What Does it Mean to be in a 'Seller's Market'?

Posted on 05/28/2021 in Uncategorized.

According to the National Association of Realtors the inventory of homes for sale in our nation is still very low, while the demand of buyers continues to climb. The current housing inventory is sitting at just a 2 month supply, while a typical, “neutral” threshold is a 6 month supply. What does this mean for you if you’re thinking about selling? It means that due to the astonishingly low inventory and increase in competition amongst those looking to purchase, buyers must step up their game when it comes to submitting offers, putting more money in the pockets of home sellers.

In addition to the already high demand of buyers, mortgage interest rates are at an all time low – making it even more affordable and attainable for them to make their purchase dreams come to life. This makes the pool of buyers seeking a home even larger, while market inventory has continued stay low.

Overall, this has lead homes to appreciate, allowing sellers to get top dollar for their property in today’s competitive market. With the increase in competition, its common to see multiple offers, bidding wars and cash deals when possible. Therefore, now more than ever, its crucial to team up with an experienced real estate agent to help navigate this process, whether you’re looking to buy or sell! For more information about ERA Team VP or to connect with an agent, head to www.erateamvp.com.