How to do you know if it’s a Seller’s Market or Buyer’s Market?
The law of supply and demand is the simple answer.
Low supply and high demand = Seller’s Market
High supply low demand = Buyer’s Market.
Although the best guide line to figure this out is by how long a property stays on the market before it sells.
>150 Days = Deep Buyer’s Market
120 to 150 = Buyer’s Market
90 to 120 = Balanced Market
60 to 90 = Seller’s Market
<60 days Hot Seller’s Market
s an Open House necessary?
No, Open Houses are strictly to help the agent try to get more business. Less than 1% of homes actually sale as a result of an open house. I prefer not put my clients though the inconvenience of leaving their house on the weekend for 3 to 4 hours in the middle of the day to have uninterested strangers walkthrough their home. If the home is marketed right then there will be plenty of interested strangers walking through. The selling process is stressful enough for sellers why add to it.