I heard a Realtor on the radio this morning. That age old propaganda that drives me nuts!!!! "It's a hot buyers market out there!"
I do not believe in the typical concept of "buyer's market" and "seller's market". I refer to this as an "Individualized Economic Market".
Selling your home is determined by an individual's needs/wants and what people are willing to pay for a home and most importantly, If you have to sell your home. That vendor will be subject to market conditions with respect to his competition, their eagerness to sell and the motivation of the buyers. However, depending on when that vendor purchased their home is what will determine the outcome of profitability or equity. The monies might not be as great as you were hoping; however to be in the black vs the red is always a good thing. Many other factors come into play - how much you paid for the home, what you spent on renos and how many homes are for sale in your area.
All these factors will determine your outcome. I ask, Is that what you call a buyers market? No, its individualized.
You paid market price, you spent maybe $5000 on moderate renovations and there are only two homes for sale in your area. Do you think there is a good chance to sell? Think that you will get your money back? Of course you will!!! Its ridiculous to think you won't.
You purchased a home 5 to 10 years ago for $200,000, spent $25,000 in renos and 5 years later you have an offer for $300,000. Other opinions in real estate will tell you that if the market was better, you could get $350 000 for your home but because its a "buyer's market", you can only get $300 000. My question to you is - if you have to or very much want to sell your home and you have someone who is willing to purchase for $300 000 giving you a profit of $75,000, isn't that acceptable? Are you in a seller's market? Are you in a buyer's market? Who cares? Again I refer to an Individualized Economic Market...if you are happy with a $75 000 return on your investment after 5 to 10 years, your home is sold, and you can move on to your future, congratulations. Your Individualized Economic Market has been met.
Your home's worth is based on your individualized need. Every year a house goes up in value, might be a small increase; however, it does increase. The only time a home really decreases in value is when you don't look after it. The presentation will force buyers to pay less then what you paid so again that's an "Individualized Economic Market". Buyers do not see a well-kept home so they will pay less based on their "economic assessment and affordability"; again, not a buyers market but rather a value assessed by an opinion of what a buyer needs to spend to make it in their opinion livable and affordable.
So, this takes me to the end. A buyers market, a sellers market is based on many many factors. Profit and loss is not based on a buyers market but rather it's based on "Individualized Economics".
Let's sit and discuss your Individualized Economic Market to determine if you should sell or buy. As the old saying goes "its not rocket science" but you do need to review with an expert.