“If you’re thinking about listing your house, you probably want to know: what does being in a sellers’ market really mean?”
Even if you haven’t been following real estate news, you’ve likely heard about the current sellers’ market. That’s because there’s a lot of talk about how strong market conditions are for people who want to sell their houses. But if you’re thinking about listing your house, you probably want to know: what does being in a sellers’ market really mean?
What Is a Sellers’ Market?
The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still very low. There’s a 2-month supply of homes at the current sales pace.
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 (see graph below):
What Does This Mean for You When You Sell?
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 competitive buyers.
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 serious buyers who are ready to buy. Let’s connect so you can jumpstart the selling process.
To view original article, visit Keeping Current Matters.
Is a Multi-Generational Home Right for You?
Looking for the perfect multi-generational home is a bit trickier than finding a regular house. A local real estate agent can help you out.
What You Really Need To Know About Home Prices
If you’re worried about if home prices will be coming down, here’s what you need to know.
Is It Getting More Affordable To Buy a Home?
Mortgage rates are expected to come down by the end of the year, making homebuying a little more affordable.
Should I Wait for Mortgage Rates To Come Down Before I Move?
When rates come down, more people are going to get back into the market leading to more competition.
Should I Move with Today’s Mortgage Rates?
While you could delay your plans until rates drop, you’ll only have more competition with those buyers if you do.
The Top 5 Reasons You Need a Real Estate Agent when Buying a Home
Keep in mind, every time you make a big decision in your life, especially a financial one, you need an expert on your side.