Seller’s or Buyer’s Market?

We often here about Seller’s Market or Buyer’s Market. There are many factors that may determine what kind of market we are experiencing but the biggest factor of all is Inventory. With low inventory and high buyer activity, new listings can receive offers within hours. With a lot of inventory and low buyer activity, we can see listings sit for months on the market. Pricing also will be affected by inventory. In multiple offer situations, we can see prices edge up while price reductions usually result when homes sit on the market too long. We are a bit spoiled right now. We’ve been experiencing a Seller’s Market for quite some time now so when a house hasn’t sold within a week, sellers question the process. The most important preparations for a seller is to have the house ready to show when it hits the market and buyers need to be prepared to make quick decisions if they want to secure a purchase in today’s market.