What Determines what my house is worth?
Why is it that similar homes from one location to another can have a sigificant difference in price?
What is a Sellers Market?
What is a Buyers Market?
The simple answer is market conditions. These conditions vary state to state, from town to town, even neighborhood to neighborhood. A simple determination of whether the price point will be high or low is determined by a Sellers Vs. Buyers market.
When the demand for housing surpasses the readily available supply or ( home inventory ) , The home buyer may be forced to bid against other home buyers to purchase a home they like. This condition is ideal for the seller since the seller will get top dollar for their home.
When the readily available supply or (home owners looking to sell their home ) is more than the demand for buyers looking to buy a home, the savvy buyer can end up with a great deal.