Key Takeaways:
- Today’s hot housing market is a once-in-a-lifetime opportunity for sellers
- Buyers can still stand to gain in today’s market with the right support
- Sellers and buyers need an experienced team, so contact us today!
A historic seller’s market
If selling your home has been on your mind, it’s probably because you’ve heard that home prices are rising, listings are going fast, and sellers are getting multiple offers on their homes. But why is today’s housing market so favorable to sellers? And if you do end up selling your home, what can you expect as a buyer in today’s market after you move? Let’s review some relevant market data to help answer both of those questions.
What does the current real estate market look like?
The most straightforward explanation for rising home values is simple: there are far more buyers today looking for homes than there are sellers listing their houses. A map from the National Association of Realtors (NAR) of the latest buyer and seller traffic shows us what this looks like:
The darker blues on the left show significant buyer traffic. In contrast, the much lighter blues to the right indicate less robust seller traffic. In short: the demand for homes exceeds what is available to purchase.
What should home sellers (and buyers) know about this market?
Profit is an incredible advantage that you have as a homeowner when selling your house under these conditions. In addition, since buyer demand is at historic levels thanks to the influx of Millennial first-time homebuyers, there’s a good chance buyers will be competing for your property and outbidding one another in today’s hot housing market.
When buyers compete with one another like this, they’ll do everything to make their offer stand out. The average home sold in February got 4.8 offers, according to NAR. Waived contingencies costs and earnest money deposits are commonplace when demand is higher than supply, setting you up for a potentially big payday.
You may be tempted to focus on the seller traffic map if you’re looking to purchase a house and wonder if it means you’ll have trouble as a new buyer. However, maintaining perspective is always critical when buying or selling a property:
The limited number of homes for sale is a lesson in perspective. This same stat that frustrates would-be homebuyers also means that today’s home sellers enjoy more limited competition than last year’s home sellers.
Danielle Hale, Chief Economist at realtor.com
If you focus on the big picture, today’s potential opportunity as a seller is unquestionably unprecedented. Last year was a hot sellers’ market. With housing inventory at historic lows this year, you have an even more significant opportunity. So even if finding your next home in a market with low stock can be challenging, it is not a concern worth passing on some of the best conditions sellers have ever seen.
Work with a trusted real estate agent
Real estate professionals have been managing this imbalance between supply and demand for nearly two years, and they know how to help buyers and sellers find success. A skilled agent will put your mind at ease, help you capitalize on this great opportunity as a seller today, and guide you through the buying process for your next home.
Get Started Selling Today
In this kind of unprecedented seller’s market, you need the right team by your side to secure your dream home. Thankfully, you can count on the experienced agents that have the experience to help you make a smart move. Contact Linda Craft & Team today at 919.235.0007 to get started.