Is It Still a Seller’s Market?
In the past years, the home seller and buyer’s market has been affected. Because of the Covid-19 pandemic, finding a home for sale is more challenging, which means it is a seller’s market. A seller’s market occurs when there is more interest in buying a home rather than selling. As a result, the demand for buying a home exceeds the home selling supply. The signs that tell us that it is a seller’s market are:
- Homes/properties are selling quickly and are on the market for a short time.
- Homes/properties are consistently selling above the asking price.
- There are often bidding wars among interested home buyers.
When it is a seller’s market, buyers tend to double down to get their offer accepted. Buyers submit offers quickly and will stretch to stay competitive. Many factors cause a seller’s market, such as low mortgage interest rates, job market growth, and development limits imposed by local governments that keep home supply low. If you are a home seller in the seller’s market, there are a few things to be aware of and keep in mind. First, do not slack off even though the market is on your side and buyers are interested in your home. Keep your home in proper shape for interest buyers. Although you may be in control, remember to price your home fairly. Usually, homes priced below fair market price can end up in a bidding war and go over the asking price. Finally, remember to vet your buyer; your highest offer may not be the most qualified offer.
As a seller, be sure to know the signs of a seller’s market and be mindful of home buyers. Homes are selling quickly, so keep your home in selling shape. Homes are consistently selling above the asking price, so price your home reasonably to begin with. There are often bidding wars, so it is important to vet your interested home buyers. For more helpful real estate tips and blogs, go to www.nancyopensdoors.com.