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What Does Being in a Sellers Market Mean?

What Does Being in a Sellers Market Mean? | Simplifying The Market

Whether or not youve been following the real estate industry lately, theres a good chance youve heard were in a serious sellers market. But what does that really mean? And why are conditions today so good for people who want to list their house?

It starts with the number of houses available for sale. The latestExisting Home Sales Reportfrom the National Association of Realtors(NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a normal or neutral market in which there are enough homes available for active buyers(see graph below):What Does Being in a Sellers Market Mean? | Simplifying The MarketWhen the supply of houses for sale is as low as it is right now, its much harder for buyers to find homes to purchase. That creates increased competition among purchasers which leads to more bidding wars. And if buyers know they may be entering a bidding war, theyre going to do their best to submit a very attractive offer. As this happens, home prices rise, andsellersare in the best position to negotiate deals that meet theirideal terms.

Right now, there are many buyers who are ready, willing, and able to purchase a home. Lowmortgage ratesand the ongoing rise in remote work have prompted buyers to think differently about where they live and theyre taking action. If you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers.

Bottom Line

Todays ultimate sellers market holds great opportunities for homeowners ready to make a move. Listing your house now will maximize your exposure to serious buyers who will actively compete against each other to purchase it. Lets connect to discuss how to jumpstart the selling process.

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