When an individual in New Jersey is thinking about taking part in a real estate transaction, whether they are considering the purchase of a new home or the sale of a current home, it is important to have an awareness of the type of market that exists in their area. The market may not always work in the individual’s favor, so it is important to understand how the market can impact a real estate transaction.
A buyer’s market
When an individual finds themselves in a buyer’s market, it means that there is more supply than demand. In real estate terms, there are more houses for sale than there are people looking to buy these houses. This allows a prospective buyer to have their choice when it comes to neighborhood and home. In fact, this also works as a bargaining tool, especially when it comes to eager sellers. If a seller is having a hard time finding a buyer for their home but have to move quickly, they may be more willing to accept a lower price on the house.
A seller’s market
When the real estate environment is a seller’s market, it means that there are a lot of buyers looking for a home but not very many houses up for sale in the area. There is more demand than supply. This often sparks a bidding war between potential buyers and allows the home to be sold for much higher than the initial asking price.
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