It doesn’t matter if you have been following the real-estate industry in recent times, you may have heard that we are in a serious seller’s market. What does this really mean? Why are today’s conditions so favorable for those who wish to list their home?
It all starts with the available houses for sale. The most recent Existing Home Sales Report From the National Association of Realtors(NAR) shows that housing supply remains astonishingly low. We have a 2.6-month supply today Sales pace at the moment for homes. In the past, homes have been sold at a slower pace than they are today.A ‘normal’ market or a neutral market requires a 6-month supplyIn which there are sufficient homes for active buyers(see graph below). When the supply of houses is as low as the current market is, it’s harder for buyers to find homes to buy. This creates more competition among buyers which leads to more bidding battles.. As it happens, home prices rise and sellers are best placed to negotiate deals that match their ideal terms.
There are many buyers out there who are willing and able to buy a home right now. 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
The current ultimate sellers market offers great opportunities to homeowners who are ready to move. Selling your house now will increase your exposure to serious buyers who will compete with each other to buy it. Connect with a local real estate professional to jumpstart the selling process.
This post was written by Josh Dotoli! Josh is the owner of Josh Dotoli Group which is a laser-focused real estate team at Compass comprised of industry experts selling Fort Lauderdale’s best neighborhoods. This dynamic group is one of the top-selling real estate teams in South Florida with over $94 million in sales in the past 12 months alone.