Are you selling a property? So it is almost an obligation to know the state of the market to know how easy it will be to carry out this operation. The market is usually analyzed by taking into account the following variables:
Cold Market
Also known as a buyer’s market. It is ideal for those who are going to buy property since there is a greater number of houses available than buyers. Thus, those interested have more options to choose their ideal property from the entire offer. In this type of market, sellers are often more willing to negotiate on price.
The cold market is recognized by:
-The number of properties on the market is higher compared to previous months or years.
-The properties spend more than six months for sale (for sale signs last a long time)
-There are fewer buyers.
-Sale prices are usually lower than appraisal prices.
– Real estate advertising increases.
Lukewarm Market Or Neutral Market
They are balanced markets, where the number of buyers and sellers do not differ significantly. Neither party has an excessive advantage over the other.
The warm market is recognized by:
-The number of properties on the market is regular compared to previous months or years.
-The properties remain for sale for a period of three to six months (for sale signs last from 30 to 45 days)
-The number of sales is stable.
-Sale prices are usually similar to appraisal prices.
-Real estate advertising remains uniform.
hot market
Also known as seller’s market. It is ideal for those who are going to sell since there is a greater number of buyers than available properties. In this type of market, buyers are often more willing to pay a higher price than initially appraised.
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