Selling a Home in a Sellers' Market? Great Expectations.
Even if you haven’t been following real estate news, you’ve likely heard about the strong sellers’ market. If you’re thinking about selling your house, you may be wondering what that really means for you.
What Is a Sellers’ Market?
Historically, a 6-month supply is necessary for a normal or neutral market where there are enough homes available for active buyers.
There was a little over a month’s supply of homes in Fargo and West Fargo at the end of March. That dropped to less than a month in Moorhead! That puts us deep into sellers’ market territory.
What Does This Mean for You When You Sell?
When the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to buy. That creates increased competition among buyers which can lead to bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit an incredibly attractive offer upfront. This could drive the selling price of your house up.
Because mortgage rates and home prices are climbing, serious buyers are motivated to make their purchase before those two things rise further. That means, if you put your house on the market while supply is still low, it’ll probably get a lot of attention from competitive buyers.
The current real estate market has incredible opportunities for homeowners looking to make a move. Listing your house for sale soon means you’ll be in front of serious buyers who are ready to buy. Connect with me today so you can jumpstart the selling process.