While many areas are still a tad slow, there are others that are incredibly active. Some suburbs, and more specifically, certain price points in these suburbs, are so hot they are seeing bidding wars. Both buyers and sellers need to know how to approach a seller's market if they plan to achieve their goals.

WHAT IS A SELLER'S MARKET?

In basic terms, a seller's market means there are more buyer's then available listings. While the number of homes for sale can be easily defined and found on just about any home search site, the amount of buyers in a given price point is a little trickier to figure out.

As agents, we are privy to figures given by our local office. So, I know statistically that the amount of showings on our properties is up 25% from a year ago. Furthermore, I know from the current listings that we have that if I listed a home for between $300,000-$400,000 in certain suburbs, I will likely get 15-20 showings in the first week that it's on the market ( and likely a quick sale ).

So, with our finger on the pulse of the local market, we are aware that some areas are starting to favor the sellers. With that being said, we have put together some helpful hints to surviving a seller's market.

 

FOR BUYERS

1. Get pre-approved up front

2. See homes as soon as they come on the market

3. Make an offer ASAP

4. Make a strong offer ( sometimes over asking price )

5. Work with an agent who knows the local inventory

FOR SELLERS.

1. Prepare and price home to sell quickly

2. Prepare game Plan For Handling Multiple Offers

3. Be Ready To Move Within 30-90 Days

4. Don't Be Afraid To Buy BEFORE You Sell

5. Be Smart - Just because the market has improved doesn't mean you should be cocky and arrogant.

The market has indeed shifted and if you aren't prepared, you could be left out in the cold.