Have you decided to buy or sell a home but aren’t sure how the real estate market will affect your decision? The state of the real estate market heavily impacts every aspect of your real estate transaction from pricing to negotiating to closing. So, is Litchfield Park a buyer’s or seller’s market? The answer to “is Litchfield Park a buyer’s or seller’s market” may surprise you!
What is a Buyer’s Market Versus a Seller’s Market?
To help you make an informed decision on whether to buy or sell in 2022, here we break down the differences between a buyer’s market and a seller’s market.
Buyer’s Market
When the area you live in is experiencing a buyer’s market you can infer a few things. First, the supply of homes for sale is greater than the demand for homes. Second, homes typically sell for at or below asking price. Also, the homebuyer has the upper hand in negotiations and may be able to get special considerations, such as having major repairs completed by the home seller. Finally, homes don’t sell as quickly as in a seller’s market, so homebuyers have the luxury of taking their time when putting in an offer.
Seller’s Market
A seller’s market, on the other hand, favors the seller. A seller’s market means several things. The supply of homes is less than the demand for homes for sale. Homes sell quickly and for at or above listing price. Home sellers also have the upper hand in negotiations in this situation, so they may be able to negotiate that a home be sold “as is” instead of making repairs themselves. Finally, since homes sell quickly homebuyers must act fast when putting in an offer to avoid bidding wars that drive up the price.
Is Litchfield Park a Buyer’s or Seller’s Market?
So, is Litchfield Park a buyer’s or seller’s market?
As of 2022, Litchfield Park is a seller’s market. This means that homes sell quickly and prices are higher. In such a competitive market, potential homebuyers must act quickly to put in an offer to avoid bidding wars.
Buying or Selling a House in Litchfield Park
At Your Home Sold Guaranteed Realty AZ, we can help you buy or sell a home regardless of the state of the market. To get started on your real estate journey today, call us at 623-283-2067, contact us here, or complete the form below.
