Over a period of time the property market fluctuates, so it’s helpful to know what sort of market is prevails for your property at the time you are selling.
Knowing the current market gives you an indication of what sort of properties are being sold, how quickly and for how much. Each type of market has its own set of characteristics.
Buyer’s Market
- The number of properties on the market are greater than the number of buyers.
- Properties usually take longer to sell.
- Prices are stable or sometimes they fall.
- Buyers often dictate the selling price.
Seller’s Market
- The number of buyers exceeds the number of properties available for sale.
- Properties sell faster.
- Prices generally rise.
- Sellers may receive offers from more than one buyer.
- Sellers gain prices closer to the listed price, or over it.
Balanced Market
- The number of properties for sale is about equal to the number of buyers.
- Sellers will consider reasonable offers.
- Prices are generally stable.
- Properties sell within a reasonable time.
- A good number of prospective buyers see the property.
Seasonal factors
Whilst all year round is a great time to sell your property, Spring is traditionally the time of year when most people list their property for sale. The backdrop of colour in a garden and mild weather tends to bring out the buyers in greater numbers.
There are generally fewer properties for sale during the winter months, so if your property exudes that warm, homely feel, this may be a great time of year to sell.