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Hot, Normal, and Cold Markets

Hot Market

This is an extremely competitive market and is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than the asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (pre-approved, solid in price range, realistic about your needs), it is easier to remain focused on your housing needs and price range.

Normal Market

In a normal market, there is a fairly large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer’s responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking.

Cold Market

In a cold market, houses may be listed for more than a year and the prices of houses listed may drop considerably. This market is advantageous to the buyer. As a buyer, you have the time to make an offer that works to your best interest. It is not uncommon to low-ball and to find that sellers are accommodating to meet your needs. Keep in mind that even though this market is a great time for buyers, you do not want to lose your dream home by being unrealistic. Your goal is to get your dream home at the best possible price.

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I recently had the opportunity to work with Chelsea on a home that she had listed with her company Fidelis Realty. We were interested in purchasing the property for our own personal use, making us the buyers. From the very beginning Chelsea was extremely professional, responsive and a total joy to work with. She was able to answer all of our questions and get us every due diligence item that we requested in a timely manor. I'm sure she is a real asset to your company. As a fellow Realtor, it was truly a wonderful experience working with her.(This Realtor Rocks!!). Signed, a pleased buyer/agent. Sharron
The Hudson Team is A#1 in honesty, professionalism, integrity, ingenuity & caring. Known them for 29 years & no disappointments yet!!!!! Five stars. Penny Wetzel
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