This week we're breaking down what to expect in this year's market shift. We're also explaining the difference between a seller's, buyer's, and neutral market.
There's been a lot of commotion going on about the upcoming market shift. What's going to happen in real estate? Well, I want to talk a little bit about the market shift and what that means to you as a seller, as a buyer, and whether or not I think that
the market is going to shift to the point that it did in 2008.
Different Types of Market
There are three types of markets in real estate. You have a seller's market, a buyer's market, and then you have a neutral market. So, when you have a shift, it means that you went from one market to the next. Think about it as a pendulum. When you have
a market shift, you go from a buyer's market to seller's market and then neutral market somewhere in the middle.
If you look at our market right now as a seller, you're probably sitting on the market for a couple of weeks before you actually get an offer or you may not be getting multiple offers anymore. So what does that mean to you as a buyer or as a seller?
Should you be freaking out?
Not really. If you look at our economy right now, things are changing. And they're not changing for the worse. We're having a shift, but we're not having a crisis. Every year we have a shift going from one to the next. The type of shift that we're talking
about now is on a national level.
Some Things You Should Know About The Shift
If you are a seller
, it means that you're not having 20 offers anymore. You might get one. So it would really behoove you to analyze the numbers, counter the people, don't reject the offer and see if you can make it work with that particular
buyer because things are changing and it's not guaranteed that you're going to get another offer. A rule of thumb for me is if it took you two months to get an offer, then it might take you another two months to get another one and it might not be as
good. So definitely keep that in mind when countering or rejecting offers.
You might have to make a little more concession. So, instead of just selling the house and not paying any closing costs, in a buyer's market sellers will be willing to pay their closing costs and give a buyer a home warranty or repair the roof.
If you are a buyer
in a buyer's market, things are definitely more in your favor. You have more properties to choose from. But the issue with buyers in a buyer's market is that you get complacent and you start to believe there's so much
inventory so you can take your time. However, you never know when the market will shift. The next thing you know, depending on the switch, you're in a seller's market again. So you want to make sure that you make a deal. If find a property and you love
it, go ahead and stick with that because you never know when it's going to change again.
If you are an investor
, it is said that most millionaires are made in a shifting market. Why? Because there's more opportunity in the market. So if you've been saving your coins, this is the time for you to buy a property and all you
have to do is find an investor-friendly agent that can help you with finding those properties and securing them.
There is an opportunity in a shifting market! Be sure to visit our YouTube channel to watch more real estate updates like this! If you're constantly on the go, you can listen to our weekly podcast through Spotify
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