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Maryville Real Estate Market Hot, Cold or Neutral

September 10, 2018

 

Over the past weeks I have had the opportunity to work with First Time Home Buyers, folks retiring and moving to our great area and hometown neighbors just needing to make a change. The common question - "How's the market, is it a buyer's or seller's market?"  So, what does that matter or how do you know?

 

 

 

Buyer's Real Estate Market

 

We hear the terms buyer's and seller's real estate market, just think supply and demand. A buyer's market is typically the best time for a buyer to purchase a home. Why?  The amount (supply) of homes on the market is high compared to the number of buyer's (demand).  This gives the buyer more homes to select from and a better chance of finding their dream home.

 

Typically, in a buyer's real estate market, sellers are more willing to negotiate. A buyer is more likely to negotiate a reduced price and get the seller to help pay closing costs.

 

Signs of a Buyer's Market

  • More than six months of home inventory on the market.

  • Inventory is high compared to previous months/years 

  • Closed sales are lower compared to previous months/years

  • Longer Days on the Market (DOM)

  • Comparable sale prices are higher than active listing prices

 

Seller's Real Estate Market

 

If you are a home owner thinking if selling your home, this is the market for you. Why? Because there are more buyers(Demand) than available houses to buy.

 

In a Seller's real estate market, multiple offers and bidding wars are common. Which means, buyers are often willing to pay more than list price. Get your home staged and ready to show - be prepared to sell your home quickly.

 

Signs of a Seller's Market 

  • Less than six months of home inventory on the market.

  • Inventory is low compared to previous months/years 

  • Closed sales are higher compared to previous months/years

  • Less Days on the Market (DOM)

  • Comparable sale prices are lower than active listing prices

  • SOLD sign on property within a few days

 

Neutral Real Estate Market

 

In a neutral market, supply and demand is balanced. The number of homes on the market and number of interested buyers is equalized. 

 

Signs of a Neutral Market

  • Three to six months of home inventory on the market

  • Inventory is balanced compared to previous months/years 

  • Stabilized Closed Sales

  • Average Days on Market (DOM) 30 - 45

  • Comparable sale prices are close to active listing prices

Be watching for my upcoming blog to see our local market trends! 

 

Pamela Sheehan, TNL#289126, Owner/Broker at Tennessee Mountain Real Estate in Maryville Tennessee

 

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