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With more talk of the real estate market cooling off from the peak chaos it experienced during the pandemic, you may be wondering what this means for your plans to sell your home.
If you are considering a move, you should know that the market is anything but normal.
Although the supply of homes for sale has increased this year, there is a shortage of homes on the market.
And that means that conditions favor sellers today. That’s because the inventory of homes for sale helps determine whether buyers or sellers are in the driver’s seat. Think of it this way:
- A buyer’s market is when there are more homes for sale than buyers who want to buy. When this happens, buyers have bargaining power because sellers are willing to compromise to sell their homes.
- In a seller’s market, the opposite is true. There are very few homes available for the number of buyers in the market, giving the seller all the leverage. In such a situation, buyers will do what they can to compete with the limited number of homes for sale.
- A neutral market is when supply is in balance and there are enough homes to meet buyer demand at the current selling rate.
And we’ve been in a hot seller’s market for the past two years as inventories near record lows.
The blue part of this chart highlights how far below neutral market inventory is today. What does that mean to you?
Ed Pinto, director of the housing center at the American Enterprise Institute, provides a thorough summary of what’s happening in the market today. Conditions are still in your favor even if the market is cool.
Working with an agent to price your home at market value will set you up for success in selling your home today.
While buyer demand is slowing due to higher mortgage rates, well-priced homes are still selling strongly.
This means your window of opportunity to list your home has not closed. Today’s housing market still favors sellers. When you’re ready to sell your home, connect with a local real estate agent to get started on your move.
Reference Source: Keeping Current Matters
