Keepin’ It Real in Real Estate

By Rebecca Collins

with more options to find their ideal property. This increased supply often leads to decreased competition among buyers, resulting in more time and flexibility to make decisions.

buyers. This competition often leads to multiple offers and can drive up property prices.

Aquestion I frequently get asked is, “What is the difference between a buyer’s market and a seller’s market”? In Columbus, we have experienced a seller’s market for the past several years. In April, Columbus was voted 7th in Realtor.com’s Top-20 Hottest Housing Markets! Also, the average sale price increased 2.5% to $340,434. The real estate market can fluctuate between favoring buyers or sellers at different times. Understanding the differences between a buyer’s market and a seller’s market is crucial for both parties involved in real estate transactions.

A buyer’s real estate market occurs when there is an abundance of properties available for sale, and buyers have the upper hand in negotiations. There tends to be a wider selection of homes to choose from, providing buyers

Furthermore, in a buyer’s market, sellers may be more willing to negotiate on the asking price. With fewer buyers competing for properties, sellers may need to reduce prices to attract offers. This creates an environment where buyers can potentially secure a home at a lower price or negotiate more favorable terms, such as repairs or contingencies.

Buyers in a buyer’s market often have more time to conduct thorough inspections and due diligence on properties. They can take their time exploring different neighborhoods, evaluating property conditions, and comparing prices. This increased freedom can lead to a more confident and informed decision- making process.

In a seller’s market, homes may sell quickly, sometimes even within days (or hours!) of being listed. This fast-paced environment can create a sense of urgency for buyers, necessitating prompt decision-making and potentially limiting negotiation power. Buyers may need to act swiftly and make compelling offers to secure a property they desire.

In terms of pricing, in a seller’s market, sellers have the advantage of setting higher asking prices. The limited supply of homes can create bidding wars among buyers, driving up the final sale price. As a result, sellers may receive offers at or above their listing price, and they have more leverage to negotiate terms in their favor.

On the other hand, a seller’s real estate market in occurs when the demand for homes outweighs the supply, giving sellers the advantage in negotiations. In this market, there is typically a scarcity of available properties, resulting in heightened competition among

Additionally, sellers in a seller’s market may have less pressure to make extensive repairs or improvements before listing their homes.

Rebecca Collins, Realtor, GRI, SRS, CNE e-Merge Real Estate (614)565-9056 rebeccacol-