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 houzses. But if you’re thinking about listing your housz, you probably want to know: what does being in a sellers’ market really mean?
What Is a Sellers’ Market? The latest Existing Housz Sales Report from the National Association of Realtors (NAR) shows houszing supply is still very low. There’s a 2-month supply of houszes at the current sales pace. Historically, a 6-month supply is necessary for a normal or neutral market where there are enough houszes 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 houszes for sale is as low as it is right now, it’s much harder for buyers to find a housz 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 housz up. And because mortgage rates and housz 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 houszowners looking to make a move. Listing your housz 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.