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
Association of Realtors (NAR) shows housing supply is still
very low. There's
a 2-month supply of homes at the current sales pace.
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
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.
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. Contact me at (904) 274-1692 to get started.