If you’ve been looking for homes for sale in Tampa or any of the surrounding communities, you’ve heard the term “buyer’s market.” But what is a buyer’s market, and why does it matter to you?
What is a Buyer’s Market?
A buyer’s market describes the climate of the real estate market when there are more homes for sale than there are buyers to buy them. A buyer’s market may mean that you have more ability to negotiate with sellers because sellers are all up against each other, vying for your attention as a buyer – and they may be more willing to make concessions that they wouldn’t if several buyers were bidding for their homes.
Serious sellers are often willing to negotiate in a buyer’s market, and sometimes that means you can purchase a home for less than its list price. You may even be able to get the sellers to pay some or all of your closing costs.
How Do You Know if You’re in a Buyer’s Market?
Your real estate agent will tell you whether you’re in a buyer’s market or a seller’s market, or if the market is neutral. However, you can tell, too. You may be in a buyer’s market if:
- Homes have been sitting on the market for 6 months
- Comparable prices are higher than active listing prices
- Fewer buyers are purchasing, so there are lower numbers of closed sales
Are You Looking for a Home for Sale in Tampa’s Suburbs?
If you’re thinking about moving to Tampa, check out the links below to search for homes with just one click:
Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.