When most people set out to buy or sell, they're not wondering about whether it's a seller's or a buyer's market; they're thinking about their own needs, about buying or selling. Moreover, sometimes agents, in their rush to grab a listing or sign up that buyer on a buyer's broker agreement, don't talk about the marketplace or educate their clients. One of the first steps any serious seller or buyer should make is to determine the temperature in the marketplace. Is it hot, cold or neutral? It can mean a world of difference regarding your bottom line because your negotiation tactics will be polar opposites in opposing markets. The way you make money in a seller's market would lose you money in a buyer's market. Being uninformed about markets could cost you big time.
©Elizabeth Weintraub, Licensed to About.com
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
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