Whether you’re following real estate news or not, you’ve probably heard about the current sellers’ market. There’s a lot of talk about how strong market conditions are for people who want to sell. If you’re thinking about listing your house, you probably want to know: what does being in a sellers’ market mean?
What Is a Sellers’ Market?
The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still 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.
What Does This Mean for You When You Sell?
When the supply of houses for sale is low, it’s much harder for buyers to find homes. This creates increased competition among purchasers which can lead to more bidding wars. If buyers know they might be entering a bidding war, they’ll do their best to submit an attractive offer upfront. This could ultimately drive the final price of your house up.
Because mortgage rates and home prices are climbing, serious buyers are motivated to make their purchase sooner than later. That means, that if you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers.
The current real estate market has incredible opportunities for homeowners looking to move. Listing your house now means you’ll be in front of buyers who are ready to act. Work with a local real estate professional so you can jumpstart the selling process. Reach out to our team at Corken + Company and we can help make your dreams come true.
Learn more about selling in a sellers’ market at: