A seller's market can refer to any type of market for goods or services where demand exceeds supply. A market condition characterized by a shortage of goods available for sale, You can find this seller advantage market for all kinds of items.You will most hear the term seller's market as referring to real estate, particularly when it comes to renting an apartment in a city. The market is advantageous to the seller, more people want get accomondations, while there are little compare to the demand on ground. This allows homeowners to charge much more for their homes, because of the high demand.

The opposite of the seller's market is the buyer’s market, where supply greatly exceeds demand. In this type of market, the value of homes sinks significantly, creating great opportunities for people who want to purchase or rent accomondation. Suddenly, banks are more willing to loan money to people with poorer credit, and you’re more likely to be able to find a house at the price you want, than you ever could in a seller’s market.

characteristics of a sellers' market

# Economy where Government does not have a promising Housing Policy.

# Low existing housing inventory. More jobs are coming into a market where there's not enough inventory to house all the workers, thus creating financial pressure on local resale units.

# Builders are not producing enough homes to fill the demand of the majority in the economy.

# Home sales price and letting rate are escalating.

# Buyer contracts begin to come in non-contingent. Buyers want to purchase a house, period. They no longer offer under list price, ask to sell their house first before settlement, or try to buy without financing already approved. There is no negotiating for the "perfect" terms. Getting the house, is the perfect term.

# High down payments become the norm. Buyers benefit from high appreciation and begin bringing down payments such as 25-plus percent to the transaction.

# Appraisals are no longer needed to qualify for the purchase price.Home price are determine by what is obtainable around and total number of the potential buyers for the same home.

How to Regulate Seller's Market

The most visible ways to regulate this type of market condition is for government to put in place constructive housing policy, Encourage house builders to build home that is affordable to all, not to small section of the economy, create enabling enviroment for house to strive. So Lagos State Government should put more effort in providing affordable homes to major section of the population and creating enabling enviroment for real estate than promugating a Law that will restraine Landlord to collect one year rent.

We look on to see how that law will easy real estate business in Lagos State. When BRT Transport system was introduced, The public transport operation has no option than to bow, We look forward to see alternative homes the Landlord will have no option than to reduce rent and collect even as low as 3 months rent!

"90 per cent of the housing stock in Lagos is owned by the private sector. “It will be difficult for government to compel landlords, unless government increases the number of its houses in the state”

You need home to buy or Rent please call Lanre on 07029478806, you feedback is welcome.