What It Means To Be in a Sellers’ Market
If you’ve given even a casual thought to selling your house in the near future, this is the time to really think seriously about making a move. Here’s why this season is the ultimate sellers’ market and the optimal time to make sure your house is available for buyers who are looking for homes to purchase.
The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale is still astonishingly low, sitting at just a 2-month supply at the current sales pace.
Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (See graph below):
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. As a result, competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive offers.
As this happens, home prices rise and sellers are in the best position to negotiate deals that meet their ideal terms. If you put your house on the market while so few homes are available to buy, it will likely get a lot of attention from hopeful buyers.
Today, there are many buyers who are ready, willing, and able to purchase a home. Low mortgage rates and a year filled with unique changes have prompted buyers to think differently about where they live – and they’re taking action. The supply of homes for sale is not keeping up with this high demand, making now the optimal time to sell your house.
Bottom Line
Home prices are appreciating in today’s sellers’ market. Making your home available over the coming weeks will give you the most exposure to buyers who will actively compete against each other to purchase it.
About the Author
Sandy Malbrue
Hi, I'm Sandy Malbrue and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search for representation or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my 14 years real estate experience to work for you. Be it to gain wide exposure for your home with my marketing plan, negotiate offers or manage the transaction once you've accepted an offer, in a way that will get you the best price and cause the least amount of disruption to you life as possible.
If you are a buyer, allow me put those skills to work for you to help with the pre-approval process, work with you to locate and arrange for you to view homes of interest to you , and negotiate your offer. Once you have an accepted offer, I will help you arrange inspections, I will manage the transaction for you, from helping to arrange for inspections to keeping you up to date on contingency removals and walking you through the process to a new set of keys.
Let's do this!