Are you ready to sell your home, but worried that right now isn’t the time? Based on our research, experience and knowledge of the market, here’s what we know. Even though we are seeing consistent homes selling, there still are not enough homes on the market to satisfy the number of current active buyers.
So, what does that mean for you? It means that right now, it’s still a seller’s market.
Here is a breakdown of the different types of markets:
Neutral Market: When supply and demand is balanced. Basically, there are enough homes to meet buyer demand based on the current sales pace, and home prices hold fairly steady.
Buyer’s Market: When there are more homes for sale than there are buyers. When this happens, buyers have more negotiation power because sellers are willing to make compromises. In a buyer’s market, sellers may have to sell their home for a lower price than in a seller’s market. But we haven’t seen this for years since there are so few homes available to buy.
Seller’s Market: Just the opposite of a buyer’s market. This is when the supply of homes for sale is low, which we are seeing right now. This makes it harder for buyers to find a home to purchase. The impact includes increased competition among purchasers, bidding wars, highest and best offers and it could drive the final sale price of your house up.
The graph below uses data from the National Association of Realtors to show where the market is today:
Regarding selling your home, Keeping Current Matters says, “The market is still working in your favor.” This is why it’s so important to work with us to get advice on how to get your house ready to list and how it price it competitively.
Ramsey Solutions explains, “A seller’s market is when demand for homes is higher than the supply of homes. And that’s still the case right now. If you’re planning to sell your house, you can expect to sell it fairly quickly for close to your asking price - as long as your asking price is realistic for the current market.”
If you’re ready to sell your house, connect with us so you can start making your moves.
