Hot, Normal and Cold Markets
Hot Market Characteristics:
• Extremely competitive and favors sellers.
• Homes sell quickly, often at or above the asking price.
• Multiple offers are common.
Buyer Tips:
• Be prepared (get pre-approved, know your budget).
• Stay focused on your needs to avoid overpaying or bidding impulsively.
Normal Market Characteristics:
• Balanced between buyers and sellers.
• Average inventory and buyer activity.
• Negotiation opportunities exist but may not be dramatic.
Buyer Tips:
• Stay prepared to make competitive but reasonable offers.
• Negotiate effectively to secure a fair deal.
Cold Market Characteristics:
• Favors buyers, with long-listed homes and price drops.
• Sellers are often more flexible and willing to negotiate.
Buyer Tips:
• Use the opportunity to negotiate lower prices.
• Avoid low-balling excessively to prevent losing out on a great home.
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