The real estate market is constantly in flux. Often, the economy, recent developments in your neighborhood, and even the weather can make it easier or harder to sell your house—or to find a new home to move into. The guide below looks closer at when prices favor the buyer or the seller and offers tips for getting the best deal.

Buyer’s Market

In a buyer’s market, there are more homes for sale than there are people interested in purchasing a home. As a result, sellers often lower their prices to stand out from the competition and facilitate a faster sale. If you are moving from an apartment to a new home, use this as an opportunity to negotiate. Even if the owner doesn’t want to drop the list price, they may be willing to perform repairs or cover closing costs.

If, however, you’re trying to sell a home during this time, work closely with your real estate agent to develop a marketing strategy. This might involve making minor improvements, making sure you have professional photos, or getting the home inspection done early so potential buyers know the property has nothing to hide. While a buyer’s market is not guaranteed to reappear at the same time every year, usually winter is best for low house prices.

Seller’s Market

A seller’s market is where there are more buyers than homes for sale. An example is the housing bubble of the early 2000s. Sellers will be able to justify high home prices, so many buyers will have to pay more than anticipated. They may even find themselves in a bidding war with other buyers where they may lose out on that house altogether.

Strategy is key in a seller’s market, which typically occurs in the late spring and summer. If you’re buying, have your financial paperwork in order, be available for tours, and work with a real estate agent to jump on deals. As a seller, you’ll want a real estate professional on your side to accurately price your home so you receive the highest return.

If you’re looking to buy or sell in the Ronan, MT, area, Wright Real Estate is your go-to resource. These professionals have over 40 years of experience in Mission Valley and are committed to helping their clients get the best deals on their transactions. Call (406) 676-8610 to schedule a consultation and visit their website to explore real estate listings. You can connect on Facebook for updates on available properties.