A Buyers Market or a Sellers Market?? UNDERSTANDING THE MARKET WITHIN THE MARKET.
"I am confused," the buyers said with a blank stare as though I were an alien. "You said it was a buyers market."
Yes, yes I did with some exceptions. Which category does YOUR criteria for a home fit into? It is not always black and white and could be the difference between your offer being accepted or not.
Knowing the local real estate market is extremely important when looking at homes with buyers. More importantly, and a must - is knowing the market within the market and educating them as to the "pin-pointed" market of THEIR criteria. Not following?? Well, let's see if I can explain it a little better.
Overall, in general, it is a buyers market with an inventory of over 800 homes for sale in Mason County. Should be fairly simple process to find your dream property right? ......NOT NECESSARILY!
A buyer needs to realize that what fits their criteria and wallet MAY be a part of a sellers market within that buyers market!
Example : Recreational cabins in a Hood Canal area with community beach access for under $150,000 - the inventory for this type of market is fairly limited along the South Shore of Hood Canal; which essentially makes this type of home a SELLERS market as opposed to a buyers market.
The other sure sign of a sellers market within the buyers market based on your criteria, is that the home is only on the market for a few days before there are MULTIPLE offers on it. If a cabin in a condition that can be easily be financed comes on the market for $150,000 and under and needs very little if any work done on it - the positioning in the market of that cabin is in a sellers market.
The waterfront inventory along the Hood Canal and Puget Sound in general is considered a buyers market with as many as 75+ homes on the market ranging from $229,000 on up to millions. But within that market, waterfront cabins along the Hood Canal or Puget Sound under $300,000 are limited, which could put a new listing of a cabin coming on the market at or under that price range into a "sellers market."
Now if you are looking for a higher end Hood Canal waterfront home - the inventory is quite abundant! These homes have more competition (actively listed homes for sale) which puts those into a Buyers market.
Understanding the market as a whole is important, but more so it is even more important to know the market within that market specifically to a buyers criteria.
All real estate is local. A good broker will know the overall market and then will be able to narrow down the type of market it is based on your criteria - the specific market.
Make sure that you are working with a broker who KNOWS your market specifically so that you are making the right choices and not missing out on that perfect little spot you have always dreamed of!
Which market are YOU playing in?
If you would like more information on Belfair, Allyn and LakeLand Village homes for sale or Hood Canal and Puget Sound Waterfront Homes for Sale, drop me a line, give me a call, or stop on by. You can also check out the many choices and prices on my website!
Whether you are buying or selling a home, don't put your goals off without talking to a local real estate expert with knowledge of homes for sale on Hood Canal, Southern Puget Sound as well as LakeLand Village, Allyn, Belfair and the surrounding area.
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