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Buyer's Market

What Is A “Buyer’s Market?”

A buyer’s market exists when the number of homes for sale (inventory) exceeds the number of homebuyers that are looking to buy.

This makes the Seller of homes more apt to negotiate their sales price, due to a lack of competition for the home.

Other factors that add to the benefits for a buyer in a given market can be:

  • Tax credits or other incentives offered by local or federal gov’t agencies
  • Interest rates that are at historical lows – at least for the last five years
  • Large amounts of homes that are foreclosures or short sales, which drive down home values
  • Economic events that have caused a negative impact on the local economy, or lowered perception of the value of the area.

If you are currently looking at the prospect of buying your first home, it would be wise to contact one of our Loan Specialists at Churchill Mortgage and let them help you determine a price range that fits your budget.

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