What is a buyers market?

In real estate the trend words ‘seller’s market’ and ‘buyer’s market’ simply means there are more options for one than the other. At the current time there are more properties on the market than potential buyers so it is being called a ‘buyer’s market’. This means buyers have more negotiating power and supply of houses is high, therefore there is less potential buyers so the market responds to this. 

While it may seem like not the preferred time to sell, it doesn’t mean you have to drop your sale price. There are many things you can do to achieve the best sale outcome for your home.

Common outcomes in a buyers market:

• Increase in property listings
• Increase in time to sell properties
• Prices decreasing
• Sales can occur below asking price
• Sellers are more likely to negotiate on sale price and conditions.

There are always active buyers regardless of market conditions, and attractive properties will remain attractive and stand out.

To understand the market you are about to head into, it’s best to do your own research. I can give you advice and support but it’s a smart idea to get an idea of the market yourself, as ultimately the decisions are up to you. 

By being informed you will have a clear understanding of the process and outcomes that are happening in the community around you. Things to look at are: the average time to sell a property, current price trends, have listings changed, how is my local suburb performing?