If you’re buying a home in Tampa Bay or any of its suburbs, you’ve probably heard the term “seller’s market” – but what is a seller’s market, and why does it matter to you as a buyer?
What is a Seller’s Market?
A seller’s market is a real estate market in which there are more buyers than there are homes to sell to all of them. It’s great for sellers, but not always beneficial to buyers.
Sellers seem to have an advantage because there are multiply buyers vying for homes. As a result, they don’t have to make as many concessions (agreements to repair things or upgrade things, or lower the sales price of their home). That’s because there are enough buyers that sellers can wait for the right one – the one who doesn’t ask for much, if anything – to come along.
How to Know if You’re in a Seller’s Market
Your agent can tell you whether there are more buyers than there are homes, but you can also tell by looking at:
- Whether sales prices are increasing
- There are homes selling quickly, such as in a matter of weeks or a couple of months
- There are seemingly few homes for sale
Are You Looking for a Home for Sale in Tampa’s Suburbs?
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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.