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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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Testimonials

If you are thinking of buying or selling a home, I encourage you to entrust your needs with Donna Wisniewski! Donna has a great understanding of the market regardless of if you are looking to purchase your first home or a selling your tenth flip. Our personal experience with buying our first home was quite different than I believe most are. We found our dream home when we drove past it on our way to look at the first house we ever toured. When we asked Donna if we could take a look, she made a phone call and we were walking the property within 10 minutes. She kept us in the loop on every small detail and made sure that we were not taken advantage of by the seller throughout the buying process. Donna is very upfront when it comes to concerns she may have and makes sure that all of her clients are well taken care of. We will always be grateful that Donna helped us in all the ways that she could with purchasing our first home. Brittany & Randy Turner
Thanks for finding the perfect house for our family! We appreciate all your help and your guidance. We will certainly recommend you to our family and friends! Chrissy Heyliger
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