It’s a Seller’s Market

Could it be true … that we are now entering into a seller’s market! I know this sounds ridiculous given the large amount of foreclosures and short sales, but I ask you? How do you define a Seller’s Market?

Let me share with you my description of a Seller’s Market. When buyer’s are competing with multiple offers and seller’s are receiving offers above listing price, would that define a seller’s market?

In Arizona this scenario is unfolding today. If you are buying a home under $250,000 you may be experiencing what feels like a seller’s market.

With record low interest rates combined with the large decrease in values who would even think it could be a seller’s market, but all the indicators are there. I can hear it now, “Well we are at 40 to 50% of our values.” Well tell that to my first time buyer who has been out bid on 5 homes. Or my Midwest client who now understands what I mean by “This is one crazy market.” They were shocked that their well qualified offer was turned down because the seller wanted cash, forcing them to make offers on short sale listings.

This maybe a very good sign that the market may have reached it’s bottom. Of course we still have the “gorilla” in the room and no one can tell what he weighs!

Gary May
Owner / Broker
Real Living Success

Real Estate Market