What Does Being in a Sellers ’ Market Mean ?
MyKCM
Whether or not you ’ ve been following the real estate industry lately , there ’ s a good chance you ’ ve heard we ’ re 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 .
When the supply of houses for sale is as low as it is right now , it ’ s 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
Today ’ s 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 . Connect with one of our advertisers to discuss how to jumpstart the selling process .
28 | SEPTEMBER 2021 | NH
28
Th e B u y er ’ s G u i d e to Re a l Estat e & H o m e I m prov e m en t www . Th eB u y ersG u i d e . com
BG RE