Hot, Normal, and Cold Markets
Hot Market:
This is an extremely competitive market, one that is advantageous to the seller.
Sometimes, homes will sell as soon as they are listed or even before homes are listed.
Typically, during a hot market, multiple offers will be made on each home and more often
than not, homes will sell for more than their asking price. It is even more crucial to be
prepared and to be ready as a buyer when the market is hot. It can be easy to get caught
up in the bid for a home, but if you are prepared (pre-approved, solid in price range,
realistic about your needs), it is easier to remain focused on your housing needs and
price range.
Normal Market:
In a normal market, there is fairly a large number of homes available and an average
number of buyers. This market does not necessarily favor the buyer or the seller. A seller
may not have as many offers on their home, but he or she may not be desperate to sell
either. Again, it is the buyer's responsibility to be prepared. During a normal market, the
chances to negotiate are higher than in a hot market. As a buyer, you can expect to make
offers at lower than the asking price and negotiate a price at least somewhat less than
what the sellers are asking.
Cold Market:
In a cold market, houses may be listed for more than a year and the prices of houses
listed may drop considerably. This market is advantageous to the buyer. As a buyer, you
have the time to make an offer that works to your best interest. It is not uncommon to
low-ball and to find that sellers are accommodating to meet your needs. Keep in mind
that even though this market is a great time for buyers, you do not want to lose your dream
home by being unrealistic. Your goal is to get the your dream home at the best possible
price.
This is an extremely competitive market, one that is advantageous to the seller.
Sometimes, homes will sell as soon as they are listed or even before homes are listed.
Typically, during a hot market, multiple offers will be made on each home and more often
than not, homes will sell for more than their asking price. It is even more crucial to be
prepared and to be ready as a buyer when the market is hot. It can be easy to get caught
up in the bid for a home, but if you are prepared (pre-approved, solid in price range,
realistic about your needs), it is easier to remain focused on your housing needs and
price range.
Normal Market:
In a normal market, there is fairly a large number of homes available and an average
number of buyers. This market does not necessarily favor the buyer or the seller. A seller
may not have as many offers on their home, but he or she may not be desperate to sell
either. Again, it is the buyer's responsibility to be prepared. During a normal market, the
chances to negotiate are higher than in a hot market. As a buyer, you can expect to make
offers at lower than the asking price and negotiate a price at least somewhat less than
what the sellers are asking.
Cold Market:
In a cold market, houses may be listed for more than a year and the prices of houses
listed may drop considerably. This market is advantageous to the buyer. As a buyer, you
have the time to make an offer that works to your best interest. It is not uncommon to
low-ball and to find that sellers are accommodating to meet your needs. Keep in mind
that even though this market is a great time for buyers, you do not want to lose your dream
home by being unrealistic. Your goal is to get the your dream home at the best possible
price.
Still have questions? Contact me today for a
free consultation!
free consultation!
Colin O’Neal
Buyer’s Agent
200 North Rufe Snow Drive, Ste.102
Keller, TX 76248
(817) 898-0145 Office
(817) 898-1771 Fax
colin@househuntersdfw.com
Buyer’s Agent
200 North Rufe Snow Drive, Ste.102
Keller, TX 76248
(817) 898-0145 Office
(817) 898-1771 Fax
colin@househuntersdfw.com
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