Buyer’s Market Vs. Seller’s Market: What Does Each Mean For You, And What Is The Current Market State?

Know What’s Available
See as many properties as possible before making an offer. Knowing what’s available on the market is highly beneficial, because it will not only help you ensure that you find your ideal home but also afford you a greater ability to negotiate price.
Analyze Comparable Properties
Becoming familiar with comparable properties on the market is key to negotiating effectively. By analyzing comps, you can use their pricing to your advantage. On top of doing the research yourself, a real estate agent or REALTOR^® can help you analyze comps on their Multiple Listing Service (MLS). Let’s say you’re interested in a three-bedroom house with an asking price of $700,000. If you find that there are a dozen similar three-bedroom homes priced at $550,000, you know the house is likely overpriced in the current market.
Pay Attention To Days On The Market
The longer a home has been available, the more power you’ll have negotiating for a lower price. Even if you don’t ask to lower the price significantly, you can still negotiate for contingencies, seller concessions and repairs.

Tips For Sellers

If you find yourself selling your home during a buyer’s market, do everything you can to make yours stand out.
Make Some Needed Repairs
Since there are more properties for buyers to choose from, you’ll find that they can be pickier. You’ll want to do any necessary repairs before putting your home on the market and consider making minor improvements.
Clean And Depersonalize Your Home
Spend a lot of time considering how others will view your property. If buyers can’t envision themselves living in your home, they won’t make offers. So, do a deep clean of your home, get rid of any clutter and touch up your landscaping in preparation. As you clean and stage your living space, try to depersonalize your space as much as possible: get rid of family photos, papers, souvenirs and anything else that points to you living there.