Hot Market
In a highly competitive market, sellers have the advantage. Homes can sell quickly, often even before being listed, and multiple offers are common. It's crucial for buyers to be prepared, with pre-approval, a solid price range, and realistic expectations. Stay focused on your housing needs and budget, even amidst bidding wars.
Normal Market
In a normal market, there is a decent inventory of homes and a moderate number of buyers. Neither buyers nor sellers have a significant advantage. Buyers should still be prepared and ready to negotiate. It's common to make offers below the asking price and negotiate a price lower than what the seller is asking.
Cold Market
In a slow market, homes may sit on the market for a long time, and prices may drop significantly. This gives buyers the advantage. It's a good time to make lower offers and negotiate with accommodating sellers. However, it's important to remain realistic to avoid missing out on your dream home. Your goal is to secure your dream home at the best possible price.
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