Considering putting your home on the market but unsure if it's the right time? Here's the lowdown you need. Despite a growing number of homes listed for sale this year, the supply still falls short of meeting the demand from prospective buyers.
What does this mean for you? Simply put, it's still a seller's market. Here's the breakdown:
- A neutral market occurs when supply and demand are in equilibrium, with enough homes available to meet buyer demand, keeping home prices relatively stable.
- A buyer's market arises when there are more homes for sale than buyers, giving buyers the upper hand in negotiations as sellers may need to make concessions to close deals. In such a scenario, sellers might need to lower prices to stimulate interest in their properties, causing prices to dip. However, this hasn't been the case for some time due to the limited availability of homes for sale.
- In a seller's market, the dynamics are reversed. With the current scarcity of homes on the market, buyers face challenges finding properties to purchase, leading to heightened competition and potential bidding wars. In anticipation of such scenarios, buyers strive to submit compelling offers upfront, potentially driving up the final sale price of your home.
The graph below, utilizing data from the National Association of Realtors, illustrates the extent to which we remain entrenched in seller's market territory:
What Does This Mean for You?
The market continues to work in your favor. By leveraging the expertise of a real estate agent for guidance on preparing your listing and pricing it competitively, your property is likely to garner significant attention from eager buyers. This could result in multiple offers and a swift sale at an optimal price point. As articulated in a recent article from Ramsey Solutions:
"A seller's market occurs when demand for homes surpasses the supply available. And that's precisely the situation we're in right now. If you're contemplating selling your home, you can anticipate a relatively quick sale at a price close to your asking price — provided your asking price aligns with the current market conditions."
The current housing market remains tilted in favor of sellers. If you're ready to sell your home, engage with a local real estate advisor to initiate your strategic moves.