I work with buyers and sellers daily and I wish I had more control of the market so sellers could sell in a sellers market then turn around the next day and buy in a buyers market, but that’s not how it works.
Today’s market is slightly in a seller’s market with 88 days supply of homes. Anything less than 90 days supply makes it a seller’s market where you can expect to have rising prices, fast marketing times and lower inventory. Buyers need to be positioned with a lender pre-approval and their down payments liquid and, in some situations, be able to pay more than the asking price if they wish to be successful in their purchase.
A buyers market is a much softer, slower market, usually 180-270 days supply of homes. In this market, buyers can expect greater value for their purchasing dollar. They can come in at less than asking price and be successful and there is typically more inventory to choose from. We haven’t seen a buyer’s market here since 2012.
Since I’m not a magician, I guess we will all just have to live with the market we are given when it is time to buy or sell.