A Market Moving at the Speed of LifeJuly gave us a clear look at the Denver Metro market as it is: measured, patient, and increasingly shaped by life circumstances. Moves are happening less because
It's a Sellers' Market. How Does That Affect Transactions?
Dated: April 13 2023
Views: 253
Despite the fact that the housing market's activity has moderated from the frenzy we experienced over a year ago, the current shortage of available homes for sale still makes it a sellers' market. What does that actually mean, though? And why are the conditions for listing a home so appealing right now?
The number of houses that are on the market is where it all begins. Housing supply remains incredibly low, according to the National Association of Realtors' (NAR) most recent Existing Home Sales Report. At the current rate of sales, we have a 2.6-month supply of homes nationally. In the past, a 'normal' or 'neutral' market, where there were enough properties available for active buyers, required a 6-month supply of homes. (see graph below):
How Does This Affect You?
It is considerably more difficult for buyers to discover a home they want to purchase when there is such a limited supply on the market. As a result, there is more rivalry among buyers, maintaining the upward pressure on pricing. Additionally, buyers are likely to make a really attractive offer if they are aware that they are not the only ones interested in a specific home. As a result, sellers are in a position to negotiate transactions under their ideal circumstances. 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.”
There are still buyers out there that are able, willing, and ready to buy a house right now. Your home might attract a lot of interest from buyers if you list it right away, the house is in good shape, and you list at the proper price.
In Conclusion
Homeowners who are ready to sell have excellent opportunities in today's sellers' market. By putting your home on the market right away, you'll get the most serious, competitive interest. Let's talk about how to get the selling process going.
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