The home buying process is never “one size fits all.” One of the important factors to consider is the state of your local housing market conditions, specifically whether it’s a buyer’s market or a seller’s market.
What’s the difference? In a seller’s market, the demand for housing exceeds the inventory or available homes. In a buyer’s market, the number of homes on the market is larger than the number of potential buyers. Navigating either market is possible with the right preparation and the right buyer’s agent. To determine the state of the market, check out our market reports and speak with your Nest agent. While the Nest reports are comprehensive, be aware that your home search will be within a micro market; use the market reports as a guide, but work with your Nest agent to understand your market band. The market is ever-changing.
In most areas across the U.S., we find ourselves in a seller’s market. Be prepared to act boldly to secure the home you want. Do your research, get your financing in order, and understand that you may need to be more willing to compromise. Since competition for homes will be stiffer—confidence, readiness, and punctuality will serve you well. Your agent will help you plan out a strategy to find the right home and submit a successful offer.
In a buyer’s market, the numbers are on your side. More homes are on the market, so you will have less competition from other buyers. This may work to your advantage when it comes to negotiations. Consider looking at homes that have been on the market for a little while; sellers might be more willing to negotiate in order to finally make the sale. Your agent can help you decide whether to ask for more concessions from the seller or put in a lower offer.
No matter whether you’re looking in a buyer’s market or a seller’s market, speak with your Nest agent—they will help you leverage all market conditions to your advantage.