We are in the midst of a seller’s market. If it’s your time to sell, good for you! So, what does this actually mean and does it affect all sellers?
The homes and sellers most affected are those priced for the first-time home buyer. That can mean different things in different parts of the country. For the most part, the homes that first-time buyers are looking for are small to midsize single-family homes and priced below or at the median price in a given area. New construction is getting snapped up, and older, smaller homes are not going on the market fast enough to keep up with the demand. In many markets, there is not even a 2-month supply of homes.
The price increase for these homes went up over 10 percent in the last 2 years.
Back to the original question, “What does this actually mean?” And more importantly, how can you reap the benefits as a buyer or seller?
If you’re selling in a seller’s market:
Get your home ready. Buyers want a home that is turnkey. They work full-time and lead busy lives. Too much work means too much work. Listen to your realtor and prepare your home for sale.
Price it right. If priced well, you’ll get at least one offer, maybe a few. This is a good problem to have.
Don’t reject low offers. Unless outlandishly low, always counter. If the buyer has not been properly educated or is just looking to “low ball,” you will know pretty quickly.
Read more about selling in a sellers market: Take advantage of a sellers market
If you’re buying in a seller’s market:
Look beyond the wallpaper. It may not be “perfect,” but …. is the location, general condition and price right? If so, it could be a gold mine. Really!
Do your homework. Location, Location, Location! I can’t say this enough! This takes into account many factors such as schools, work, shopping and personal interests.
Act now! If you find a great home that meets 80 percent of your wants/needs list, strongly consider making an offer. If you’re considering it, so is someone else.
Know your market. If a home is priced right, don’t try to get a steal. If you try, you’re likely to lose the home altogether.
Read more about buying in a seller’s market: House hunting in a sellers market
Are you trying to buy or sell in a seller’s market? Call Presto Real Estate Services at (630) 336-1820 or email firstname.lastname@example.org. We have the experience and advice you need to help you buy or sell your home today.