If you’re buying or selling a home in Midland, TX, you’ve probably heard about whether it’s a seller’s market. But what is a seller’s market, and how will it affect your transaction?
Here’s what you need to know.
What is a Seller’s Market, and How Will It Affect You?
A seller’s market is generally considered a set of conditions in real estate that make the market more favorable to sellers. Typically, sellers have the “upper hand” when it comes to things like asking price, whether or not to make repairs, or even whether to pay a buyer’s closing costs.
What a Seller’s Market Means to Sellers
In a seller’s market, there are buyers who want homes, but there aren’t enough homes for all of them. Typically, that means buyers are competing with each other over who’s going to be able to purchase which home.
That can mean that you could list your home for a higher price, and because demand is so high, you’re more likely to get it (although that’s not a hard-and-fast rule. You should definitely talk to your real estate agent about setting the price for your home).
It may also mean that buyers will end up going into a bidding war over your house, or that you can have your choice between multiple offers.
What a Seller’s Market Means to Buyers
For buyers, a seller’s market means that you’ll have less inventory to choose from, and that you probably won’t get a lowball offer accepted because someone’s desperate to sell.
Are You Buying or Selling a Home in Midland, Texas?
Use our site to search homes for sale in Midland and all of our surrounding areas. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated faster. By creating a property manager account you can stay on top of the newest homes for sale and get price change alerts so you can stay ahead of other buyers and beat them to the best deals!
In the meantime, check out these 1-click searches: