When you’re looking to buy or sell a house, there are many factors to consider—one of the most important being the state of the housing market.
But something you can do to gauge whether or not you’re in a buyer’s or seller’s market is look at trends such as the number of active shoppers. Currently, the entire nation is a seller’s market, but at the local level this can vary. Howard Hanna Real Estate Services is there to help no matter what kind of market you’re in, whether you’re looking to buy or sell.
What is a Buyer’s Market?
A buyer’s market is when there are more homes for sale than there are buyers in the market. Because of this, there is more likely to be prices cuts in these markets. This also gives buyers more time to shop and more opportunities to settle on something.
What is a Seller’s Market?
When there is a seller’s market, this means that buyers outnumber sellers. This type of market favors the sellers because it creates competition among buyers. Sellers are likely to received multiple offers at a time. They may even get offers that are above the asking price.
How do I Know What Market I’m in?
The best way to know what kind of market you’re in is to reach out to one of our Howard Hanna agents. Our agents are here to help guide you whether you’re looking to sell your home or looking to buy the house of your dreams. They have a pulse on what the market looks like and the trends that are happening in the area you’re looking at. They can help guide you and create a plan so that you get the best deal possible.
The Current Landscape
As of now, the national market is a seller’s market. However, only 31 markets are considered strong seller’s markets. Howard Hanna has a presence in nearly half of those—14 markets in total.
Here’s a breakdown:
- Michigan: Grand Rapids
- Virginia: Richmond
- Ohio: Akron, Cleveland
- Pennsylvania: Allentown, Harrisburg
- Connecticut: Bridgeport, Hartford, New Haven
- New York: Albany, Buffalo, New York, Rochester, Syracuse
No matter your market, our experienced agents are here to guide you through the process. If you’re ready to buy or sell, contact a Howard Hanna agent today to get started.
