing,
are they increasing, or are they decreasing?
And the easiest way to gauge this is is to look at market trends report,
so I offer free market trends reports to anyone looking to buy in the areas that I service, and they’re really detailed.
So, for example, they’ll tell you that Oakland or Walnut Creek is in the middle of a seller’s market right now. It’ll tell you the average sold price of a house, it will tell you the ratio of sold price
to list price, right, this is whether houses are going for above asking
or under asking.
Don’t you want to go into this with your eyes wide open and know exactly what you’re getting into?
Learn about the market that you’ll be buying in. Request one of my free market trends report and let me help you understand what you’ll be dealing with.