Selling your home home in a buyer’s market
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Just in case you haven’t been paying attention, most cities are now in a “buyer’s market” for home sales. That means there are more houses and condos listed for sale than there are qualified home buyers actively in the market. Nationally, home sales volume is down about 10 percent compared to 2005. |
The best way to tell if your area is in a buyer’s or seller’s market is to check the average number of days homes are on the market before selling. When this number rises above 60 days, it’s definitely a buyer’s market. That means it’s a great time to be a buyer, but not such a great time to be a home seller. Another method is to look at the number of months’ supply of homes for sale at the current sales pace. Just divide the number of local homes sold during the last 30 days into the number of homes listed for sale. If the result is more than a six-month supply of homes, the oversupply of listed homes shows it’s a buyer’s market. Fall is usually the second-best season to sell a home (spring is the best because that is when the largest number of prospective home buyers are in the market). But 2006 is proving to be unusual.
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