Considering selling your home and unsure if now is the right time? Here's what you should consider. Despite an increase in the number of homes for sale this year, there continues to be a shortage of homes on the market to meet the demand from potential buyers.
So, what does this mean for you? In simple terms, it indicates that it's still a seller's market. Here's a breakdown:
- In a neutral market, supply and demand are in equilibrium. In essence, there are an adequate number of homes to satisfy buyer demand at the existing sales rate, and home prices remain relatively stable.
- In a buyer's market, there is an excess of homes for sale compared to the number of buyers. In such situations, buyers have greater negotiation leverage as sellers are open to making concessions to finalize the sale. Sellers in a buyer's market may need to implement price reductions to rekindle interest in their property, potentially leading to a decrease in prices. However, it's been years since we've experienced this scenario due to the limited availability of homes for purchase.
- In a seller’s market, the situation is quite the opposite. With the current low supply of homes for sale, buyers face challenges in finding available properties to purchase. This scarcity results in heightened competition among buyers, often leading to more bidding wars. When potential buyers anticipate a bidding war, they are inclined to present a compelling offer from the outset. Consequently, this heightened competition could drive up the final sale price of your home.
The graph below utilizes data from the National Association of Realtors to illustrate the extent to which we remain entrenched in a seller's market:
How Does This Impact You?
The market continues to work in your favor. By seeking guidance from an agent on preparing your home and pricing it competitively, your property is likely to attract significant interest from enthusiastic buyers. This can result in receiving multiple offers and achieving a swift sale at a favorable price. As highlighted in a recent article from Ramsey Solutions:
“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.”
Bottom Line
The current housing market still leans in favor of sellers. If you're prepared to sell your house, get in touch with us to take the next steps.
For more info and to schedule a meeting, email us at [email protected]
