People even if they haven't been watching real estate news have heard about the sellers' market. Because there's a lot of talk about how strong the market is for people who want to sell their homes. People who are thinking about selling their homes might want to know: what does it mean that we're in a sellers' market right now, and what does that mean?
A seller's market is a place where people who want to buy things are.
The most recent Existing Home Sales Report from the National Association of Realtors (NAR) shows that there is still a very low amount of housing available for sale. There are enough homes for two months at this rate of sales.
When you sell, what does this mean?
People who want to buy a home have a hard time finding one when there aren't as many homes for sale. That makes it more difficult for people to buy things, which can lead to more bidding wars. If buyers know they might be in a bidding war, they'll do their best to make a very good offer right away. This could make your house cost more in the end.
Mortgage rates and home prices are going up, which makes people who want to buy a house want to do it now, before they go up even more. People who want to buy a house will likely pay a lot of attention to yours if you put it on the market while there isn't much competition.
The Bottom Line
The current real estate market is full of great opportunities for people who want to move. Putting your house on the market this season means you'll be in front of people who are ready to buy. Let's meet up so you can start the selling process right away.
When there are enough homes for buyers to choose from in a normal or neutral market, a six-month supply is needed to keep the market stable. When you look at this graph, you can see that today is a seller's market.