What is a Buyers Market?
A market where homes sell slower than the rest of the country is what you refer to as a buyers market. The pricing of homes increases at a slower rate, this can even decrease year to year. This type of term can also be used to describe supply exceeding demands, such as a city where the growth of jobs slow down and industries die down.
Why Buy a Home in a Buyers Market?
Purchasing a house while it’s a buyers market can be great if you plan to stay on negotiated property. If you’re thinking about moving within the next couple of years, purchasing homes during a buyers market can be a little risky. Not only will it take longer to sell, but you’ll also have fewer competing offers.
One of the top reasons why you’d want to buy in a slower market is if you plan on staying for a long while. I’m talking five to ten years. If you decide to sell your home shortly after buying it, it could be difficult to sell and recoup your closing costs. You should be able to break even if you decide to stay.
Property Type And Location
Great locations that offer well priced single-family homes are in very high demand!
Buyers are often in search of the same. They want homes in good neighborhoods, transportation access, business, stores, good schools, good location, close to work, etc. Homes that can provide all that listed before are definitely a hot pick for those in search. Sellers with a desirable property are easily in control of the market.
Condos and Townhouses. These types of homes call for a different story. Especially when your condo has less than desirable features. Prices were lower in certain areas of Syracuse, but seem to be turning around as the rental market increases.
Investment properties. These are in demand! The amount of foreign cash being invested in real estate (here in the US) is huge! This has impacted our market in great ways.
To Sum It Up
Buying an affordable house is possible especially when living in a buyers market. Markets are moving fast and they’re headed in various directions simultaneously. High Peaks Capital is committed to our community and we believe in investing in our people. If you’re interested in selling your property near the Syracuse area, we’re here to help.