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What Does Being In a Seller's Market Mean?

Thursday, September 9, 2021   /   by Katy Foster

What Does Being In a Seller's Market Mean?

Regardless if you are following the real estate industry, there is a good chance that you heard we were in a serious sellers’ market. But what does that really mean? And why are conditions so good for those who want to list their home? 

It starts with the number of homes available for sale. A recent report from the National Association of Realtors (NAR) shows housing supply is still at an astonishingly low. Today we have about a 2.5-month supply of homes at the current sales pace. HIstorically, a six month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers.  

When the supply of homes for sale is as low as it is right now, it makes it difficult for buyers to find a home to purchase. This creates an increase in competition among buyers which leads to bidding wars. And if buyers know there is a good chance of them being part of a bidding war, they are more than likely to submit a very attractive offer. That being said, home prices rise, and sellers are in the best position to negotiate deals that meet their terms. 

Right now, buyers are ready and willing to purchase a home. With the low mortgage rates and the ongoing rise in remote work, buyers are thinking differently about where they live. If you put your house on the market while the supply is still low, it will likely get a lot of attention from competitive buyers. 

Bottom line, today’s ultimate seller’s market holds great opportunities for homeowners that are ready to make a move. Putting your home up for sale will maximize its exposure to serious buyers who are actively competing against others. Connect with our team of professionals at Florida Lifestyle Realty to jumpstart into the selling process.

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