We’re in a Sellers’ Market. What Does That Mean?
The housing market has slowed from the frenzy of a year ago, but today's low supply of homes for sale is still a sellers' market. What does this mean and why are conditions so good for listing your house?
The NAR's latest Existing Home Sales Report shows that housing supply is still low, with 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.
What does this mean for you?
The supply of homes for sale is low, making it harder for buyers to find one to purchase. This creates increased competition and keeps prices higher. Buyers will do their best to submit an attractive offer, allowing sellers to negotiate deals that meet their ideal terms.
Lawrence Yun, Chief Economist at NAR, says:
“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”
Buyers are still willing and able to purchase homes, so it is important to list your house in good condition and at the right price to attract competitive buyers.