Tuesday, August 17, 2021 / by Ken Couture
Whether or not you've been following the real estate industry lately, chances are you've heard that we're in for a serious seller market. But what does this really mean? And why are conditions so good today for those who want to put their home up for sale?
It starts with the number of houses available for sale. The latest Existing Home Sales Report from 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
When the supply of homes for sale is as low as today, finding a home is much more difficult for buyers. This creates increased competition among buyers, leading to more bidding wars. And if buyers know they can get into a bidding war, they will do their best to submit a very attractive bid. When this happens, home prices rise and sellers are in the best position to negotiate deals that meet their ideal terms.
Today there are many buyers who are willing, willing, and able to buy a home. Low mortgage rates and the continued rise of remote work have caused buyers to think differently about where they live - and they're taking action. If you put your home on the market while supply is still low, it will likely get a lot of attention from competing buyers.
Today's final seller market offers a great opportunity for homeowners who are ready to relocate. Listing your home now will give you maximum exposure to serious buyers who will actively compete to buy it. Connect with a local real estate professional to start the selling process.
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