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Originally Posted by Laker14
I'm an amateur in this business. Is that some sort of "professional" definition? It seems to me that defined that way, a sellers market would be quite rare. Am I wrong?
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A sellers market usually occurs when inventory is low and demand is high. This happened in the Village of Richmond. There was a list of 30 interested buyers for nearly every available home. When this occurs, there will be no discounts given on the price of the home. If it is a preowned home, the asking price could get raised.
This is not what is occurring at the moment. Inventory is sitting and prices of homes are being reduced. Sellers who are asking for more are doing it without concern of the downward.trend. They believe they can find one buyer who is willing to pay much more for the same model of home. Like I said, sometimes this strategy works. However, the buyer will be sitting in a home that is worth less than he/she paid. Buyer Beware!