This is an extremely competitive market and is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than the asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (pre-approved, solid in price range, realistic about your needs), it is easier to remain focused on your housing needs and price range.
Normal Market
In a normal market, there is a fairly large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer’s responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking.
Cold Market
In a cold market, houses may be listed for more than a year and the prices of houses listed may drop considerably. This market is advantageous to the buyer. As a buyer, you have the time to make an offer that works to your best interest. It is not uncommon to low-ball and to find that sellers are accommodating to meet your needs. Keep in mind that even though this market is a great time for buyers, you do not want to lose your dream home by being unrealistic. Your goal is to get your dream home at the best possible price.
Jay Pearl Elevate 317 Realty 430 N Park Ave, #503 Indianapolis, IN 46202 Direct: 317.502.6385
Testimonials Page
Jay is a very knowledgeable, hardworking, kind man! He has provided service for over 10 years for my husband and I. He has sold homes and managed rentals for us. An honest giving man. He helped us rent our properties and solve maintenance problems and renter problems.Jamie Goulding
Working with Jay as our listing agent has not only been beneficial, but a necessary part of our company. Jay works nonstop to ensure our properties are well marketed, well connected and actively seeks buyers. His attention to detail and ability to work so closely with his clients makes him a great choice for us and I wouldn't hesitate at all to recommend him.Joe Smoker