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Hey! This is J. Lucky Henry Keller Williams agent in the Greater Boston
area. You won't believe how many questions I get on a daily basis.
Everyday people need answers. Everyday people need explanations. That's
why everyday people need to get REAL! R-E-A-L: Real
estate Explained Amazingly by Lucky in 90 seconds give or take.
Hey, It's Lucky Henry
Welcome back. Today we're going to talk about seller's market versus buyers
market right. Everyday we do a video this one specifically is gonna compare
these two markets. Explain to you today what do they mean and how do you know
which one you're in because what's happening in the news you might get a
seller's market buyers market by a national level but how does that affect
you in your immediate market just 'cause it's a seller's market on the West coast
doesn't necessarily mean it's market on the East Coast right. So what does a seller's
market mean? Seller's market means that there are more people trying to buy
houses than there are houses for sale right. So that doesn't literally mean
there's ten people only two houses but it almost feels like that when you're
out there right. There's more buyers actively looking in the market than
there are houses to satisfy all their needs. So what happens then is the
sellers have control right. Sellers can increase prices of it right or expect to
receive multiple offers and get higher pricing. Now in a buyers market it's
actually the opposite. In a buyer's market there are less buyers looking so all the
sellers have the houses on the market and they're not getting tons of
attention right. So now they might be expected to lower prices because it's
either lower the price or don't sell your home. So that's the buyers market -
where the buyers are in control and that's when buyers are making offers
a lot below asking price or a little bit below asking price maybe a lot depending
on who listed the property. And in a seller's market you're getting buyers
making offers over asking price oftentimes because there are more of
them so it's more competition on the buyers. So how do you calculate if your
area is in a buyers market or a seller's market? Here's an example: Let's set six
months as the baseline right. So anything more than six months is going to be a
buyer's market, anything less than six months is going to be a seller's market.
And what we mean by more or less -- the inventory. How many months will it take
to sell off the inventory? So here's the example 100 houses on the market in
January. In that January time frame ten of them either sold or and have now
have sale pending on it. That means it's 90 houses left. So how long would it take to
sell off 90 houses at that rate? It would taking nine more months - that's above the
six, so we're gonna call that a buyer's market right. Now let's say January 100
homes on the market but 20 of them sold or were sale pending. That leaves
80 left and at that current pace of twenty a month it would only take four
more months. So in four more months we're gonna call that a seller's market. Do you see
how when it only is only about four months left of inventory the sellers
have more control because it's less houses coming on the market and when
there's nine months left of inventory the buyers have more control because
they have more options to choose from? So if they don't like option a don't wait
for option B C or D. So there you have it that's basically the easy way on how to
calculate whether it's a buyer's market or seller's market. If you ever have any
questions anywhere in the Greater Boston area New England area or anywhere in the
country reach out to me directly I'll definitely provide some answers
for you -- figure out what's been selling in your area and help you in any way I
can, alright. It's been Lucky. Come back tomorrow and
talk about what to do when you find yourself in a seller's market as a buyer
or when you find yourself in a buyers market as a seller.
This is J. Lucky Henry and I'm here to keep it REAL with you.
Whether you're looking to buy, sell, or invest in real estate --
call or text: 978 - 712 - 0244 and make sure you subscribe to my channel for more.
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