The dynamics of the real estate markets are constantly shifting based on the number of houses currently available for sale, interest rates, and a myriad of other factors. If you are buying a home, this can impact how you negotiate the terms of the sale. When a market is said to be a "seller's market," that means that the buyer has less leverage--or power, if you will--than the seller. How? In a seller's market, local real estate companies are generally under-stocked with inventory, which means there are fewer homes for buyers to choose from and selling prices are generally higher. The fewer houses there are for buyers to choose from, the more competition there is among buyers. This frequently leads to bidding wars between buyers with houses often selling for more than the original asking price. Buyers in a seller's market need to understand the markets they are buying in so they do not pay unreasonably high selling prices. In the hot markets seen throughout the U.S. over the past couple of years, many buyers have begun using the services of a buyer's broker. Buyer's brokers work for you exclusively looking for the best property to meet your needs at the best selling price.
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