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Anyone that’s ever talked about buying and selling houses has heard the terms seller’s market and buyer’s market. Unfortunately, it seems there are a variety of interpretations. Here’s the real story on what they mean.
A seller’s market favors the person or party that is selling their house or property. In a seller’s market, more people are shopping for homes than there are homes on the market. In these situations, the seller can expect to get better than average prices for their homes or properties and can usually sell them quickly with multiple offers to consider. The downside is that a home that’s been for sale for longer than average in this market will be a red flag to home buyers, and could impact the price.
Unlike a seller’s market, a buyer’s market favors the people shopping for a home. This happens when there’s a glut of homes available without enough buyers. When the supply is greater than the demand, the buyer has the advantage in a greater variety of options to choose from and in pricing. There is also a significant advantage for the buyer when negotiating terms and during the home inspection in a buyer’s market.
In most of the United States, including South Carolina, the seller’s market prevails. But, if you’re in the market for a new house, don’t give up hope. With a good realtor and a reliable mortgage lender in your corner, you can still find the home you want for the price you can afford and the loan that gives you the options you need. Contact the team at Midland Mortgage Corporation for help matching you to the right loan program to help you get into your new home, even in a seller’s market.