Today I want to talk about the three types of real estate markets that we can be in based on how much inventory is available.
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Today I want to discuss the three types of real estate markets we can be in at a given time: a buyer’s market, a balanced market, and a seller’s market and explain how each is defined.
1. Buyer’s market. A buyer’s market occurs when there are more than seven months of inventory available to purchase, meaning that if no new properties came on the market, it would take seven months to sell all that existing inventory.
2. Balanced market. This market occurs when there are between five and seven months of inventory available. Now, balanced markets typically occur during the transition from a buyer’s market to a seller’s market, and they rarely last for long.
3. Seller’s market. A real estate market transitions into a seller’s market when there are less than five months of inventory.
If you’re interested in finding out what the real estate market looks like for any of the properties you own, please visit our website at www.ErinCaraway.com and provide us with the information about that property. Otherwise, don’t hesitate to reach out to us by phone or email. We are always happy to be a resource for you.