When an individual in New York is thinking about buying or selling a residential real estate property, it is important to consider the timing of the sale based on the current market in the area. There are two ways the real estate market can lean based on supply and demand, either towards a buyer’s market or a seller’s market.
Buyer’s Market: supply > demand
When an area is experiencing a buyer’s market, there is more housing inventory available than there are people actually looking to purchase a home. This is the perfect time to buy because it may be easier to negotiate a lower price than the seller is asking. This is especially true if the seller is very eager to complete the transaction because of an urgency to move.
Seller’s Market: demand > supply
A seller’s market is just the opposite. This is when there are more people looking to buy a home in an area than there are homes for sale. This is often very beneficial for sellers because it may result in several buyers taking part in a bidding war, which can allow the home to sell for much higher than it was initially listed.
Of course, sometimes the market doesn’t completely sway one way over the other. That being said, it is a good idea to speak with a real estate professional to determine whether it is a good time to buy or sell. If you require the services of an experienced real estate attorney, contact our firm today.
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.