How Market Conditions Affect Your Offering Price...
Tuesday Aug 02nd, 2016Share
A hot market is a "sellers market". During a sellers market, properties sell within a few days of being listed and there are often multiple offers. Sometimes homes sell well above the asking price. Though most buyers want to get a "deal" on a home, reducing your offer by even a few thousand dollars could mean that someone else will get the home you desire.
A slow market is a "buyer's market". During a buyer's market properties may languish on the market for some time and offers may be few and far between. Prices may even decline temporarily. Such a market would allow you to be more flexible in offering a lower price for the home. Even if your offered price is too low, the seller is likely to make some sort of counter offer and you can begin negotiations.