In real estate, a “seller’s market” occurs when the demand for housing exceeds the supply. This often results in multiple buyers competing for a single home. Cue the bidding wars…
A seller’s market is obviously an ideal time to sell your home—especially if you have built up a lot of equity. But is it the right time to buy a home?
Imagine falling in love with a house and then having to submit a more attractive offer than 10 or even 20 competing buyers (and this estimate is low for some of today’s markets!). The odds aren’t exactly in your favor.
But not to worry! A seller’s market doesn’t have to mean the home of your dreams is beyond reach.
If you choose to buy a new construction home, you’ll eliminate much of that competition—and you won’t have to contend with costly, time-consuming repairs and renovations. Plus, you’ll have an opportunity to choose your neighborhood and floor plan and personalize your living spaces to suit your style and needs.
Still set on resale? Download a complimentary copy of our Homebuying In A Competitive Market guide to help get a leg up on the competition. Ready to start searching for your brand-new dream home? Visit RichmondAmerican.com to learn about communities, floor plans and special offers in your area.