There seems to be many homes for sale in Puyallup WA but how do you know if it’s a seller’s or buyer’s market?
Regardless of the amount of homes for sale in Puyallup WA, a seller’s market is the result of the simple economic principle of supply and demand. When there are less homes available to buyers than there are buyers, that creates a seller’s market. These are the signs to look for:
- Inventory is very low as compared to previous months or years.
- There is less than six months of inventory on the market.
- The comparable sale prices are lower than active listing prices.
- More buyers are purchasing, resulting in higher closed sale numbers.
- Median sales prices are increasing.
- For Sale signs are up for only a few days before a pending or sold sign is attached.
When thinking of selling your home or if you’re shopping homes for sale in Puyallup WA, it’s important to understand the local market. Often people will hear the news or read in the paper about what the real estate market is doing and it’s typically regional or even national market statistics. In Washington, and specifically Puyallup, real estate markets can vary by neighborhood. So it’s important that a buyer or seller understand what the very local markets are doing. If you list your home for too high of a price in a buyer’s market, you will end up selling for far less than if you had priced it to sell in the first place. When you’re shopping homes for sale in Puyallup WA, it’s important to know if it’s a seller’s market. Often buyers will try to underbid in a seller’s market and lose out to a buyer that was likely educated on the current market conditions in Puyallup and came in with a competatvie offer.
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