Now that spring is here, both Chetek homeowners and buyers alike tend to start thinking about making a move. But how do you know if the real estate market is leaning in your favor? Are there signs to watch for that will tell you if it’s a buyer’s or seller’s market? The answer is yes and as your local experts in the City of Lakes, we’re happy to share a few of them with you below!
Days on Market
Often referred to as DOM, this number can easily be found on any listing. By taking a look at this figure, you can determine if you’re in a buyer’s or seller’s market as the higher the number, the more likely you’re in a buyer’s market. In a seller’s market, homes will sell quickly, anywhere from 7 to 10 days.
When home prices in Chetek are on the up and up—rising over time—you can be certain you’re in a seller’s market as a higher price tag would favor the home seller. You can always count on Six Lakes Realty to provide you with an up-to-date valuation of your home, so do not hesitate to contact us if you have questions about your home’s worth.
Asking Price vs. Final Price
To determine what type of real estate market you’re in, pay attention to recently sold homes in your area and the asking price of the property versus the final sales price. If the final sales price is what the sellers were asking or more due to a bidding war, you are indeed in a seller’s market. It is when the final sales price is less than the asking price that would typically signal a buyer’s market.
Six Lakes Realty
Office: (715) 924-4806