By Paula Randall, Nebraska Home Sales REALTOR®
Lincoln has been a seller’s market since my family moved back last year. I remember trying to buy our home last summer. We had appointments to see listings and before we would arrive the sellers had accepted offers. We had come from a buyer’s market in Illinois. Yes, we sold our home in a buyer’s market and purchased a home in a seller’s market. Don’t we need both buyers and sellers in either market? So, what makes it a seller’s market or a buyer’s market?
In my opinion, it’s a supply and demand thing. Right now, we have more people looking to purchase with certain criteria than we have homes for. For example, I currently have several clients who are looking for residential properties, some want single family homes and others want multi family properties. Some are looking for 4 plus bedrooms, 3 or more bathrooms with at least a 2-car garage in their current school boundaries. Others are looking for 2 to 4-unit properties with 2 or more bedrooms per unit and at least a 1-car garage. Most REALTORS® have clients looking with these criteria. When there is less to choose from it allows sellers to ask a higher price or we have multiple offers that will increase the selling price.
To change to a buyer’s market, there would need to be more homes for sale than buyers looking to purchase. That would drop the prices of real estate, and homes would sit on the market longer.
As frustrating as it can be not finding a property you want, when you want it, I think we all would agree that we want to stay in a seller’s market. That means the economy is good, employment is high, wages are good and more people can experience the joy of home ownership.
Have you been thinking about selling and wondering if the time is right, or are curious if YOUR real estate property is in high demand? Give me a call at 402-853-1810, I have the answer for you.