Oviedo’s Real Estate Market
The real estate market in Oviedo and elsewhere regularly fluctuates. Sometimes, it is the ideal time to buy a home. At other times, it is more to the seller’s advantage to put their house on the market. How can the average person know when they should buy or sell a home?
The best answer is to ask an experienced, local Realtor. It is part of the Realtor’s job to have an intimate understanding of the market. Whether you are buying or selling, they provide expert guidance regarding how to successfully navigate the market. That said, it’s also helpful to understand more about common terms in real estate, like “buyer’s market” and “seller’s market.”
Buyer’s Market
In this type of market, there is an overstock of homes for sale. That means there are fewer buyers, so home sellers can become particularly anxious to sell if their property has been on the market for a while. Although a buyer’s market can occur in any season, it is most likely to happen in the summer when many families are looking to relocate prior to the start of a new school year.
Realtors use a Sales-to-Listing ratio to determine whether or not a buyer’s market exists. If there is an average of 35 home sales for every 100 listings, then a buyer’s market is prevailing. This is good news for prospective home buyers who will have plenty of options from which to choose. Moreover, they will likely pay less for the property because the previous owner may be desperate to sell. Another advantage of buying in a buyer’s market is that there is less competition. You are far less likely to have to enter a bidding war to get the property you want.
Seller’s Market
The seller’s market is just the opposite. In this scenario, the Sales-to-Listing ratio is closer to 55 homes sold per 100 listings. This means that the market is extremely competitive, with fewer homes being available to a larger pool of buyers.
Home sellers have all of the advantage in this market. They have the commodity that everyone wants, and buyers may be willing to pay top dollar. Bidding wars are frequent, with many home sales coming in at well above the original asking price.
Buyers may be tempted to overspend in a seller’s market, but if they are guided by an experienced and knowledgeable Realtor, they can stay within their spending guidelines while also making competitive offers to sellers.
A Seller’s Market in Oviedo
Right now is the ideal time to sell a home in Oviedo. If you’ve been considering selling your home, talk to a Realtor about getting it on the market. Inventory is low, and with the city’s economy booming, demand for good housing is on the rise.
If you need to buy a home in a seller’s market, there’s no need to worry. Let an experienced Realtor guide you through the process. Their expertise enables you to stay within your budget while also being able to make competitive offers on the property you really want. Remember, you don’t necessarily have to have the highest bid to win. If your move-in date better coincides with the seller’s vacancy date, you could easily prevail over someone making a higher bid. Numerous other factors also may influence a seller to choose your bid over someone else’s.
Why Use Us?
The local real estate market is competitive and moves with surprising speed. In this seller’s market, buyers can’t afford to be without expert guidance that will help them get into the home of their dreams. Similarly, a Realtor can guide sellers in sifting?through myriad offers to find the absolute best deal.
If you want to make your dreams of home ownership come true, turn to a knowledgeable local Realtor. At Waypointe Realty, all of our employees are trusted, experienced Realtors. Working with us ensures that you remain competitive whether you are buying or selling, regardless of what the market is doing. Look to the Realtors at Waypointe Realty to guide you toward your next home.
