Real Estate Ray's Blog

Is it a Buyers Market or a Sellers Market? The answer is, Yes.

A Buyers market is one that benefits the buyer. A market with a lot of homes for sale in the same price range and eager sellers.

A Sellers market benefits the home owner. A market that is moving very quickly, usually when interest rates are low, consumer confidence is high and there are a lot of qualified buyers searching for a home.

I think there’s a third type of market…a Waiters Market.

A Waiters market is when both buyers and sellers are waiting for “the right time” to make their move. This is the kind of market we’re in right now. Sellers want the market to get red hot so they can get top dollar for their home and Buyers want the market to get ice cold so they can get a deal.

In talking to dozens of agents and consumers in the past week or so, it feels like most people are on the fence…trying to time the market. If you’ve ever tried to do this you know it’s nearly impossible to do.

I would suggest, if you’re a buyer OR a seller, get in the game NOW! Here’s why:

• Just one week ago interest rates on a 30 year Conventional loan fell a full half percent from 5.75% to 5.25%
• Just one week ago the FHA interest rate dropped from 5.875% to 5.5%
• Both buyers and sellers seem to be facing reality and are being reasonable about the outcome in a transaction…seller’s know they can get a “fair” price for their home and buyers know they can get a “fair” deal on a home

You may believe that rates will continue to fall or that the market will take a turn for the worse and the deals may be out there if you wait to buy…you may be right…you may be wrong. Answer these questions: How much lower have you seen interest rates than the ones we’re seeing right now? What are the chances they continue to drop?

You may want to wait until you see some concrete evidence that the real estate market has improved dramatically so you can sell your house for more money. By the time you see that trend and recognize it, many other home owners have already gone on the market, sold their homes and you “missed” the market…and the qualified buyers.

If you’re in the market to buy or sell a home…do it now…timing the market very rarely works! If you’d like more in-depth information about the Sioux Falls housing market or a specific area of Sioux Falls, call me at 728-9997 or e-mail me at ray@hjnteam.com

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