When it comes to real estate, there will always be the question of which group the current market will favor. Will the buyer get a better deal this year? Or will the seller have more room to negotiate and make a little extra cash on top of their asking price? Each year, this type of market fluctuates and it’s not always easy to tell who will take the “prize”. When there are more buyers than homes, we are in a seller’s market and vice versa. So who will be benefitting in this year’s market?
Entering 2018, it appears that this year will be more of a “tie” for buyers and sellers. The rising costs of homes have given sellers confidence that if a buyer truly wants to purchase the property, they will be willing to pay at least the asking price. As always, there are opportunities to negotiate the price of a house and the seller could even end up with a little bit above asking price. Devin Thorsby points out that enthusiasm for sellers is on a continuous climb because of the rising housing costs.
Whereas the sellers have more confidence because of the climbing housing costs, buyers are still shying away from purchasing homes – especially first-time homeowners. The financial burden and concerns over obtaining financing can snuff out the light of hope most first time buyers may have at the moment. Having to finance in place and ensuring that they obtain a real estate agent who really knows the market and the process will help them successfully purchase their first home.
What really matters is finding someone who knows the in’s and out’s of the market when it comes to real estate. You, as a buyer or a seller, have to trust that the agent you are working with has their hand on the pulse of the market. After all, you’ve approached them to help make this journey a successful one. Regardless of how the market’s health, every situation is different for a home buyer or home seller. A trusted agent will do everything they can to ensure that you find your ideal home at your ideal price – whoever the market may favor.