If you have been following real estate news, you may have likely heard about the current sellers’ market.
That is because there is a lot of talk about how strong market conditions are for home sellers. If you are thinking about listing your house, you probably want to know: what does being in a sellers’ market really mean?
Historically, a 6-month supply is necessary for a normal or neutral market where there are enough homes available for active buyers. That puts today deep in sellers’ market territory.
When the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which can lead to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer upfront. This could drive the final price of your house up.
And because mortgage rates and home prices are climbing, serious buyers are motivated to make their purchase soon, before those two things rise further. That means, if you put your house on the market while supply is still low, it will likely get a lot of attention from buyers who are serious about purchasing a home.
Bottom Line:The current real estate market has incredible opportunities for homeowners looking to make a move. Listing your house this season means you’ll be in front of buyers who are ready to purchase. Let’s connect today so you can jumpstart the selling process.