Ever wondered who decides how much a house is worth and how they do it? The market is influenced by a number of factors, all contributing to the final asking price. Some of the factors include:
Instability in the market scares people – sometimes right out of moving. A better understanding of the market will help you choose the best time to sell.
Cycles in the market are strongly influenced by the economy. The economy can create both a shortage and a surplus of housing. In a seller’s market, many buyers are competing for a limited number of houses. Prices on houses tend to be higher in a seller’s market. Conversely, in a buyer’s market, there are plenty of houses to choose from. This surplus of housing can slow rising prices, and even cause price reductions.
Knowing the market is an important factor when selling your home. Be sure to research the current market, or hire a real estate professional who understands its complexities.
This is one of the biggest stresses for sellers. Unless you time both the purchase and sale perfectly, you could end up in one of two scenarios: living in a motel temporarily or paying two mortgages at the same time. Neither sounds overly appealing, does it? Here are a few things you can do to avoid this dilemma: