You probably have heard all the talk about the current seller’s market, even if you haven’t been following news about the real estate market. The news is continually reporting about how strong market conditions are for people who want to sell their homes. If you are one of those people thinking about listing your house, you probably want to know more about a seller’s market.
What Is a Seller’s Market?
According to Realtor.com, a seller’s market is a market where there are more home buyers than sellers. Based on basic laws of supply and demand, this means sellers have the upper hand: They will likely sell their place quickly, perhaps for over the asking price, with a minimum of fuss or pushback from buyers.
The Housing Supply
The National Association of Realtors (NAR) shows housing supply is still very low in their latest Existing Home Sales Report. There’s a 2-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a normal market where there are enough homes available for active buyers.
When You Sell Your Home
It is much harder for buyers to find a home to buy when the supply is as low as it is right now. It creates competition among buys which can lead to more bidding wars. If a buyer is entering a bidding war, they are going to do their best to submit an attractive offer to the seller. This could drive the final price of your house up.
Serious buyers are motivated to make their purchase soon before mortgage rates and home prices rise further. Therefore, if you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers.
Currently, the real estate market has incredible opportunities for homeowners looking to make a move. Selling your house this season means you’ll be in front of serious buyers who are ready to buy.
Downers Grove Real Estate Company
If you are thinking about selling your home this spring, contact a Real Estate Broker at Wenzel Select Properties today! Call us at 630.430.4790. Team Wenzel will give you expert advice on the best time to put your house on the market and provide you with an enhanced marketing analysis.
Wenzel Select Properties is located at 4941 Main Street in Downers Grove, Illinois. We are just minutes away from Interstates 88, 355, 55, 290, and 294. Wenzel Select Properties real estate brokers are available to meet with you 7 days a week – Monday through Sunday.