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When there are more buyers then sellers that is considered a sellers market, meaning the advantage goes to the sellers (they have so many offers they can afford to pick thru the offers for the best one). A buyers market is when there are more sellers then buyers-meaning the advantage goes to the buyer (sellers are getting slim to none on the offers and are desperate to sell and will take most any offer thrown at them to get rid of the house).
I really think its split right now. In the smaller 3/2 lower price range type houses its a sellers market but move it up to the next price range (a bit larger and upgraded house) it goes into a buyers market.
Same thing is happening here. A house that was on the market for 2 days already had 13 offers and accepted another offer today. Another house been on the market for 2 weeks and has 50 offers.
Very fustrating!
Around here the low end of the market is dominated by foreclosure and short sales with all of the bidding nonsense. The houses around the median are moving slowly, mostly well under asking price since the asking prices are mostly unreasonable. The higher end houses are selling at the prices that they were in the early 1990s.
My street is worth just slightly more than when I bought just about the start of the last boom in 1997. One house on the street has been vacant and on the market for almost 5 years but the asking price has always been 20% above market. They have now come down but even after 82 open houses, it still sits. That and the other house in the neighborhood have just been removed from the market in what seems to be an attempt to have "new" listings in the spring. Both vacant and sitting.
A few streets away in a much nicer neighborhood a house that sold new in 1999 for $695,000 that got $250,000 in hardscape/landscape and is just fabulous finally sold at $720,000 after most of a year at an asking price of $995,000. For a million, you can get a mansion that was a million in 1990.
I have zillions of real estate agents for customers. They claim everything is blazing hot - what a joke. Big demand for $200,000 entry level houses but they are almost all foreclosures and there is this frenzy around them. When those buyers finally get a house, where is the demand?