Why Today’s Seller’s Market Is Good for Your Bottom Line

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Are you thinking about selling your house and wondering if now is a good time? Here's what you should know. Even though the number of homes for sale has increased this year, there are still not enough homes on the market to accommodate all interested buyers.

So what does this mean for you? To put it simply, it is still a seller's market. This is how it works.

  • A neutral market occurs when supply and demand are balanced. Essentially, there are enough homes to meet buyer demand at the current sales pace, and home prices remain relatively stable.
  • A buyer's market occurs when there are more homes for sale than buyers. Buyers have more bargaining power when sellers are willing to make concessions to close the deal. In a buyer's market, sellers may have to make price cuts to rekindle interest in their property, and prices may fall. But we haven't seen this in years because there are so few homes available for purchase.
  • In a seller's market, however, the opposite is true. When the supply of homes for sale is as low as it is now, buyers have a much more difficult time finding a home to buy. This increases competition among purchasers, potentially leading to more bidding wars. And if buyers are aware that they may be involved in a bidding war, they will make every effort to submit a very attractive offer right away. This could increase the final sale price of your house.

The graph below uses data from the National Association of Realtors to show how deep we are in seller's market territory today:

a screenshot of a chart

What does this mean for you?

The market continues to work in your favor. If you seek advice from an agent on how to prepare your house for sale and price it competitively, it should attract a lot of interest from eager buyers. That means you'll most likely receive multiple offers and sell your home quickly and for top dollar. Ramsey Solutions recently published an article that explains:

A seller’s market is when demand for homes is higher than the supply of homes. And that’s still the case right now. If you’re planning to sell your house, you can expect to sell it fairly quickly for close to your asking price—as long as your asking price is realistic for the current market.”

Bottom line.

Today's housing market continues to favor sellers. If you're ready to sell your home, let's talk so you can start making your plans.

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