This season is the ultimate sellers’ market, and the perfect time to add your home to the available inventory for buyers who are looking to purchase. If you have ever thought about selling your home, let me explain to you why now is the time to sell.The National Association of REALTORS® (NAR) recently released their latest Existing Home Sales Report, which shows the inventory of homes for sale is very low. With less inventory available, buyers are having to compete to gain the winning offer on homes.
Recently a home in Seattle WA received 45, yes you read that right FORTY-FIVE, offers. “Normal” is relative in the real estate market, but historically there is a 6-month supply which creates a neutral market. Meaning there are enough available homes for purchase as there are active buyers in the market.
With the current supply being at 2-months across the board we are well below the “normal” 6-month inventory which allows a Sellers’ Market. Which means that it is MUCH harder for buyers to find homes to purchase. As a result the competition is going to create bidding wars that make it impossible for buyers to not bring their HIGHEST AND BEST offers when putting in for a home.
The seller’s market creates a situation where sales prices rise and sellers are in the best position to negotiate favorable terms. As a seller with a home on the market, it is very likely that you will get a lot of attention from hopeful buyers.
In this very unique marketplace, where mortgage interest rates are just as low as the available inventory. With many buyers who are ready to leap into homeownership, they are having to bring their best foot forward. The demand is not being met with great supply, thus making it an excellent time to list your home for sale.
That’s great and all but what does that mean to me?!
With home prices appreciating in the seller’ market. If you have ever thought of putting your home on the market, now is the time to list. Getting the attention and exposure you need to get top dollar for your home.