Are you currently a homeowner and considering selling your house? You may not want to wait! Right now is the time to seriously think about selling your current home. Below we have listed why this season is the ultimate sellers’ market and the perfect time to make sure your home is available for those buyers who are looking for a home to purchase.
The most recent Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of homes for sale is still remarkably low, making it sit at just a 2-month supply at the current sales pace.
Since a 6-month supply is necessary in a normal market, this means there aren’t enough homes available for active buyers:
What causes a sellers’ market?
When the supply of homes available to buy is low, like it is right now, this is when a sellers’ market takes place. Competition among purchasers has risen and bidding wars have become incredibly common. This makes it essential for buyers to submit competitive and attractive offers.
In this type of market, home prices rise, and interest rates go down. This allows sellers to be in the best position to negotiate deals that meet their ideal terms. Because very few homes are on the market, homeowners who are selling their houses are almost guaranteed to get a lot of attention from soon-to-be buyers.
Low mortgage rates and a year with a lot of unique changes have forced buyers to think differently. There are a lot of buyers who are willing and able to purchase a home in the current sellers’ market. If you are one of them, connect with our team today to see what financing options are available for the home you’ve been eyeing.
Topics: Home Buyer, Home Seller, low housing inventory, homebuying process, millennial homebuyers