Is It a Buyer's Market or Seller's Market?

People ask me this quite a bit:

"Is it a buyer's market or a seller's market right now?"

I don't think the answer is as simple as picking one.

Because depending on the house you're talking about, it can feel like both.

Let's Start With Inventory

One of the traditional ways we measure a market is by looking at how many months of housing inventory are available.

Generally, lower inventory favors sellers because buyers have fewer homes to choose from.

But inventory alone doesn't tell the whole story.

Look at What's Happening With Individual Homes

You can have a home that's priced correctly, shows well and takes an offer quickly.

At the same time, another home in a different price range may sit for weeks and eventually reduce its price.

Same city.

Same market.

Completely different experience.

So Who Has the Advantage?

Sometimes the seller does.

If the home is desirable, priced correctly and there isn't much competing inventory, buyers may need to move quickly.

Other times the buyer has leverage.

If a home has been sitting, has plenty of competition or needs some work, there may be room to negotiate.

That's Why the Label Doesn't Matter as Much as the Situation

Instead of asking:

"Is this a buyer's or seller's market?"

I'd rather ask:

"Who has the leverage on this particular house?"

That's a much more useful question.

Because real estate doesn't happen in averages.

It happens one house, one neighborhood and one price range at a time.

If you're wondering what the market looks like specifically for what you're buying or selling, I'm always happy to help you take a closer look.