What Does Being in a Sellers Market Mean?

By
Real Estate Agent with Champion Real Estate Group 0561240

Whether or not you've been following the real estate industry lately, there's a good chance you've 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 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(see graph below):WhatWhen 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, they're going to do their best to submit a very attractive offer. As this happens, home prices rise, and sellers are in the best position to negotiate deals that meet their ideal terms.

Right now, there are many buyers who are ready, willing, and able to purchase a home. Low mortgage rates and the ongoing rise in remote work have prompted buyers to think differently about where they live and they're 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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Comments (5)

Bill Salvatore - YVP Blog
Arizona Elite Properties - Chandler, AZ
Realtor - Valley of the Sun / golfArizona@cox.net

Happy Hump Day, thanks for the post and enjoy your day.  Bill Salvatore

Aug 26, 2021 06:13 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Shayne, great post to explain the different markets we see, and how it affects them.

Aug 26, 2021 06:16 AM
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Great observations Shayne, thanks for sharing!

When 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.

Aug 26, 2021 06:21 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is an excellent report to share.

Take care, be safe and have a great day.

Aug 26, 2021 07:22 AM
Kristin Johnston - REALTOR®
RE/MAX Realty Center 262-567-2455 - Waukesha, WI
Giving Back With Each Home Sold!

Great information.   Thanks for sharing and have a wonderful day!

Aug 27, 2021 07:20 AM