Why Is It A Sellers Market Right Now?
The housing market has gone through quite a few changes since the global pandemic hit back in 2020. As soon as things started to slowly get back to normal after being on lockdown, homebuyers began to flood the market. This took place in such drastic numbers that it even led to a housing shortage. The push has, of course, created a seller’s market.
Why Is It a Seller’s Market?
In economic terms, when the demand for housing is greater than the supply, a seller’s market is created. There are many buyers looking to find their new home but not enough houses to go around. As a result, sellers have a much easier time selling their property and, quite often, have their choice of buyers.
This upward trend for sellers started back in 2021 after the bounce back from all the market woes of 2020. Perhaps spending more time at home during the pandemic made many realize the importance of truly enjoying your home. Or, perhaps with offices going remote, more people have been afforded the ability to move to more desirable locations rather than be tied down due to work.
While 2022 is still looking fantastic for sellers, the momentum may be slowing just a little. Keep this in mind if you are looking to sell your home while the market is hot - like it is now!
Benefits of a Sellers Market
As a seller, it is your time to shine - and reap the benefits. Putting your house on the market now is sure to lead to many inquiries, showings, and (hopefully) offers. And, in the current climate, it is not uncommon for sellers to receive more than one offer. It could even lead to buyers trying to out-bid each other for your home.
Let’s take a look at a few more benefits.
Your home will spend less time on the market due to the competition.
You will likely not have to make any deals with the buyer to entice them to buy, such as paying closing costs or HOA fees.
You can generally sell at a higher rate.
You will have your choice of buyers. For instance, the highest offer, the one with a pre-approval or cash offer, the amount of earnest money deposit, and so forth.
Selling a home doesn’t always have to be a tough, lengthy process - but it definitely doesn’t always come with advantages. So, if you have been toying with the idea of selling your home, now may be the right time to take the leap.
Tips For Selling in a Seller’s Market
Keep in mind that if you are selling in a seller’s market, there are many other sellers just like you. Consider a few of these tips to make your property stand out above the competition.
Price it right. Just because it is a seller’s market, doesn’t mean you should go crazy on your sale price. Sure, you may luck out and get someone to buy the property, but that may not be the best way to go about it. You could try setting it for a little under-assessed value - and let multiple buyers bid for the home.
Make it look good. Even though you already have a greater chance of selling, you still want to clean up your home and make it look nice for potential buyers.
Dig into your offers. A buyer may swoop in, promising a large sum of money in order to kick out the competition. But other than their word, how do you know if they actually have that sum of money? Look into your potential buyers and their offers to make sure they are legit before you accept. This goes for both pre-approvals and cash buyers.
Treat selling a home in a seller’s market just as you would any other type of market. And then enjoy the perks.
Taking Advantage of the Seller’s Market?
If you are selling your home, you want to make sure that the sale goes smoothly and the closing is a success. To help make that happen, you need a high-quality title company like Premier Reputation Title. We offer real estate closing services to make the entire process as hassle-free as possible.
Contact our team today at (646) 666-5993.