If you’re looking to buy or sell real estate, you’ll want to know the market conditions. So, is Peoria a buyer’s or seller’s market?
Both affect every aspect of your transaction, from the timing to price to who has the upper hand in negotiations. But how do you know what the market looks like today and where it might go?
What is a Buyer’s Market Versus a Seller’s Market?
To help you make an informed decision, we put together this quick overview. This post breaks down the differences between a buyer’s market and a seller’s market. You’ll also find out the current state of the market in Peoria.
Buyer’s Market
A buyer’s market is just that – a market that favors the homebuyer. This means that the supply of houses for sale is greater than the demand for houses by homebuyers. In a buyer’s market, homes sell slower than in a seller’s market. They also tend to sell at or below listing price. When it comes time to negotiate, the homebuyer has the advantage and may be able to negotiate for things like repairs being made before signing on the dotted line.
Seller’s Market
In a seller’s market, the market favors the seller – there is a greater demand for homes for sale than there is supply. This means that homes tend to sell quickly and at or above listing price. It also means that sellers have the upper hand in negotiations and are often able to negotiate the home being sold “as is”.
Is Peoria a Buyer’s or Seller’s Market?
So, is Peoria a buyer’s or seller’s market in 2022?
As of September 2022, Peoria is a seller’s market. This means that homebuyers need to act quickly to put in an offer and should be prepared to pay full listing price or more. It also means that homes are more likely to be sold “as is” because homebuyers don’t have the advantage to negotiate repairs being completed.
Buying or Selling a House in Peoria
Buying or selling a house is a big decision, no matter what the market is. 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.
