When buying your new home in Westchester County, you will want to make sure you’re not only getting the best price, but getting the most value for your buck! Terms like “seller’s market” will be ringing in your ears, and it may even seem very daunting in the beginning. You may find yourself asking, “what is the difference between a buyer’s market versus a seller’s market?”
Don’t stress too much, we’re here to break it down for you!
Simply put, a ‘buyer’s market’ is when supply is high and the cost is low. In a real-estate situation, a buyer’s market has more people looking to sell homes, than people looking to buy them.
If you’re looking to buy a home, then a buyer’s market is the most ideal time to go forward because most likely you can find a great home for a great price. If you’re looking to do the opposite, your home may be on the market longer because of the lack of buyers at the time.
A seller’s market is simply the opposite – low supply and high cost. In real estate – less people are selling homes, and more people are looking to buy them.
This is of the best times to sell a home because it’s a ‘battle of the bids’! You’ll most likely be selling your home at a higher and much more secure sales price because of that high demand from different buyers. In this season the seller will almost always have the advantage.
Buyer’s Market vs Seller’s Market
Both markets have good and not so good qualities as anything else, however much of this is depending on the real estate market. Throughout the year, the market goes up and down. This is also depending on the area in which the home is located – most cities for example have lots of job opportunities and growing industries, which will lean more towards a seller’s market. A more rural area, or an area struggling economically will be a buyer’s market.
One way to determine if it’s a buyer’s or seller’s market is to take a look at the number of homes for sale during that season. Similar to the city vs rural area example, you’ll be able to see a good illustration of the supply and demand to get an idea of what kind of market homes are in right now.
In Westchester we are leaning closer to a seller’s market. So many families are moving up north from New York City which is putting the market at a higher demand for homes. You may have noticed especially within the last few years a large number of homes and commercial properties/businesses have been built. This is a result of the higher volume of buyers looking for homes.
As we mentioned earlier, a seller’s market is probably the best time of year to sell a home because you can set a higher bidding cost and you’ll most likely have it sold a lot sooner than if it was during a buyer’s market. If you’re looking to sell your Westchester home, now is the time!
All of this can be really confusing and intimidating whether you’re looking to buy or sell a home. If you’d like some assistance with either, or in just real estate in general, then contact us at the Mark Seiden Real Estate Team! We are your real estate resource in Westchester County – send us an email at info@HomeManAgent.net or call us at 800-749-6600, ext. 8012
We wish you all the best in your buying or selling endeavors!