Clients and friends frequently ask us if we are experiencing a Buyer’s or a Seller’s market. A Buyer’s market means there are more available houses than eligible buyers to purchase them. Buyers can be more selective, and Sellers need to be more accommodating. In a Seller’s market, the situation is reversed; there are more eligible Buyers than available homes on the market. Buyers are forced to make quick decisions, often just as homes come on the market.
The Charlotte metro area was experiencing a Seller’s market in the early 2000’s; positions were reversed as the economic downturn began in 2007. As we recovered years later, the market shifted to a more balanced supply/demand ratio: a three to sixth month inventory of homes.
This brings us to our current market and, as my elderly mother always says, “Constant change is here to stay.” Many realtors will tell you we are in a Seller’s market because the supply of homes for sale is less than the number of ready, willing, and able Buyers. Good for Sellers, not good for Buyers.
Analyzing general area data may support this. But this is a macro viewpoint.
For each of our clients we always strive to temper generalities with a more micro and exacting individual analysis.
When we examine pertinent details: location (you know the old adage “Location, Location, Location”), price range, style and age of home, recent development changes – we see a more varied pattern. Lower price range (under $300,000) homes are in short supply indicating a Seller’s market. However, some higher priced homes or those in more suburban-rural areas are experiencing the opposite, a Buyer’s market. Each neighborhood, home style, and price range exhibits individual market conditions. All of which we want you to be aware.
Just as in the financial markets, the timing of your purchase or sale affects both your strategy and your success. The best financial experts keep you abreast of market conditions pertinent to YOU. Similarly, the best real estate professionals educate you on both the macro and micro data and work with you, designing the marketing plan that most benefits YOUR family.
The “art” of real estate is based on both economic and psychological underpinnings. It takes a passion for this business and years of experience to be the best for our clients. We love what we do and are always here to help YOU achieve your real estate goals.