Understanding a Sellers Market For First Time Home Buyers

Good morning and welcome to Houston First Time Home Buyers Edition, where we provide useful information to help Houston first time home buyers make the most informed decision when it comes to buying, decorating, and maintaining your first home. Today we're touching on understanding what is a seller's market.

As a first time home buyer, understanding market shifts, like seller's market matters, because it will help you avoid overpaying for your first home and help your Realtor negotiate better terms on your behalf. A seller's market is when:

• There are more qualified home buyers than there are homes for sale.

• Homes sell within a day or a few days of listing.

• Multiple offers are received on homes.

• Buyers waiving contingencies, such as inspection.

• And oh yes, bidding wars.

One thing you must be aware of however, is, a seller's market does not mean it will affect every single neighborhood. It will not be the case of a rising tide lifts all boats. Areas with low housing supplies will not experience the same seller's market that may take place in Katy, which is always expanding, for example. 

As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana